(WHAS11) - The tight economy is affecting everyone from state budgets to local retail but one area is experiencing trickle-down economic growth thanks to Louisville's new basketball arena.
New construction isn't necessarily what you'd expect to see in a tight economy but Louisville small business owners are betting on downtown again.
This includes everything from emerging technology companies to future neighborhood hang-outs.
The Blind Pig is a mile from the downtown business district in Butchertown on Washington Street.
“There was a market for people here, for a restaurant. Once the arena's in, all the other businesses that are moving in, I think yeah, there's really a high revitalization of downtown,” says Joseph Frase, owner of the Blind Pig.
In January, Frase will open his upscale pub at the corner of Buchanan and Washington.
He got a $60,000 small business loan from the city and investors help with renovations to the 1934 building but Frase doesn't consider it a risk.
“The arena and the construction of the arena has really been a shot of confidence in downtown,” says Patti Clare, deputy director of the Downtown Development Corporation.
Clare says business owners also see more opportunity near the 23,000 seats to be filled at the brand new arena. At least five new restaurants and bars have recently announced plans to open nearby.
“Small businesses are more affordable right now, it’s harder to get financing for large projects, but small projects are very viable in this economy,” says Clare.
The latest outpost of O'Sheas Pub is going up across the street from the arena. The owners spent the past year renovating a building on what's being called Whiskey Row because of its past history and they'll open in a few weeks.
The new restaurants and bars are expected to bring over 100 jobs downtown.
The Louisville downtown arena will open in November 2010.
