LOUISVILLE, Ky. (WDRB) -- Metro council's budget committee approved an extension of an agreement to develop a five star hotel in Downtown Louisville.

The Cordish Companies wanted the city to extend the deadline for four months to fund the project earlier in the week.

If Thursday night's preliminary approval goes through, the company will have until December 31st to develop the property located between third and second streets on Muhammad Ali. It previously had until September first.

The development includes a five star hotel, luxury apartments, and retail space.

The ordinance extension still requires the approval of the full metro council, which will vote on the issue later this month.

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