COVER STORY, OCTOBER 2007

THE CENTER OF LOUISVILLE
Cordish's new project fuels the city's urban momentum.
Gardner Linn

The Cordish Company's Fourth Street Live! in Louisville, Kentucky.

Transformation is the theme of The Cordish Company’s new Center City District mixed-use development in Louisville — the transformation of the city’s downtown area into a thriving urban community, which began with Cordish’s Fourth Street Live! and will take an even larger step forward with this new project.

“Fourth Street Live! was a $70 million project that represented a critical first step in restoring vitality to downtown Louisville, but the [Center City District] brings our commitment to the city to a completely higher echelon,” says Blake Cordish, vice president of The Cordish Company. “We are incredibly confident in the future of downtown Louisville and we are committed to invest approximately $250 million into this important redevelopment district.”

The success of Fourth Street Live! is a springboard that will allow The Cordish Company to undertake a redevelopment project on a greater scale. “The strong foundation created at Fourth Street Live! serves as the catalyst for the redevelopment district that focuses on underutilized land and buildings,” Cordish says. “The collective public-private broad vision is to create a dynamic, mixed-use development that will feature a blending of uses such as retail, hotel, residential, office and parking.”

The Center City District development will span 2nd to 6th Streets along Muhammad Ali Boulevard, including the Old Louisville Water Company block and Louisville Gardens. The Old Louisville Water Company block, bounded by Second, Third and Liberty Streets and Muhammad Ali Boulevard, will be home to a new retail-entertainment-office-residential complex that is set to contain retail stores, office space, restaurants and condominiums. A retail corridor will provide pedestrian access from the complex to Fourth Street Live! The Louisville Gardens will also be renovated into a 6,000-seat venue to host events, concerts, and possibly a minor-league hockey team. The scale of the project is huge, but it is in line with some of the company’s past projects. “The size and scope of this new project in Louisville is comparable to some of our large-scale efforts in cities such as Kansas City, St. Louis and Baltimore,” says Cordish, “but will be tailored to the unique ambiance and character of downtown Louisville.”

Fourth Street Live! is another Live! development for The Cordish Company.

The Cordish Company is working closely with the city of Louisville to plan and build the Center City District. The company will finance the development itself, but tax rebates from Louisville Metro and the state of Kentucky are expected to pay for $130 million in infrastructure improvements. Pending approval, both Louisville Metro and the state will rebate 80 percent of new taxes collected in the district. In addition to the rebates, the development would not be possible without the support and vision of the city and state governments. “As a result of the leadership of Mayor Abramson and Governor Fletcher, downtown Louisville is undergoing a remarkable transformation,” Cordish says. “We are very proud of the important role that Fourth Street Live! has played in sparking the revitalization of downtown Louisville and we could not be more pleased to move forward with this major new initiative. We look forward to working in partnership with the City and State to turn our respective commitments into the development of a dynamic new district in downtown Louisville.”  In turn, the Center City District development is expected to be a major boon to the city and state. “The revitalization project will create enormous benefits to the City of Louisville and the State of Kentucky through the creation of thousands of jobs, millions in tax revenues and the construction of major public infrastructure,” Cordish says.

Pending  approvals, construction is expected to begin in 2008, with completion slated for 2010, timed to coincide with the opening of the new downtown Louisville arena. The Cordish Company is partnering with local developer Hogan Real Estate to oversee the project. “We are committed to maintaining the highest standards in terms of architecture, planning, and tenancy with the guiding principle of creating a world-class development,” says Cordish. “The ongoing revitalization of downtown Louisville is one of the great success stories in the country and we are pleased to be playing an important role in these efforts.”


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