Check out the Business First article: "Museum Plaza announcement planned"

Snip:

Quote:

Louisville Metro Mayor Jerry Abramson and Kentucky Gov. Steve Beshear are scheduled to join developers of the planned 62-story Museum Plaza mixed-use tower for an announcement at 10 a.m. Friday about the future of the project. ... Condos slated for Museum Plaza's lower tower are being replaced with a limited-service hotel. He declined to identify the hotel's brand. ... Original plans for the skyscraper, which is planned for a site roughly bounded by West Main Street, Seventh Street and River Road in downtown Louisville, called for a contemporary art museum, a Westin hotel, office space, shops and condominiums.

Apparently, the financing has finally been lined up. Also, hopefully, they will have figured out how to install the building's foundation without making West Main District buildings crumble to the ground.

Excited that it may be finally about to get off the ground? Or not? (Note: I'm still not thrilled about the design of the building... blecch)

Steve Magruder — LouHI Administrator and web programmer


Please become a fan of Louisville History & Issues on Facebook

I think what we will see is a scaled-back development that will feature virtually NONE of the architectural curiosities or amenities that were included in the original plan. Just more of the same. Pity.

Broken Sidewalk is back and with pretty good courage and speculation: "Could Museum Plaza Construction Be Resumed?"

Also more coverage at BS:
"Remembering The Museum Plaza Groundbreaking"
"Museum Plaza Glory Days"

Ok, so now we know this thing will never be built. Here's the story: http://www.courier-journal.com...n+HUD+loan

I think this is a terrible idea, and actually getting the loan will be impossible because it is a misuse of these funds. What a waste of time.

Brian40272 wrote:

Ok, so now we know this thing will never be built. Here's the story: http://www.courier-journal.com...n+HUD+loan I think this is a terrible idea, and actually getting the loan will be impossible because it is a misuse of these funds. What a waste of time.

Agreed. Here's a snip from the article:

Quote:

In an effort to help jumpstart the financing of the stalled Museum Plaza skyscraper, the Kentucky officials say they will apply for a $100 million federal loan typically associated with creating jobs for low-income residents. ... The U.S. Department of Housing and Urban Development's Section 108 loan-guarantee program is a source of financing allotted "for the economic development, housing rehabilitation, public facilities rehab, construction or installation for the benefit of low- to moderate-income persons, or to aid in the prevention of slums," according to the agency.

I'm thinking... how dare these officials pretend that they were making a positive announcement about this development today. This is really more of the same... delay, delay, delay. Pretty outrageous.

Reading the article, it appears the project meets the requirements called out in the (albeit and more than likely intentionally vague) loan guarantee program.

Think about it. What group makes up the majority of jobs created by the Hotel industry?: lower paying menial jobs such as housekeepers and the like. I suspect it's a main reason they traded out some condos for another Hotel. Throw in the fact that UofL is involved and it only helps the developers case in applying for the help.

There is precedence for this type of project securing HUD Loans in other places, and keep in mind that HUD just acts as the middle man for arranging the loans from private sources and MP's investors have to provide collateral — so if default happens, we the taxpayer are not paying for this. Lastly, the economic impact of the construction going forward will pay great dividends to the community.

Louisville needs this building to be built along with several other new structures downtown! We say we're a progressive city but really haven't done a lot to demonstrate that. Starting a couple of projects to enlarge and enhance the downtown business district was certainly be a good place to start.

I've learned that whatever hits the fan will not be evenly distributed.