Louisville Metro Government inked a preliminary agreement with locally based The Marian Group to redevelop the 12-acre Urban Government Center.

According to the preliminary plans, the property, on Barret Avenue near Broadway, would include 200 market-rate apartments, 34 two-story townhomes and top-floor condominiums, 12 "21st-century shotgun houses" and more than 10K SF of commercial space.

The Urban Government Center includes 810, 850 and 768 Barret Ave., as well as a steam plant near 850 Barret. The Marian Group may rehabilitate some of the structures, or it may demolish all of them.

The developer, which also did the Bradford Mill Lofts project, said it would offer 36 apartments for older residents on fixed incomes. The Marian Group also plans to work with the nonprofit Family Scholar House to include a 36-unit low-income apartment community for single parents.

The specifics of the project's financing, including possible incentives and its phasing, are being discussed. It is possible that the city will lease the property at a low rate to The Marian Group, Insider Louisville reports.

The agreement might be finalized in as soon as the next 45 days.