LOUISVILLE, Ky. — A Louisville developer has struck an agreement with the city for plans to renovate the former Urban Government Center, which has remained vacant for over a decade.
Paristown Preservation Trust said it plans to construct apartments, office and retail space, a boutique hotel, a conference center, and associated parking in the once major hospital.
"It's a great opportunity. This is an important piece of property for the city and the neighborhood. It's a great opportunity for all of us to create a new vision for this piece of property," Steve Smith, a managing member of the development group, said.
The mayor said it has been a lengthy process to get to this point, with negotiations starting earlier this year in August.
"Today begins the next chapter for this property, and we are excited that it will be given new life with features that enhance the surrounding community," Fischer said. "Thank you to the nearby residents and neighborhood associations for their patience."
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Per the development agreement, Paristown Preservation Trust will purchase three Metro-owned properties -- 810 and 850 Barret Avenue and 1235 East Breckinridge Street -- for $1.
They plan to create apartments, office and retail space, a boutique hotel, a conference center and parking
In return, the development group will enter into a Community Benefits Agreement with surrounding neighborhood associations.
They will also regularly meet with a previously established Project Advisory Group, made up of nearby residents who will represent neighborhood interests, throughout planning and construction.
Fischer said the group will also negotiate with the Louisville Metro Housing Authority for the purchase of the lot at 768 Barret Avenue and be responsible for environmental cleanup costs.
"And the goal is to take the quality of the Paristown point development cause it's the same development team and move that up the hill," says Fischer.
The city will also support the development group's request for local tax incentives in the form of a TIF district, with the condition that at least 10 percent of the rental units developed are leased at below market rate.
Louisville Metro Council will need to approve the creation of the TIF district.
"It is our duty as city leaders to ensure that any proposed development on publicly owned land is viable and benefits the surrounding neighborhoods," he said.
Here is the full agreement:
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