Louisville’s Museum Plaza Project Poised to Resume Construction

Release Date: Jun 29, 2010

Skyscraper to now house two hotels

LOUISVILLE, Ky. (June 25, 2010) – Surrounded by local and state officials, Governor Steve Beshear recently announced construction on the planned Museum Plaza project could resume before the end of the year if a new financing tool is approved.

The state plans to submit an application for a $100 million federal loan from the U.S. Department of Housing and Urban Development (HUD) for building Museum Plaza. Construction could begin as soon as 30 days after project financing is completed.

“Tough economic times mean we must be more creative to find funding for important projects,” said Gov. Beshear. “Applying for this federal loan is a first step, and while we cannot predict whether it will be approved, my administration is excited about the potential opportunity to create thousands of jobs and get Kentucky’s economic engines moving again.”

Preliminary work on the 62-story skyscraper along Main Street’s Museum Row in downtown Louisville stopped in early 2008 amid financing difficulties. In addition to the financing news, the developers also announced a second hotel will now replace 90 originally planned condominiums. The second hotel, with 190 rooms, will be a limited service property and will join a planned 256-room Westin. Developers are in discussions with several national brands for the second property.

“Named one of the three most exciting skyscraper projects in the world by The Wall Street Journal, Museum Plaza will be an exclamation point on Louisville’s skyline,” said Louisville Mayor Jerry Abramson.

“Museum Plaza will serve as a landmark in Louisville’s skyline,” said Kentucky Senate President David L. Williams. “This architecturally unique concept will send a message to the world that Louisville is a first-class destination, a wonderful place to visit and a worthy place to stay.”

About Museum Plaza

Museum Plaza is a $465 million, 62-story skyscraper that will include more than 300,000 square feet of Class A office space; two hotels; residential space; the University of Louisville Master of Fine Arts program; a new, nonprofit contemporary arts center; a public park; and a significant amount of other public infrastructure, including an 850-space parking garage to serve the project and the neighborhood. Because of the unprecedented international finance and banking crisis, the project’s original financing was delayed.
 

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