With the implementation of Cornerstone 2020, Louisville, Kentucky’s new land use plan, the construction and development of retail sites is becoming more challenging for developers. According to Will Duncan, director of sales with NAI Walter Wagner Jr. Company, the development process has slowed due to new, unfamiliar regulations, such as form districts. A form district is defined as an area with distinct boundaries, delineated on the Zoning District Map to which a set of regulations governing the pattern and form of development and redevelopment applies. There are 12 such districts.

“In addition, neighborhood groups are becoming much more active and vocal, forcing retailers to tailor their exterior store designs to meet the ever-increasing scrutiny of residents,” Duncan adds. Even so, retailers continue to enter and expand throughout the city, and there are several new developments underway.

Wal-Mart is beginning to rollout its grocery concept in Louisville. Natural food chains like Wild Oats Market are starting to penetrate the marketplace as well.

The Summit, developed by Bayer Properties, has had a significant impact on the northeastern portion of Jefferson County. Also, other proposed developments in close proximity to The Summit, like Norton Commons and Brownsboro Crossing, will greatly change the residential and retail makeup of eastern Jefferson County.

“The majority of the new retail development has taken place in eastern Jefferson County in response to the growth in new homes that are being developed,” says Duncan. “Eastern Jefferson County has additional room for expansion. The downtown area is also poised for retail growth to complement the rise in downtown housing and the construction of a convention center hotel.”

In the downtown market, the Cordish Company is redeveloping the Old Louisville Galleria into a new retail/entertainment venue called Fourth Street Live, which will help revitalize the city center. Borders Books & Music has announced a store at Fourth Street Live and is looking at suburban locations.

“In order to complement existing downtown employment centers such as the Hospital Complex, I believe retail/entertainment developments as well as infill locations will be growth areas in Louisville,” Duncan notes.

NAI Walter Wagner Jr. Company is currently marketing a 2-acre retail site adjacent to the Medical Center at Broadway and Brook streets. “This development will house about 30,000 square feet of retail users with parking at the door,” explains Duncan. “Convenience retail, with parking, is unusual in our downtown marketplace. The pre-leasing phase of this yet unnamed development has attracted interest from a coffee shop, retail bank branch, print shop and restaurants.”


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