Louisville Mayor Greg Fischer and executives from Omni Hotels and Resorts announced yesterday that a deal had been struck whereby Omni would build a 30-story mixed-use property on the site previously targeted for the Cordish Company’s “City Center” project. Estimated to cost nearly $300 million, the project will include a PARC-owned parking garage, the Omni hotel space, a grocery and luxury apartments on the top portion of the tower.
At 30 stories, the project is estimated to become the 3rd-tallest structure in Louisville, and greatly accentuate the existing skyline. The project as announced is a public-private partnership (“P3”), with Omni contributing 52% of the development costs, and a combination of city and state efforts for the 48% remainder, part of which will come in the form of tax rebates generated by the project (the project site already has a Tax Increment Financing district approved for it due to the prior development efforts), the aforementioned parking garage, and the contribution of the land by the City.
Additional links: Louisville Business First: http://www.bizjournals.com/louisville/news/2015/01/06/omni-buys-out-cordish-plans-30-plus-story-hotel.html
Photos from Metro Louisville
PCL Civil Construction Inc was the apparent low bidder December 19th on the Eggner’s Ferry Bridge replacement in Trigg County. PCL’s bid amount was $128,285,913.55. The Engineer’s Estimate was $146,441,933.35. CJ Mahan was the second lowest bidder at $131,307,725.56. Additional bidders were a Flatiron/Manson JV and Kay & Kay Contracting.
The Associated General Contractors recently released (Dec. 29th) their construction jobs figures for over 300 metro areas in the United States. Louisville performed favorably, add over 2,000 jobs from Nov ’13 to Nov ’14, for an uptick of 7%. Kentucky as a state however experienced a 3,000-job net drop in construction employment during the same period.
Bowling Green added 100 jobs, or 4%, and Lexington added 100 jobs for a 1% increase over November 2013. Elizabethtown remained steady, while Owensboro experienced a 4% drop, presumably due to the work on Owensboro’s waterfront park and convention center work winding down.