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Louisville Lofts and Condos » 2007 » October
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Archive for October, 2007

Museum Plaza Groundbreaking

Monday, October 22nd, 2007

Museum Plaza, the 62-story Louisville mega-project with condos, lofts, hotel and offices, will have its groundbreaking ceremony on Thursday of this week.

The developers plan a barbecue and commemorative hard hats for the first 500 attendees. They will be able to enjoy the views from the “top” of the skyscraper as a helicopter beams images onto large screens on the ground. At 4:00 pm the new sales design center will open, featuring views from the 25th floor and a partial kitchen and bath built to scale.

The U of L pep band will play and a 20-foot tall shovel will mark the ground-breaking at 5:40 pm. The celebration will close Seventh Street and River Road.

In other news, the state tax increment financing commission approved the Museum Plaza plan to allow new taxes associated with the project pay for the estimated $135 million in public improvements in around the building. That was the last major hurdle the project had to face before construction could begin.

Preston Pointe architects receive award

Sunday, October 21st, 2007

The Preston Pointe office and condominium building in Louisville, by Potter & Associates Architects received a Citation for Excellence from the Kentucky Society of Architects.   The architects met in Columbus, Ind., at their annual convention where the the award was presented.

Beige Book Highlights continued strength in Louisville

Thursday, October 18th, 2007

The beige book report from the Federal Reserve, an anecdotal look at economic conditions across the country named for the color of its cover, highlighted the continued strength of Louisville real estate, in contrast to the rest of the Eighth District.

“Through August, year-to-date home sales were up in Louisville, but were down in Little Rock, St. Louis and Memphis. Residential construction fell in all parts of the district.”

Louisville continues to buck the overall trends in real estate throughout the country.

Louisville Metro Real Estate counters US Trends

Thursday, October 18th, 2007

 The real estate statistics for September were released for Louisville, KY showing a 5% increase in the median price over last year.  This price increase runs counter to the overall US trend toward lower prices.

However, not all of the news was good.  The average time on the market for a home increased by 3 1/2 months over the same time last year.   In addition, the number of sales in September were down about 13% from last year.

Thus, the Louisville metro area, although outperforming on price, is still a sluggish market for real estate.  In comparison with surrounding areas, such as Lexington, Indianapolis and Cincinnati, and even the nation as a whole, where median prices are lower, however, the Louisville area is performing quite well.

Possible Condos next to Hilliard Lyons Center

Monday, October 15th, 2007

Eric Bachelor, a developer from Florida (and native of Eminence, KY), recently purchased the Hilliard Lyons Center for just over $10 million.   He plans to develop the building into an Embassy Suites hotel with three restaurants: a steakhouse, jazz bar, and sports bar.

Bachelor has recently floated the idea of building on a parcel adjacent to the Hilliard Lyons Center at Third St and Muhammad Ali, currently a surface parking lot less than a block from Fourth Street Live! in downtown Louisville.  The plans have not yet fully taken shape, but the current proposals that are being studied by Bachelor and the city of Louisville include retail at street level, a parking structure base, and condominiums on the upper floors, with the parking structure to be managed by PARC (Parking Authority of the River City) and the investment in the condos and retail to be financed and managed by Bachelor.   The total project would be “much taller” than the seven story Hilliard Lyons Center.

The timeline under discussion proposes the condo tower and parking structure be completed to coincide with the first phase of the City Center Project, a Cordish development spanning several downtown blocks that first came to light in August.   The parking, condos, and retail would complement the $250 million Cordish project and continue the strong development momentum in downtown Louisville.

The renovation of the Hilliard Lyons Center is scheduled to begin this November, with the renovation cost of the complete gutting of the interior and refurbishment of the exterior projected to be between $50-$60 million to turn the former office building into 300+ suites.