Omni Hotel, grocery store part of $261M downtown development plan

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by WHAS11 editors

WHAS11.com

Posted on March 6, 2014 at 1:25 PM

Updated Friday, Mar 7 at 12:44 AM

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LOUISVILLE, Ky. (WHAS11) -- Louisville Mayor Greg Fischer announced Thursday plans for a new 4-star Omni hotel to be the cornerstone of a new development in downtown Louisville.

The hotel will be part of a larger residential and retail development plan with 200 apartments and a grocery store at the intersection of 3rd and Liberty in downtown.

Mayor Greg Fischer and Governor Steve Beshear spoke about the plans Thursday.

The total cost of the project is $261 million, with 51 percent, or $135 million of that, coming directly from private equity.  The state is contributing $90.5 million to the project through the form of tax rebates.  The city is contributing $35.5 million. Of that, roughly $17 million is the value of the land, which the city purchased years ago, and about $17 million is to construct a parking garage. There is also $1.5 million of contingency, according to a news release from Mayor Fischer's office.

Omni Hotels & Resorts will build a 600-room convention hotel on the old Water Company Block at Third and Liberty streets that will be adjacent to 200 apartments constructed by The Cordish Companies. The project will also include an upscale grocery and retail space for other shops.

“This project is a major infusion in our downtown and to the city’s entire economy,” Fischer said. “It will create jobs, both temporary construction positions and permanent jobs, and it will boost our convention and tourism industry as Omni provides a new level of luxury hotel.”

 A news release Thursday said the project will create 1,350 construction jobs and 350 permanent jobs.

 

Construction is slated to begin in 2015 and the project will be completed in 2017, according to Fischer.

We will continue to update this story as more information becomes available and we will have a full report during the 5 p.m. newscast.

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