Now that the Louisville Metro Council has released $12.2 million for the purchase of the so-called Water Company block, the city is moving ahead on plans for Center City.
“The next big step is obviously closing on the land,” says Mayor’s spokesperson Chris Poynter. “Now that the council has approved the purchase of the water company block land we have until December 1st to close on that land and we’re prepared to do that.”
The block will be purchased and then leased to the Cordish Company, which will extend its 4th Street Live entertainment district eastward onto the property.
Poynter says a timetable for construction hasn’t been set. In the meantime, the city will take over the block’s parking lots, which will eventually be destroyed to make way Center City.
“There are numerous people who park there and have monthly contracts and we’ll be taking that over and getting the revenue from those lots,” says Poynter.
Once the land is purchased, the city will begin architectural planning with the project’s developer, the Cordish Company. Around that same time, infrastructure improvements are set to begin.