In 2010, we embarked upon an urban renewal project North of the railroad tracks adjacent to Historic Downtown Louisville. This site was a former concrete batch plant owned by Aggregate Industries. We negotiated a purchase and sale agreement with seller financing. At the time, this parcel was the proposed future site of a FastTracks station and our plans for this land were predicated on the imminent arrival of a rail commuter hub. Not long after our purchase, RTD declared the FastTracks project impossibly costly to build. Again, we had to adapt to the new realities of land use at the DeLo site. We worked in close collaboration with the City of Louisville’s Revitalization Commission, to plan the design and secure financing for the South Street Gateway and Pedestrian Plaza. We have proposed and secured $4,500,000 of general-obligation, double tax-exempt bonds to provide public infrastructure improvements that enhance the walkability and multimodal experience within DeLo. These bonds will fund the construction of a pedestrian plaza along South Street leading up to the newly constructed pedestrian gateway connecting DeLo with Main Street, the Cannon Street Woonerf, Caledonia Plaza and Nawatny greenway.
In addition to the 5-acre Aggregate parcel, we purchased the PDI property from Patricia Irwin and the Historic Baker House on 1004 Griffith Street. Altogether, we assembled a total of 12 acres of prime Downtown Louisville real estate. The City of Louisville approved 190 residential units (mixed residential use including town homes and apartments) and over 33,000 sq. ft. of commercial space on this 12-acre site. Garnering approvals of this complex urban infill project involved a great deal of cooperation between our company and many City of Louisville entities, including the Louisville Revitalization Commission (LRC).