There is so much going on here I cannot list it all, but here is an interesting tower in the planning stages. The tower is supposed to be 26-40 stories, depending on demand for more condos, which are now abounding downtwon:
www.museumplaza.net
Building blocks: Developers make East Main and Market streets a hotbed of activity
Travis K. Kircher
Business First Correspondent
The Hub ...
In two words, this development sums up the spirit of projects happening in the East Main and Market district.
A number of developments have hit downtown recently. But earlier projects, including Louisville Slugger Field, Preston Pointe and Waterfront Park, began the domino effect that now is rippling along the East Main and Market corridors. And developers say that while the general increase of traffic is a factor -- the stronger interest from young people has been a palpable fuel for new residential and commercial spaces.
When Todd Blue, chairman and CEO of Cobalt Ventures LLC, decided to build The Hub as an apartment complex at the corner of Floyd and Main streets, he said he had not realized there was such a heightened demand for condominiums in this part of the city.
Public interest in The Mercantile Gallery Lofts, a separate condominium project Blue is involved in changed everything. "We have no decided, due to the overwhelming demand for the other condominiums we have put under development, to make The Hub a condominium development rather than an apartment development," Blue said.
The Hub will offer single-story high-end condominiums priced between $500,000 and $600,000. The building might have four or five levels. The project, which still is in the planning stages, is expected to have about 85,000 square feet. Blue said construction is expected to begin at the end of 2006 (after The Mercantile Gallery Lofts open) and the targeted completion date will be toward the end of 2007. The cost of the project still is undetermined.
It might sound like a gamble, but Blue said the project is a sure bet because young people are flocking back to downtown Louisville. "People are kind of fed up with suburban sprawl and are wanting more connectivity to other people," he explained. "I don't think Starbucks sells coffee. I think Starbucks sells connectivity to other people. I think when you go into Starbucks and you bump into people, it's a virtual town center."
He said this desire to reconnect is what's driving people downtown. "People are tired of getting on the expressways and sitting in their car for an hour. I think people are looking to have simpler lives."
Fleur-de-lis Condominiums
If Henry Potter, founder and president of Potter & Associates Architects PLLC, believes anything, it's that young professionals are flocking to downtown Louisville. "Downtown Louisville has changed," Potter said, citing hot spots such as Louisville Slugger Field and Waterfront Park. "There's just so much more to do."
That's why he decided to create Fleur-de-lis Condominiums, a 200,000-square-foot condominium project that will place 84 families and three retailers in the heart of the East Business District in the 300 block of East Main Street. The $22.5 million project will include a 150-car parking garage and two large courtyards. Most of the condo entrances will face inward to the courtyard areas, he said. The five-story structure will have one-story and some two-story condos.
Potter said the units, which will cost anywhere from $200,000 to $360,000, will have glass bays that cantilever out over the street. Features include 10-foot ceilings, fireplaces and large exterior balconies. Some balconies will face the street and others will face interior courtyards, with flower gardens and elaborate fountains.
Potter expects to sign a restaurant and a couple of other retailers to take up the 18,000 square feet of commercial space included in the project. As for the residential units, Potter said he's having no trouble finding candidates eager to sign up. "Greater Louisville Inc. sponsored their downtown housing tour, which they do every year, and they had almost 600 people that came through just to look and see what's available downtown," he said. "We got 35 responses just on our project alone." The project is expected to be completed by next October.
The Mercantile Gallery Lofts
Another condominium project in this area is relying on the power of partnerships to come to fruition. Partners Todd Blue, Jim Walters and Rowland Miller have created CobaltBravura City Lofts LLC to oversee the development of The Mercantile Gallery Lofts condominium club and community at 301 E. Market St.
The $10 million, five-story project will include 47 single-story condominiums, ranging in size from 700 square feet to 1,500 square feet. In addition to the residential units, the project will include a theater, a game room, a workout facility, a parking garage and a separate bike garage.
Additionally, Blue said, each of the residential units will have unique features. "All of our units are individual and customized. Every single one has something different than the other, whether it's a different view, a different shape or a different size." He added that each unit will contain high-end materials and appliances, including granite countertops, stainless steel appliances, Hansgrohe faucets and stained concrete floors.
To create the lofts, Blue said he is rehabilitating four buildings that once were part of the old Brinly Hardy warehouse property. The project should be completed by June. Units cost between $179,000 and $397,000, if they are purchased before construction. Prices will go up after the project is completed.
Blue said the new developments along East Main and Market streets are not the result of actions the city has taken, but instead spring from the natural ebb and flow of supply and demand. "The successful developments are being driven by the private sector, and any successful community will always be driven by the private sector," he said. "Younger people are craving this kind of choice."
Residence Inn by Louisville Marriott Downtown
Complete with a parking garage and an indoor pool, the $15 million Marriott hotel will provide 140 rooms, priced between $89 and $169 per night. Located relatively close to the downtown medical district, at 333 E. Market St., the hotel is expected to open Dec. 15.
The project is the result of a partnership between Louisville-based Icon Properties; Maryville, Ind.-based White Lodging; and Indianapolis-based Real Estate Investments Inc. and White Lodging Services Corp. Steve Poe, a partner in Icon and president of Poe Investments LLC, said the decision to locate in downtown Louisville was a no-brainer. "We like downtown Louisville," he said. "We like the East Main corridor. It's near the hospitals, it's near downtown, it's near the convention center, and it's near Waterfront Park."
"I think a lot of years of public and private investments, starting with Waterfront Park and moving on to Slugger Field, have slowly started to change peoples' attitudes towards downtown. Downtown is becoming a destination for people to go for entertainment."
Park Place Lofts
Developed by LHD East Main LLC, the 50,000-square-foot Park Place Lofts condominium project is located at 400 E. Main St. and provides housing for 22 families plus 10 retail outlets. Larry Leis, a partner on the project and a partner with Louis & Henry Group architectural firm, said the $3.6 million condo project -- recently completed -- was built from the ground up and was designed to blend into the existing East Main Street architecture.
Exterior features include brick masonry, large openings and a contemporary industrial look. Stained concrete floors grace the inside of the building. Each of the residential units features ceiling heights of between 9 and 20 feet, as well as a large atrium space that can be seen from the master bedroom. He said the units are priced from $135,000 to $300,000.
Leis said the city of Louisville chose his partnership, which includes Rick Kremer, also a partner in Louis & Henry, from a group of several prospective developers to rehabilitate the property. The site had been part of the former Brinly Hardy property that was bought by the city when Louisville Slugger Field was constructed.
Leis said the ballpark was a catalyst for the newer developments in the area. But like other developers, he believes young professionals are naturally migrating back to cities. "People feel like they don't like that maintenance that the suburbs require of a person," he said. "They like the action. They want to be in the middle of things." This particular site is within two blocks of Waterfront Park. Residents "can walk down to the art center, the hotels or the convention center. It's a big attraction for young professionals."
Travis K. Kircher is a free-lance writer for Business First. Send comments on this article to
rray@bizjournals.com.