Local developers are one step closer to bringing a new business park to Oldham County.
Hollenbach-Oakley and The Hocker Group are the master developers on Oldham Reserve, a new 1,000-acre development in La Grange, Kentucky. The project will consist of a Class A business park, multifamily units and single-family homes.
The firms have completed the purchase of the first 72 acres, which will house the multifamily project and business park, said John Hollenbach, managing partner of Hollenbach-Oakley. He declined to disclose the purchase price.
The first phase of the project includes a multifamily development, and it has already been zoned and approved. Hollenbach said that project will have about 500 units made up of two, 250-unit apartment complexes.
The apartments will have the typical amenities of market-rate housing like a pool, walking trails and pet facilities. Hollenbach estimated the first of the two complexes will be between $60-70 million, and construction will likely begin next summer.
The business park will consist of about 500,000 square feet of buildings, not including future out parcels. It will be a mix of office, retail, medical and flex space. The groups are still securing anchor tenants, looking to attract a grocer.
The second phase of the project will include single family homes. Hollenbach said the firms wanted to include housing in the project to support the existing and future workers at the site, as well as create a true live, work, play community.
With large employers like The Rawlings Group and Trilogy Health Services already present in the area, there’s a need for more housing to accommodate growth, Hollenbach said.
The development has been in the works for the last 10 years. The county has been working to get infrastructure in place, including widening I-71 and building Eden Parkway.
Louisville Business First previously reported the infrastructure work inside Oldham Reserve is part of over $80 million in road projects that have been identified to create better access into the business park. It includes new interchanges of I-71 with Ernie Harris Parkway and KY-53 to support future traffic coming to the area.
There are also additional connecting roadways and required infrastructure planned within Oldham Reserve as development progresses.
Hollenbach-Oakley is known for its office park projects across Louisville. The firm is responsible for Blankenbaker Station in Louisville’s East End and is master developer of Gateway Office Park in River Ridge.
It has two campus projects in the works: Simpsonville Commons, which will include retail, office space, research and development, and Louisville Logistics Park, which will feature light manufacturing and assembly, warehouse distribution and office space.
The Hocker Group is a vertically integrated development, acquisition, property management and leasing team with a broad focus across multiple asset classes. Founded in 2004, The Hocker Group has carried out over $500 million in real estate transactions on behalf of the firm and its investors.
Commercial real estate brokers - office
Office dollar volume: 2022
Rank | Prior Rank | Name / Prior rank |
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1 | 4 | Cushman & Wakefield | Commercial Kentucky |
2 | 2 | CBRE Inc. |
3 | 3 | NTS Development Co. |
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