Former Bank of Louisville property hits the market in downtown area struggling for development

The 7.5-acre property on West Broadway between South 5th and 6th streets hasn't seen anything there for years, but that could soon change.

LOUISVILLE, Ky. (WDRB) — A new piece of land in downtown Louisville is on the market in an area struggling for development.

The 7.5-acre property on West Broadway between South 5th and 6th streets was once the Bank of Louisville site, and while it hasn't seen anything there for years, that could soon change.

"What we don't want is another 10 years of vacant land just sitting here," said Virginia Payne.

Payne has worked near West Broadway for nearly four decades, seeing several businesses come and go. But more recently, she's seen them go and not come back.

"We had lots of car dealerships in the downtown area, we had grocery stores, housing, it was really booming," she said.

The property was listed by Louisville-based LDG Development for an undisclosed price, according to our partners at Louisville Business First.

It was part of a larger $60 million plan to develop the property next door, which was once the home of the Brown Bros. Cadillac dealership, into 300 affordable housing units called The Motorworks Apartments. But LDG decided the additional 7.5 acres was no longer needed for the project, and is now selling it.

"It is not a priority right now," LDG Executive Vice President of Communications and Government Relations Christi Lanier-Robinson said. "We have not finalized or developed a development plan that will allow us to move forward yet."

The property consists of a parking garage, a 180,000-square-foot vacant office building. It also includes several other smaller buildings. LDG purchased the land in 2024 across two transactions, LBF reported, one for $1.43 million and another for $567,000, according to deeds filed with the Jefferson County Clerk's Office.

This is just one of several properties up for sale in downtown Louisville. The Heyburn building, just one block over, is also for sale.

Payne said if the Motorworks Apartments do eventually go through, the adjacent property needs to find a way to bring more people in, not just to live.

"A grocery store or even maybe like Dollar General," she said. "I think restaurants, shopping center or with standalone restaurants, as well."

LDG said it knows those types of businesses would be successful in that area, but it would all be up to what a potential owner could bring in.

With ongoing development along the waterfront and neighborhoods like NuLu, Payne doesn't want West Broadway to be forgotten.

"If they can bring that energy down here to Broadway south, I think the whole city could become vibrant again," she said.

One the property is sold, LDG said the public will get a chance to provide input as to what could go there. Any plan would need approval from the city.