U of L Foundation buys property to help redevelopment of former - WDRB 41 Louisville News

U of L Foundation buys property to help redevelopment of former silos site

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The University of Louisville Foundation bought the apartment buildings at 302 Eastern Parkway The University of Louisville Foundation bought the apartment buildings at 302 Eastern Parkway

LOUISVILLE, Ky. (WDRB) --  The University of Louisville Foundation spent $1.25 million last month to acquire a house and three aging apartment buildings on Eastern Parkway adjacent to the main Belknap Campus.

The two parcels – at 302 and 328 Eastern Parkway – comprise about an acre. The foundation bought the property from NSH & Sons LLC, according to a deed on file with the Jefferson County Clerk’s Office.

There is no “formal redevelopment plan” for the property, U of L spokesman John Karman said. But the property is just north of the former Solae industrial site, which the foundation purchased for $3.3 million in January 2014.

“It adds to the property that we hold in that area,” Karman said.

The Solae site used to contain the iconic silos visible along I-65. The foundation has cleared the site but has yet to decide what to do with it in the long term.

Owning the 302 and 328 Eastern Parkway parcels will help the foundation create an access point to the Solae site, which will likely mean reconfiguring Hahn Street, the small road connecting Eastern to Floyd Street, Karman said.

Karman said for now, the tenants of the  Eastern Parkway buildings will rent from the foundation. All have month-to-month leases, he said.

As for the Solae property, U of L President James Ramsey wrote in a report for the Board of Trustees in July that the foundation is pursuing a commercial development that might include a hotel.

“Several hotels and corporations have reached out to the (foundation) regarding possible land leases and potential buildings,” Ramsey wrote.

The university’s athletics administration also has a “strong intent” to “relocate” to the site as a “companion” to a commercial development, Ramsey wrote.

The development would generate incremental revenue for the foundation, just like the new office building on the U of L Shelby Campus in eastern Jefferson County, Ramsey wrote.

On Tuesday, Karman said plans for the Solae property are still undetermined.

“We have been approached by a number of different people with potential uses,” he said. “We’re just weighing those options.”

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