3000 Calumet Trce
Owensboro, KY 42303
Land For Sale · 6.64 AC

Gulfstream Commercial Services presents Calumet Crossings, a fully entitled multifamily development opportunity strategically located in Owensboro's premier Gateway Commons retail corridor. This shovel-ready 6.647-acre parcel offers immediate development potential with approved plans for 168 units and all necessary permits in place. The approved development plan features a thoughtfully designed mix of 126 two-bedroom and 42 one-bedroom units across seven three-story buildings. The site plan includes 315 parking spaces, providing an attractive 1.88 parking ratio. The modern architectural design showcases clean lines with private balconies, mixed materials including brick and hardy board, and contemporary amenities appealing to today's renters. Located within the thriving Gateway Commons power retail center, Calumet Crossings benefits from excellent visibility and established retail traffic. The site is surrounded by national retailers including Walmart Supercenter, Old Navy, Hobby Lobby, and Burlington, providing future residents with immediate access to daily conveniences. The adjacent Towneplace Suites by Marriott and proximity to New Daviess County Middle School further enhance the location's appeal. The Owensboro multifamily market demonstrates strong fundamentals with just 1,900 total units in the current inventory and limited new supply in the pipeline. Premium units in the market achieve average rents of $1,220 per month, with steady absorption of new inventory and healthy occupancy rates. The local economy shows positive growth indicators, with population growth trending above the national average and a diverse employment base. This offering represents a unique opportunity to acquire a fully entitled development site with: Active building permits with minimum one-year extension Complete engineering and construction documents Approved site plan and unit mix All necessary development approvals in place Existing site materials included in sale The asking price of $2,100,000 positions this opportunity for immediate execution, bypassing the typical 12-18 month entitlement process. The site offers an accelerated path to breaking ground, allowing developers to capitalize on current market demand while avoiding the uncertainty and costs associated with the approval process. Calumet Crossings provides an exceptional opportunity to develop a Class A multifamily community in a proven retail corridor with strong demographics and robust market fundamentals. The shovel-ready nature of this offering, combined with its strategic location and complete entitlements, creates a compelling investment opportunity for immediate execution. For more information, please contact: Fahr Juneja: (502) 744-1465 | Fahr@GulfstreamDev.com Cole Sturgeon: (270) 929-2299 | Cole@GulfstreamDev.com