Friday January 23, 2004
Mayor Jerry Abramson today announced the construction of two flex-space buildings in College Industrial Park and the creation of a new loan program to stimulate development of the community’s brownfields.
“This is a significant investment, because it is in one of Louisville oldest industrial areas, and it demonstrates that a demand exists for new space to conduct business in the core of our community,” Abramson said of the two buildings being constructed in West Louisville’s College Industrial Park. “This announcement – and the investment it represents --- demonstrates how the core of our community can be attractive for investment and re-investment.”
The two new buildings will house about 60,000 square feet of flexible commercial space and be used for offices and light industry. Abramson said the 48-acre College Industrial Park, owned by Nationwide Life Insurance and managed by Carl Ray, of Ray & Associates, already has been home to new investment during the last five years.
In 1999, obsolete buildings started coming down, bringing a new commitment to the park. The first building was a 300,000 square-foot state-of-the-art warehouse, which is fully leased. College Industrial Park has been in operation for 20 years. There are now ten major tenants at the park, with 200-250 employees, producing items from cut glass to sportswear and providing warehousing services.
Larry Baiamonte, of Nationwide, said “Nationwide’s investment in these two newest buildings is sending the message loud and clear that West Louisville is the perfect place to be.”
For the past two years, Louisville Metro’s West Louisville Economic Development Strategy has focused on how to attract companies back to this once-prominent business location.
“In West Louisville, there is a capable workforce and the transportation infrastructure in place to support new and existing businesses. West Louisville is a great place to do business,” Abramson said. “It’s our responsibility to let people know about it.”
Underscoring Louisville Metro Government’s commitment to economic development in West Louisville and throughout the community, Abramson today also unveiled plans for a Brownfield Loan Program to help facilitate old industrial sites.
The Brownfield Loan Program will provide up to $100,000 at low interest rate for acquisition, assessment and remediation of properties for use or resale, or construction of new buildings for industrial uses.
Eligible loan recipients must be located within the Kentucky Economic Opportunity Zone targeted area. The loan program is administered by METCO, Metro Government’s business lending board, which is located in the Metro Development Authority.