Mayor Linda Gorton and representatives of LDG Development cut a ribbon today to officially open The Alcove at Russell, a 202-unit affordable housing development.
“Affordable housing is a pressing need in our city, and we are glad to see this new development fully open,” Mayor Linda Gorton said. The Alcove at Russell serves working families who earn up to 60 percent of the area median income, or up to $53,580 annually for a family of four.
The Alcove at Russell represents a $46 million investment to the area and is conveniently located in Lexington’s Winburn neighborhood, off Russell Cave Road. This community provides 1-, 2- and 3- bedroom units, as well as a host of amenities including an outdoor sitting area and playground; a clubhouse that will contain a lounge area; fitness center; business center; kitchenette; and a community room. Onsite management will be provided at this development.
Financing for The Alcove at Russell was provided by R4 Capital, R4 Capital Funding, and Kentucky Housing. The Lexington Affordable Housing Fund provided $1,250,000 in gap financing.
Since 2014, the city has allocated $34 million and leveraged $395 million to build or preserve 3,200 affordable housing units. Since 2021, the city has allocated $15.1 million for affordable housing.
The Alcove at Russell welcomed its first resident in March 2023, and as of June, the property is more than 26 percent occupied.
Chris Dischinger, co-founder of LDG, said the level of interest expressed by perspective residents demonstrates the need for more developments like The Alcove at Russell.
“Our experience in Lexington mirrors what we see in other communities, we can’t make these units available quick enough to meet the on-going demand,” Dischinger said. “In many cases, before we complete construction, these units are leased, and we don’t see that trend ending in the near future. The leadership of the Lexington community understands this and should be commended for taking proactive steps to address this community’s growing affordable housing crisis.”
The Alcove at Russell is LDG Development’s second development in Lexington. LDG has developed over 4,000 units in Kentucky, including The Overlook at Elkhorn Creek phases I, II, and III, in neighboring Georgetown, Kentucky.
