The Portland Investment Initiative, led by developer and filmmaker Gill Holland, has invested in another property along Rowan Street.
Wednesday, the investment group bought 2.5 acres at 1403 and 1405 Rowan St. for $725,000. The purchase includes the 13,000-square-foot “Portland Station” and a 2,500-square-foot service garage run by trucking company Nic Transport, according to a news release.
In addition to Nic Transport, a portion of the space is occupied by a computer company and storage, Holland told Insider Louisville. About 6,800 square feet is vacant.
Realtor Matt Gilles of Gant Hill & Associates is handling the leasing of the space. Gilles is a partner in the Portland Investment Initiative along with Holland, dentist and real estate investor Ali Navigar, Shine Contracting principal Gregg Rochman, Nashville-based social entrepreneur Ryan Brown and Greg Brown, the release states.
“There’s lots of potential,” he said of the space, adding that it could be filled with music or art studios, among many other possibilities. The property also has an outdoor patio that could be used for events.
Portland Investment Initiative bought the property because of its proximity to the new Heine Brothers’ Coffee roastery and headquarters, the future Waterfront Park expansion and the planned studios for University of Louisville’s master of fine arts program.
An 1882 map shows the building serving as a train terminal for the Louisville, New Albany and Chicago freight line. In the 1950s, it was operated as a terminal office for the Chicago, Indianapolis and Louisville Railway Co.
Two decades later, the building would be repurposed as the trucking logistics hub for Banner Transfer Truck Lines.
Earlier this spring, the Portland Investment Initiative bought a 22,000-square-foot warehouse at 1226 Rowan St. for $925,000 and the Portland Recycling building on Portland Avenue at $255,000, WFPL reported.