Boost in apartment complex options
An uptick in construction means more living options for you and your family. Several apartment complexes are popping up in Paducah and McCracken County.
When Myra Steffen moved to Paducah, finding a place to live proved difficult.
“It was kind of a bummer trying to find a spot to rent when we came here. There’s just not a whole lot to rent,” Steffen said.
She finally found a place through a friend at Greenway Village near Stuart Nelson Park. A complex in the middle of finishing 204 apartments, they plan to have their pool ready by June 1. Greenway Village typically keeps a wait list for one and three bedroom apartments. After half a year, Steffen is finally moving into three bedroom.
“We are so excited! My daughter is like, ‘Can we move now? I get a bedroom all to myself,’” Steffen said.
It’s a similar situation for many moving to the area, but it has not really contributed to more people moving here. Census Data show a small dip in population for Paducah at negative 0.2 percent from 25,024 in 2010 to 24,978 in 2014. McCracken County saw a negative 0.4 percent drop from 65,565 in 2010 to 65,316 in 2014.
City of Paducah Planner Josh Sommer says the growth could be attributed to Paducah’s gap in apartment complex development.
“You’ve got a large demand, but not enough supply,” Sommer said.
He said the last time Paducah saw a major apartment complex built was West Town Village Apartments with 208 units in 1993.
“As the market starts to equalize out, what you’re going to see is rent start to become stagnant. You’re going to see mortgage restrictions eased by the banks, and you are also going to see maybe a shortage of land like in the urban core or the regional trade center,” Sommer said.
Sommer says millenials are top renters, but adds we’re seeing more baby boomer renters. He attributes that to older couples wanting to downsize and be close to town to meet their needs.
Chandler Park Apartments near Flamingo Row is also building 240 upscale apartments. The developer out of Bowling Green built there and in Owensboro. They saw Paducah as a similar market to Owensboro with a demand to build in.
McCracken County is also seeing more growth, with places like Timber Village on New Holt Road. They plan to have eight buildings by the end of this year.
“I just felt there wasn’t enough,” Burnett said.
Owner Marcus Burnett is a local custom builder. The apartments in the first finished building are already full. They will have 64 units with a lodge feel.
“More tight knit, little complex here, rather than too big and too crowded,” Burnett said.
It’s a lot of growth that Greenway Village Owner Phillip Higdon feels may hurt someone’s business, but will at least give people more options to live in.