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LOUISVILLE, Ky. (WDRB) – The first office building at the downtown Nucleus research complex has added a new tenant, moving the University of Louisville project at the site of the old Haymarket to nearly 100 percent of its capacity.
ElderServe, a nonprofit organization that aids seniors through a variety of programs, announced Friday that it plans to move its headquarters from Dosker Manor at 411 E. Muhammad Ali Blvd. into the eight-story Nucleus building at 300 E. Market Street.
ElderServe will move 26 to 28 employees to the Nucleus building starting in September, CEO Julie Guenthner said.
"We're going to be able to reach more seniors," she said in remarks Friday morning at a Nucleus news conference."
ElderServe is already in a tax-increment financing district approved in 2007 for a 210-acre downtown development area that includes the Nucleus project.
Under the TIF agreement, U of L's Louisville Medical Center Development Corp. stands to receive 50 percent of the annual increase in occupational tax revenue, with the rest going to city coffers. (Kentucky individual income and corporate income taxes are also part of the TIF district.)
Vickie Yates Brown, president and CEO of Nucleus, said she's not yet sure how much TIF money will flow back to project developers because the exact number of employees and salaries isn't known.
Besides ElderServe and Atria, other tenants of the Nucleus building include Advanced Cancer Theraputics, XLerateHealth, the U of L Institute for Optimal Aging, the U of L Office of the Executive Vice President for Research and Innovation, and the U of L Physicians, according to the university.
The move of ElderServe and Atria represents companies moving to another location downtown, essentially trading one office building for another.
"Many of these companies have options -- particularly like an Atria -- so we know that they are heavily recruited," Brown said. "So the exciting part is that Atria chose to stay in this community. So instead of losing those payroll tax dollars we were able to keep those payroll tax dollars here."
More than 600 employees are expected to work in the Nucleus building, Brown said, and construction is scheduled on a nearby parking garage this spring. There are letters of intent for leasing the remaining office space, she said.
ElderServe spokeswoman Nedra Morrell said the organization has been trying to find another location in Jefferson County in recent years.
Louisville Metro Council member Vicki Welch, a member of ElderServe's advisory board, said she believes other companies will replace the ones that have left for Nucleus. The ElderServe move from Dosker Manor, where the organization has been since 1968, is overdue, she said.
"It's older and falling apart, so to speak, and a lot problems with IT issues," she said. "So just coming to a brand new place that's fresh and modern it will be more effective for them to be able to work."
Tuesday, March 11 2014 4:54 PM EDT2014-03-11 20:54:51 GMT
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