The One Park development near Cherokee Park is moving forward with the approval by the Kentucky Economic Development Financial Authority (KEDFA) or its Tax incremental Financing (TIF).
The Louisville project has an estimated price tag of $1.4 billion; the state approved financing is in the amount of $62 million for the 239,536-square-foot site. Included in the project at the corner of Grinstead Drive and Lexington Road will be 200 hotel rooms, 600-700 apartments, 60,500 square feet of retail and restaurant space, and a 49,197 square foot grocery store as well as public infrastructure improvements.
The $62 million will go to the Jefferson Development Group (JDG) to help build a One Park parking garage and will be spread out over 30 years. The terms of the agreement states that the TIF financing will only be given by the state once JDG has invested a minimum of $200 million at the site. Moreover, to be eligible for the whole $62 million the developer will have to have invested $553.9 million in the project.
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The Louisville Metro Council also approved a local TIF in 2023 amounting to $114 million over the course of 30 years. Similar to the state’s requirements, JDG must invest at least $200 million in the project and complete it in order to receive the $114 million from the city.
Construction is expected to commence in 2027 and finish in 2030.
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3905 Bardstown Road
Louisville, KY 40218
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