116 21st St - Rowan Place Development Land 0.58 Acres of Commercial Land Offered at $181,470 CAD in Louisville, KY 40203

PROPERTY OVERVIEW
Located at 116 North 21st Street, this 0.58-acre R-7 zoned site offers a prime infill opportunity in Louisville’s urban core. Situated just west of Downtown and adjacent to the revitalizing Russell neighborhood, the property is well-positioned for a small-scale multifamily development with potential alignment to affordable housing or LIHTC programs.
The site’s location within a Qualified Census Tract (QCT) further enhances its feasibility for Low-Income Housing Tax Credit (LIHTC) financing. Its flat topography and utility access allow for an efficient development footprint, with conceptual layouts supporting up to 30 residential units across three stories.
SITE DETAILS
Address: 116 N 21st Street, Louisville, KY 40203
Size: ±0.58 acres
Zoning: R-7 (Multifamily Residential)
Utilities: Gravity-fed sewer nearby on Rowan St; all major utilities accessible
Topography: Flat and cleared
Access: Excellent connectivity to I-64, Downtown Louisville, and Portland/Russell neighborhoods
Census Tract: Located in a Qualified Census Tract (QCT) for LIHTC eligibility
DEVELOPMENT POTENTIAL
The site supports a variety of development paths but is best suited for affordable or workforce housing. A concept plan could allow for ~30 units with a three-story walk-up layout and surface parking. Market-rate projects may be feasible, though affordability incentives (LIHTC or gap financing) would increase the viability significantly.
MARKET CONTEXT
The surrounding area has seen increased reinvestment, with new housing developments, community initiatives, and ongoing improvements in the Russell neighborhood. The area’s proximity to employment hubs, transit routes, and downtown amenities positions this site for long-term upside.