Mon July 1, 2013
Metro Government Taking Bids for Redevelopment of Colonial Gardens
Louisville Metro Government is seeking proposals for the redevelopment of Colonial Gardens.
The property has landmark status and has been empty for nine years. The city purchased the former roadhouse and beer garden last month for $430,000, hoping government ownership would spur development.
“Previously the property was owned by a family of about six or seven different people and I think they had a difficult time agreeing on various things," says Deputy Director of Economic Growth and Innovation David Morris. "Now we own it. We control it. And I believe we're in a much better position to do something with it.”
Morris says the city is looking for a developer to buy the property and create a mixed-use commercial development. He expects Metro Government will earn back its initial investment in the deal.
“I think it's likely someone may ask for some additional incentives. I don't know if they'll be available," he says.
The city previously spent $15,000 to study the commercial viability of Colonial Gardens.
A winning proposal will likely be announced at the end of next month.