SubmittedAn artist’s rendering shows proposed changes at the old Bowling Green Junior-Senior High School on Center Street.

The former Bowling Green Junior-Senior High School buildings will see students once again as the property is envisioned as premier college student housing.

The property at 1141 Center St. will be developed in phases with the first work to begin on the existing apartments that were vacated last month and those that were nearly completed, costing several hundred thousand dollars, according to developer Allen Schubert.

The second phase will address the existing classroom building.

Schubert, of Louisville, said he wants to tie all the buildings’ elevations together to present a unified look that still maintains the historical character of the building, but is new and urban at the same time. He wants the Center Street side of the property to have an “iconic” entrance that is well landscaped, lighted and makes the building “pop.”

On Thursday, Schubert plans to meet with community and business leaders to unveil further details of the project and show off a completed model apartment.

The apartments will be larger than many student options and will contain high-quality furnishings, he said.

Schubert has developed projects across the country and most recently worked on a similar rehabilitation project in Lexington called Lakewood Park.

Lexington Councilman Bill Farmer said that property, which is in his district, should begin leasing next month.

“He took a blighted piece of property that was in disrepair and has reimagined part of it and rehabilitated another part in record time and in really good taste,” Farmer said.

Farmer estimated that the residential apartment property was about 40 years old with mold and other problems.

“It’s been a staged project here,” Farmer said. “He tore down the most blighted building and began work on some of the others at the same time.”

Farmer said Schubert convinced the utility company to relocate an ugly fence so his new tenants wouldn’t have that for a view.

“He really thinks outside of the box and manages to do things that please the neighbors and people elsewhere,” he said.

Mostly, Schubert’s developments are conventional housing, with one of them being a student property. For Bowling Green, Schubert said a search firm will look for a manager who is an expert in operating student properties. It’s undecided if there will be a roommate matching service similar to other large off-campus properties.

Initially there will be a mix of one-, two- and three-bedroom apartments, totaling about 80.

Rents will be competitively priced, Schubert said.

Schubert said he came to Bowling Green at the request of local attorney Buzz English.

“He wanted me to look at some real estate … I ended up looking at the old junior high and the next thing you know I chased down the bank,” he said.

Schubert’s company, Bowling Green Capital, bought the note held on the property, which was in foreclosure, and then paid $1.3 million at a master commissioner’s sale for it in October. Since closing on the sale, much work has been done to rehab the property, including removing vinyl flooring that was installed on top of original hardwood floors that have since been refinished.

“It’s fun. I like what I’m doing,” Schubert said.

He is especially excited about taking what has become an eyesore and turning it into a showcase for the neighborhood.

Plans for phase II in the remaining classroom building are being finalized.

“But I plan on having some real interesting amenities in that stage,” he said.

Schubert said the first phase of work should be complete at the end of the first quarter in 2012, with marketing beginning soon.

A formal groundbreaking ceremony for the project and unveiling of the plans is set for 9:30 a.m. Thursday at the property.