The tower at 6th and Main streets would’ve been the tallest building in Kentucky. It was put on hold three years ago when the developers could not find a suitable bond deal to finance the project.
Hope for the $490 million project was renewed last year when city and state officials announced their intention to seek a $100 million loan from the U.S. Department of Housing and Urban Development. The loan required the developers to find matching funds in the private sector, which they could not.
In a letter to Mayor Greg Fischer and Governor Steve Beshear, developers Steve Wilson, Laura Lee Brown, Craig Greenberg and Steve Poe said they will return the construction site to normal soon. The three spent at least $15 million of their own money on the project. Most of that went to removing an electricity transmission tower.
Brown, Wilson and Greenberg previously developed the 21C Museum-Hotel. They are also planning to preserve the Whiskey Row buildings on east Main Street.