Economic Vitality Committee Agenda and Packet 2021 10 22

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SUBJECT: STRATEGIC PLAN ITEM #14 DATE: OCTOBER 22, 2021 PAGE 3 OF 5 1164 W. Dillon Road, Current Regal Cinebarre Theater Regal still owns and operates the movie theater at this location, which is situated on approximately 11 acres and is highly visible from US 36 and the McCaslin Boulevard corridor. Although Regal has been entertaining offers on the site for some time, the efforts to sell the property became more aggressive with the impacts of the COVID-19 pandemic. The theater has only recently re -opened; the building is also dealing with some maintenance issues. A key component of this site is that Regal currently holds the lease with RTD for the bus rapid transit station and 172 parking spaces. Regal received a number of property offers, and it is staff's understanding that the majority of the interest has been for multi -family and potentially some mixed -use on the site. Residential is currently not a use permitted by right, but the McCaslin Boulevard Small Area Plan does identify this area as an opportunity for Transit Oriented Development. A developer has the site under contract with Regal and is exploring multi -family and commercial development that would allow the continued operation of the RTD bus operation. Challenges: Privately -owned by company that is struggling economically; current policy and zoning would not facilitate change in use or redevelopment that is desired by the market; large site not easily re -tenanted in current form; and lacks good access from McCaslin Boulevard. Opportunities: Highly visible property; site is suitable size for redevelopment; and Small Area Plan shows opportunity for right -in, right -out access to McCaslin Boulevard. 511 E. South Boulder Road, Proposed The Rose and Raven In 2020, this property was acquired by a new owner that intended to redevelop the former bank building, which has been vacant since 2015. The existing building is around 6,000 square feet and is in very poor condition. Because of the prior use as a bank and the deteriorating structure, it is unlikely that the space could be occupied as -is, even with significant tenant improvements. The owner intends to redevelop it as a new two-story building including a food hall, cidery, and multi -purpose space. The City provided business assistance to Corvus Nidus LLC (the building owner and intended developer) in March 2020. In addition, the Louisville Revitalization Commission approved the developer for public infrastructure assistance in February 2021. Unfortunately, the developer has run into issues with the projected cost of this project, and it is very uncertain if the intended use will be pursued. Challenges: Privately -owned; no potential use of existing space; and cost of redevelopment. Opportunities: Desirable development and use; good visibility and access; within the Highway 42 Urban Renewal Area; and already approved PUD and SRU. Agenda Packet P. 26