Welcome to the Aug. 11 Monday Business Briefing.
As always, this is your private business intelligence briefing with Insider Louisville staff and contributors vetting tips collected during the past few days, hours and minutes before we post.
It’s another “downtown’s future in the balance” edition, but this time with far more positive developments than bad news at a time when Louisville finally has forward momentum.
Kevin Cogan planning apartment complex at Main and Preston
We’ve been sitting on this story for almost six months … a deal that could – along with the Omni project – alter the direction of downtown.
Kevin Cogan, Jefferson Development Group chairman and CEO, and his partners from Murfreesboro, Tenn., TDK Construction, are planning a 343-unit apartment complex at 418 E. Main St., the site of the former D & W Silks building. The parcel is now surface parking. Cogan and Jim Patterson acquired the 2-acre parcel back in 2008 when Humana was circulating an RFP for a new downtown building. Humana ended up shuttling employees to the suburbs.
At a PRG Investments real estate seminar in May, Cogan teased the project, saying he’s working on something that could be “absolutely spectacular, though I’m not announcing anything yet.” Obviously, there’s a lot we don’t know: Will there be one building or more? Will there be a retail/restaurant component? Offices?
We wouldn’t be pulling the trigger now had it not been for multiple real estate sources referring to the apartment project in interviews with IL reporters last week, with one including it in a quarterly report. That, and it’s one of Louisville’s worst kept secrets, with city econ-dev officials also talking it up.
We don’t blame them. There is – and should be – genuine excitement about the project if for no other reason than location. The apartment building or buildings would be just east of the proposed Angel’s Envy distillery. The complex will face Slugger Field across Main Street. To the west is the Fleur de Lis condo complex, which is now a hot property. NuLu is two blocks away. KFC Yum! Center is five blocks west. The property is positioned so residents would be able to walk to the riverfront parks, the Big Four Bridge and Whiskey Row restaurants.