The Louisville City Center Project, a development of the Cordish Group, owner of 4th Street Live!, has grown in size and cost as the plans have become more concrete. The latest estimates now expect the entire project to top $442 million, as more features have been added.
According to officials, this increase in the project scope will not result in more support from the city. The original plan called for a TIF (Tax Increment Financing) district along Muhammed Ali Blvd between Second and Sixth Streets. The TIF district will allow the expected $130 million in newly generated taxes be used for public improvements, such as sidewalks, utilities, and parking.
Major features of the project include the development of the “Water Company” block featuring a movie theater, hotel, offices, retail, and restaurants. The block is also expected to include a 20+ story tower primarily for condominiums. At the other end of the City Center development area, the Cordish company will renovate the aging Louisville Gardens (expected to cost about $20 million) in anticipation of a minor league hockey team.
All of the land in the development area is under contract or already owned by either the city or Cordish company. Therefore, construction could begin as early as next year (2008), to be developed in phases as market demand deems necessary. Before any construction begins agreements for the TIF district must be approved by Frankfort and the City Council.