JEFFERSONVILLE, Ind. (WDRB) -- A $6.5 million investment is set to kick-start the transformation of the former Jeff boat property along the Ohio River into a thriving mixed-use development, officials announced last week.

The funding, awarded through Indiana's READI 2.0 program, marks the largest single allocation from the $100 million in grants designated for southern Indiana projects. The redevelopment of the 80-acre site is expected to include housing, shopping, restaurants, and community spaces, reshaping the area’s riverfront.

"This project has the opportunity to truly transform the riverfront here in the Louisville area," said Cory Cochran, executive director of the River Hills Economic Development District.

Thrive Companies, a Columbus, Ohio-based developer, has been selected to lead the project. Paul Wheatley, representing the property owner through the Wheatley Group, said the redevelopment is a chance to breathe new life into the vacant industrial site, which ceased operations in 2018.

"It's going to turn a liability -- a vacant industrial site -- into a performing asset for both the city and the region at large," Wheatley said.

The redevelopment is expected to take place in four phases, with initial funding focused on critical site preparation, including environmental cleanup. Wheatley said the first phase of development alone represents an estimated $500 million investment.

"There’s a manufacturer that was there for almost 100 years, so that has to be cleaned up before it can be redeveloped," he added.

Renderings of the proposed project show a vibrant mix of residential and commercial spaces designed to draw residents and visitors to the riverfront.

Construction is expected to begin with site preparation in late 2025, followed by vertical construction in 2026.

Officials say the project is part of a broader effort to spur economic growth in southern Indiana through the READI program, which has funded 21 projects across the region this year, including initiatives in housing, infrastructure, and community development.

“This is the culmination of hard work, community engagement, and partnerships going back more than a year and a half,” said RDA Chair Dana Huber. "These READI investments catalyze growth and development for our region."

The Jeffboat redevelopment stands as a centerpiece of those efforts, promising to reshape Jeffersonville's riverfront and redefine its future.

Jeffboat site rendering 10-26-23

This rendering shows the American Commercial Barge Line's plans for the former Jeffboat shipyard in downtown Jeffersonville. The plans were unveiled during a public meeting on Thursday, Oct. 26, 2023. (American Commercial Barge Line)

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