Revitalization Commission Agenda and Packet 2014 06 30

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Finally, it is important to note that the property carries restrictive covenants that prevent many of the most viable potential reuses as it is currently configured (see the defective title section for more details). Because the current layout of the property is suited to a very narrow range of uses which are either prohibited or infeasible and is ill-suited to change, there is a finding of Faulty Lot Layout in the Survey Area. Deterioration of Site or Other Improvements The 550 S McCaslin property is designed for heavy-volume retail: it is a 127,000 square foot retail facility with over 600 parking spaces, located on a major arterial near a highway interchange. It is currently used only sporadically for tenants far smaller than it was designed for; consequently, it is not currently generating revenue proportional to necessary maintenance expenses. This has been the case since the property was abandoned over 4 years ago. A lack of full maintenance of the property was evident during the field survey; the parking lot had a few potholes, including one very large one at its primary entrance with McCaslin Boulevard, and the curb and gutter in some places was cracked and deteriorated. The striping on the parking lot was found to be badly worn. The building itself was cracked in a few places in its facade, and needs minor work such as mortar repair in certain areas. This is not to say that maintenance is completely lacking, but only that it gives the impression of being minimal. While the property is not badly deteriorated by virtue of being largely vacant for only 4 years and receiving landscaping maintenance, it is clear that it is indeed slowly deteriorating. Combined with its general underutilization (see the underutilization or vacancy of sites section), this is causing a general blight that affects the surrounding area. A finding of Deterioration of Site or Other Improvements has been made in the Survey Area. Defective or Unusual Conditions of Title Rendering the Title Non-marketable The property at 550 S McCaslin Boulevard is subject to numerous restrictions that have the combined effect of rendering the parcel non-marketable to prospective buyers and tenants. This issue is expressed by the current co-owners, Centennial Valley Investment, LLC, and Seminole Land Holdings, LLC in a letter dated March 17, 2014 to the City of Louisville, and is confirmed by an examination of the original covenants put in place during the initial development of the property in the 1990s as wel restrictions applied to the property during the sale of the property from Sams Real Estate Business Trust to its current owners in January 2014. The original covenants dating from the 1990s, (including multiple amendments made during subsequent years), generally prohibit new uses at 550 S McCaslin Blvd that would compete with existing retaile the same commercial center, the most notable of which is the prohibition of a grocer on the property as long as the nearby Albertsons remains in business. Other uses that do not directly compete with other