Tuesday September 2, 2008
City officials today showcased the massive economic development potential that exists in the 1,400-acre Park Hill Industrial Corridor – an area located near downtown, Old Louisville, and several West Louisville neighborhoods and envisioned as a future job hub for Louisville.
The Louisville Economic Development Department hosted representatives from seven different development groups for a van tour and meetings to discuss the re-use and development potential of several under-utilized industrial properties throughout the Park Hill Industrial Corridor.
“The redevelopment of this corridor is one of Louisville’s largest economic opportunities, and we gave these developers a first hand look at the potential that exists here,” said Bruce Traughber, director of the Louisville Metro Department of Economic Development.
The city assembled the panel of developers to provide input into the industrial corridor’s ongoing planning efforts. The panel includes both local and national developers, several of which have completed major economic-development efforts in Louisville, and others that are leading national developers with experience in adaptive re-use projects and inner city redevelopment. The development companies include:
· City Properties Group, based in Louisville, known for developments including Glassworks, the renovation of the Henry Clay Building and the Louisville Slugger Museum and Bat Factory.
· The Community Builders, based in Boston, Chicago and Washington, D.C., and with an office in Louisville that works on developments such as the award-winning Park Duvalle and Liberty Green.
· Dale Properties, based in Louisville, noted for developing properties in West Louisville for commercial, industrial and residential purposes.
· Forest City Enterprises, based in Cleveland and Washington, D.C., featuring a diverse portfolio of retail centers, apartment communities and commercial developments, with particular expertise in environmentally efficient development.
· French and Associates, based in Louisville, featuring considerable retail management experience in West Louisville.
· IRG Development Partners, based in Denver, a partnership comprising Industrial Realty Group LLC and Mountain Sky Group LLC, experienced in the development and redevelopment of industrial properties with environmental challenges.
· MacFarlane Partners, based in San Francisco, the nation’s most significant minority- owned development firm, specializing in smart growth in underserved markets and urban revitalization developments.
Earlier this year the city launched a major initiative to transform the 1,400-acre Park Hill Industrial Corridor –– into a revitalized business and employment district. With the help of the developer advisory panel, the city will prioritize strategies for overcoming the industrial corridor’s challenges in a manner beneficial to surrounding neighborhoods. Currently the corridor is challenged by abandoned industrial sites, under-utilized and neglected property, and a disconnected road network.
Recent studies report the corridor has the near-term capacity to generate 2,700 new jobs and $336 million in annual economic impact – and the city intends to capitalize on that potential.