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Louisville Lofts and Condos » Loft
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Archive for the 'Loft' Category

Museum Plaza Bond Issue Approved

Monday, December 3rd, 2007

Museum Plaza, the $490 million downtown mixed-use mega-project with a hotel, condos, lofts and office space among restaurants and  art exhibition areas, last week received unanimous approval from the Louisville metro council committee for a $130 million bond issue to pay for public improvements.   This is a key step in the process to ensure that project receives all of the financing necessary for its completion.

The bond issue that was approved will be paid through the new TIF (Tax Increment Finance) district created for Museum Plaza and will not require any Louisville Metro funding, nor will it be on the Louisville city government’s balance sheet.

The developers of Museum Plaza, however, have requested an additional $45 million bond issue from the city’s coffers to cover the extensive costs of the public improvements on site, including a new floodwall and a landscaped public plaza.   The costs of the 62-story skyscraper will be privately funded.

Museum Plaza needs $45 million jump start

Monday, November 26th, 2007

Last week, a surprised metro council discovered that $45 million in bonds issued by the city of Louisville would be required for the privately financed Museum Plaza project.

According to reports, the $45 million bond issue would cover part of the $139 million in public improvements, such as floodwalls, lighting and a public plaza.    This is in addition to the earlier announced $130 million bond issue for the project to be supported by the TIF (tax increment financing) district created to support the project.

The reason for the additional bond issue is that not all of the $130 million will be available for improvements, since the bonds and expenses associated with the bonds will need to be paid in the intervening years before the TIF begins to generate revenue, expected to occur upon completion of the project in 2010.  Therefore, only about $75 million of the $130 million will be available for the public improvements at Museum Plaza.  The $130 million bond issue will only be covered by tax revenue from the TIF and the city’s credit rating will not be impacted nor will the city be liable for the debt.

The $45 million bond issue, to be paid by the city, along with $25 million from the developers will cover the remaining costs for public improvements.

Several members of the council and community at large were surprised, not by the cost, but by the timing and seemingly secretive way in which this extra money was secured.   Until this report, most of the community believed the only support the Museum Plaza project would receive was to be generated by the TIF.  Moreover, the need for an additional bond issue was only floated after the ground-breaking ceremony.

Stay tuned for more….

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.

Museum Plaza Groundbreaking Set

Thursday, September 20th, 2007

A new date (October 25, 2007) has been set for the groundbreaking ceremony for the Museum Plaza project in the West Main district of downtown Louisville, KY.

The groundbreaking had been originally planned for Sept 27, 2007.   The developers are still working with the state to ensure that all approvals are received before construction can begin.   Some site preparation has already taken place to shore up the entryway to the project–a series of facades on West Main.

The total project cost is now expected to reach $490 million, an increase of about 5% over the previous estimate of $465 million.  Thus far, the developers have already spent $18 million on the project of their own money.

A sales center at 707 W Main St is expected to open in October, with a life-size artist’s conception of the views from the 25th floor, where the contemporary arts center is planned.  More than 370 people have already inquired about purchasing a residence within the building.   Tours for these interested persons are planned to occur before the public opening of the new sales center.

Downtown Louisville Housing Tour

Friday, September 7th, 2007

This weekend, on Saturday, September 8th, 2007, between 10 am and 3 pm, free tours of downtown housing will be offered, featuring 22 different projects, including lofts, condos and apartments.

Downtown trolleys, offered by TARC, will circulate along two different routes, to allow easy transportation between the featured projects, part of $2 billion in downtown investment that is currently planned or already under construction in the downtown Louisville area.

Louisville Downtown Management District is sponsoring the Housing tour. It begins at 4th Street Live in the Brown & Williamson tower lobby, where booths will feature downtown projects and include maps of the project locations on the tour.

Arctic Ice House Condos

Friday, September 7th, 2007

The former Artic Ice House on East Main Street has been purchased for redevelopment into 52 condominiums. The site at 217 E Main St is within a short walking distance of Slugger Field, Waterfront Park and several East Main restaurants and galleries.

The conversion will take place in phases, with the first phase (32 1-Bedroom condos) featuring the renovation of the 7-story structure, at an approximate cost of $3 million. The second phase (14 1-Bedroom and 6 2-Bedroom condos) will convert the one and two-story structures on site into condominiums and should be complete about one to two years after the first phase. The full basement with access to Washington Street will become the common lobby, fitness and entertainment area.

The redevelopment of the Ice House is being spearheaded by Dave Steinbrecher, owner of Derek Engineering, a general contracting company, and David Barhorst, head of SoFo Development and developer of Byck’s Lofts on Fourth Street.

One bedrooms are expected to cost between $189,000 to $215,000 with two bedrooms at approximately $299,000. There will be onsite parking available.

Financing is in place ($7 million from PRP Bank) and construction is expected to begin by year’s end.

Park Place Lofts

Tuesday, August 7th, 2007

Park Place Lofts
Park Place Lofts, view from Main Street

400 E. Main St.
Louisville, KY

Total units: 22 (condos)
Lofts: 22 units
Unit size: 792-1,802 sf
Sale price: $133,750-$315,000 (past two years)

Year built: 2005

Park Place Lofts is located directly across the street from Slugger Field, home of the Louisville Bats baseball team. It is also diagonally across from Preston Pointe and directly across the street from Fleur de Lis, another condominium project currently under construction. The lofts are located in the rapidly emerging East Main District of Louisville, one of the hotest residential areas in downtown. Many of the lofts feature balconies with great views of Slugger Field and Preston Pointe. It has on-site parking and a great location, just steps away from the Great Lawn and Riverfront park. The first floor features commercial space (a hair salon and a small coffee house, Blue Mountain, I believe), with several of the spaces currently open.

Park Place Lofts Photos
Park Place Lofts
Park Place Lofts view of side balconies

Louisville, KY Condominiums and Lofts Listings

Tuesday, July 31st, 2007

I’ve started to begin a comprehensive listing of condominiums and lofts in the Louisville, KY area. On the right hand side of the page, you can see the condominium and loft development listing in its formative stage.

I’ve decided to separate the listing into two categories: Central Louisville (which is basically defined as Louisville, KY before the merger with Jefferson county) and Louisville, KY suburbs (outer Jefferson county and surrounding counties, including neighbors to the north in Indiana).

Each of the entries about the condominiums/lofts will feature key facts about that development and pictures (if I have any). I hope that this proves to be a useful aid to anyone who is in the market for a new residence or is just curious about condominiums and lofts in the Louisville area. I know that I would have appreciated this information several years ago. Of course, times are changing and there are many more choices today than just a few years ago–more than 19,000 condos in Jefferson County alone. My personal preference is for a more urban area, but I’ve decided to include suburban condominium developments to ensure that I provide a full view of the current marketplace (although I still believe that I’ll be biased toward downtown Louisville and nearby areas).

Phoenix Lofts Planned for Original Highlands

Friday, July 27th, 2007

At the corner of Rubel Ave and Broadway, in the Original Highlands, Marian Development Group plans five lofts in a three story building to be called Phoenix Lofts.  It is a short walk from the coffee shops and stores of Baxter Ave and just east of the downtown Louisville area.

 The developers, Jake and Cynthia Brown, will offer four two bedroom, 2.5 Bath Lofts with underground garage, while one unit will be one bedroom, 1.5 Bath without a garage.  The lofts will feature metal staircases, tall ceilings (10-11 ft), stainless steel appliances, granite countertops, bamboo floors, and will fit the character of the neighborhood with brick/stone exteriors and walk-up stoops.  Prices will begin at $298,000.

Mercantile Gallery Lofts Open

Monday, July 23rd, 2007

Mercantile Gallery Lofts

Mercantile Gallery Lofts–View from the East on Market Street (with Charnette building still under renovation on the left)

The Mercantile Gallery Lofts, a $10 million development of Todd Blue (with Jim Walters of Bravura and investor Rowland Miller) includes the renovation of two historic structures (plus a third, newer building from the 1960’s for the parking area).

As of July 23, 2007 there are 8 condos that have been sold (the project began marketing about a month earlier, in June 2007) and the condos are now officially complete and open for occupancy. The units range from $179,000 to $400,000 (with a penthouse for $850,000). The development features a first floor common area with billiards/poker table, theater room, fireplace lounge, fitness facility and laundry.

Although the project is essentially complete, buyers can still have the finishing touches of each condo customized upon purchase.