Revitalization Commission Agenda and Packet 2020 02 12

Home Browse Search

LOUISVILLE REVITALIZATION COMMISSION LOUISVILLE REVITALIZATION COMMISSION SUBJECT: DISCUSSION/DIRECTION – APPLICATION FOR ASSISTANCE FOR 824 SOUTH, INC. FOR 957 MAIN STREET / 824 SOUTH STREET DATE: FEBRUARY 12, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: 824 South, Inc. is the applicant for a rehabilitation and new construction project located at 957 Main Street / 824 South Street in downtown Louisville. The project includes rehabilitation and renovation of an existing single family residential structure for commercial and/or hotel use, as well as construction of a new structure to adjoin the residential home. It is anticipated the new structure would be occupied by retail, restaurant or small café, potential boutique hotel, and/or office space. The project includes 10,847 of rentable square footage—approximately 2,137 square feet is part of the existing house. Staff has reviewed the application and is seeking direction whether to prepare a redevelopment agreement for assistance with 824 South, Inc. The agreement would need to be acted upon by LRC at a future meeting, approved by City Council, and finally approved by LRC. BACKGROUND: The subject project, located at the southwest corner of Main Street and South Street, has an existing residential structure at the rear of the property, close to the alley. The rest of the lot was previously undeveloped and served as the residence’s yard. An original Planned Unit Development (PUD) and Special Review Use (SRU) was approved in 2016 to allow construction of a new two-story commercial structure in the front portion of the lot and keep the residential structure. The property was sold in 2018 to the current owner, who then received approval of a SRU and PUD Amendment that expanded the area for outdoor sales and dining and made modifications to the exterior of the structure. A building permit was issued in November 2019. Additionally, in January 2020, the applicant received approval of a SRU to allow for a hotel use on the property, either the first and/or second floor, along with incidental commercial uses (lobby or café area). Not including the land purchase and holding costs, the redevelopment of this site has a cost in the range of $4.313 to $4.443 million. 824 South, Inc. is requesting assistance for public infrastructure improvements and utilities, as planned site work includes reconstruction of sidewalks, curb and gutter, alley drive pan, and on-site patio areas, in addition to removing and replacing inadequate utilities and converting parallel parking along South Street to angled spaces. Packet P. 7