LOUISVILLE, Ky. (WDRB) -- Neighbors and city leaders hope development of the former Showcase Cinemas site on Bardstown Road will result in increased investment in the area.

Documents filed with metro government Thursday detailed Costco's plans to build a 153,000 square foot warehouse, fueling station and separate liquor store.

"It's really great news, certainly, for the district, but frankly, for the city," Said Metro Council member for District 10 Steve Magre. "Something this major happening here should create some momentum and interest."

Magre said despite some new construction along the Bardstown Road corridor, there has been a lot of what he calls "decay." Magre is largely referencing the Economy Inn, a hotel that has come under scrutiny recently after failing health inspections.

"This will help us be even more aggressive as in terms of the pursuit of seeing that property being used differently."

Magre thinks turning the vacant 19-acre lot into something positive will result in further growth in the area.

"With Costco coming here, I think you'll see a whole lot more momentum of businesses who have an interest and are willing to buy property, fix property, change things and really create a more commercial avenue."

Patrick Carrico has lived in the Bon Air neighborhood his whole life. He says the stretch of Bardstown Road between I-264 and the Bashford Manor Mall isn't as nice as it could be.

"It's kind of a drive-through place," he said. "You might stop at the Starbucks or fast food restaurant, but it's not a place you'll stop and stay."

Carrico said most neighbors he speaks with like the idea of turning the lot into a Costco. Because it's members-only, he doesn't think it will be susceptible to loitering.

"Everything I've heard is pretty positive," he said. "They like the idea of an upscale retailer."

Reed Weinberg is president of PRG Investments and specializes in commercial real estate. He isn't associated with the Showcase Cinemas property, but says it is a very valuable parcel.

"Having a site that is this flat, with nothing else to demo on it, that is zoned commercial is very rare," he said. "And that's what makes it appealing."

Costco declined to comment on its plans, while our calls to the property owner went unanswered.

Metro planning staff have two weeks to submit comments on the plan submitted by applicants.

Costco is also required to hold a neighborhood meeting but according to the city, there's no set date.

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