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.