PADUCAH, KY -
A new kind of neighborhood coming is coming to Paducah. Mobley Holdings is building a 72 unit - one to two bedroom apartment complex.
It will be the first gated community in Paducah. The $8 million project will be just north of the Kentucky Oaks Mall at 3465 Stanley Road.
DeveloperPatrickMobley said they're trying to create apartments with a high-end, but homey warm feeling.
"With home sales being what they are and prices, and mortgage interest rates, apartments are attractive. I think that we just know through our own experience, we will be able to fill this up very nicely," Patrick said.
Father - Jim Mobley has built other properties in the area for more than 30 years.
"We both grew up in this town, the money stays here. So, we invest in our community with the jobs that we hire and the money that we spend," Patrick said.
This is Jim's first project with his son.
"I'm really excited about him being here," Jim said.
The rent ranges from $700 to $1,200 a month.
"We're not trying to overprice or ask more than the market can bear. The gated community to me means it's an opportunity to add a feature, the gate is a feature," Patrick said.
He said its location has a good market for these kinds of homes.
"It was undeveloped close to the mall and its amenities. Its close to the high school," Patrick said.
If the weather can start cooperating, they hope to have a few buildings in about six months.
"As soon as the weather gives us a break here we are going to get started and get some dry ground," Patrick said.
They hope to have the 72 units finished by summer of next year.
Mobley Holdings is planning on building a second set of apartments in the same community geared towards retirees once the first set is finished.