Thursday November 16, 2006
Mayor Jerry Abramson today said Louisville Metro Government has struck a deal expected to create hundreds of jobs and bring new retail and business services to the site of the former Philip Morris plant at 18th
“We are confident we have found the right buyer and owner for this challenged, yet significant and strategically located property,” Abramson said. “With the redevelopment of this property, we are ensuring highly sought-after services and job opportunities, as well as a new point of pride for the neighborhood and community.”
NewBridge Development LLC, an affiliate of The Mardrian Group (TMG), has exercised its option to purchase the former cigarette plant and develop it into a commercial retail and office complex. Louisville Public Properties Corporation is scheduled to meet Tuesday, November 21, to ratify the development agreement. The proposed purchase price is $1.3 million, which the city will forgive after the existing buildings have been gutted and demolished.
NewBridge plans to develop the property into a $40 million retail and business park named NewBridge Crossing, which will be completed in phases and is estimated to be finished in 2011. The total development will include about 300,000 square feet of mixed-use space. The redevelopment of the property is expected to create approximately 300-500 jobs.
Robert K. Holmes, Jr., Assistant Vice President of TMG, said, “We are very excited about this development, and are committed to making NewBridge Crossing a catalyst for economic development in our community. Our development plan addresses the needs of the area, and we believe the community will embrace it.”
The City of Louisville bought the 23-acre property in 2001 for $100 when Philip Morris closed its Louisville operations to consolidate in Raleigh, North Carolina.
TMG is a construction, real estate and development company locally owned by Teresa and Frank Bridgewaters. TMG has been building and redeveloping in West Louisville for years, including such projects as St. Stephen Church and the Kentucky Center for African American Heritage.