LOUISVILLE, Ky. (WDRB) — An aging office building at a prominent downtown intersection is under contract to a buyer who will make “significant improvements,” according to the real estate agent representing the seller.
The 17-story Heyburn Building at Fourth Street and Broadway, built in 1928, is one of the older office buildings that city officials have identified a candidate for conversion to residential use.
However, neither the buyer nor their plans for the building will be revealed until the sale closes, said Gant Hill, the broker representing the seller.
Hill, of Gant Hill & Associates, said in a text message that his understanding is that the buyer will likely occupy the building for “primarily office uses.”
Listed as “Class C,” the shabbiest type of office space, the building is 40% occupied, according to the real estate listing. It was listed for $7.5 million, about $500,000 less than its assessed value for taxes.
The seller, IBC Property Holdings of Chicago, Illinois, took title to the building in 2022 in lieu of foreclosure, according to property records.
