LOUISVILLE, Ky. (WDRB) — Jefferson Development Group’s massive One Park development at Grinstead Drive and Lexington Road took a big step forward on Thursday.
The Metro Planning Commission voted unanimously to recommend rezoning the plot of land where "One Part North" could be built.
The expansion of the One Park project involves a tract north of Lexington Road that used to contain the Jim Porter’s nightclub.
Jefferson Development Group proposes two buildings that would have residences, offices and a ground-level grocery store on the “North” portion the One Park development.
Now that the zoning change is recommended, the proposal heads to Metro Council for a final decision. The group's attorney said the Council has 90 days to take up a vote.
The council approved a zoning change for One Park — which is planned for the triangle between Grinstead Road, Lexington Road and Etley Avenue — in 2019.
WDRB News reported in October that Jefferson Development, led by developer Kevin Cogan, is hoping to win approval for a $244 million public subsidy over 30 years to help defray One Park’s total cost of $600 million.
Developer has finished presentation. Now opposition to rezoning side is speaking. Attorney Steve Porter represents the Lexington Road Preservation side, and while he says he’s happy to see some development proposed…he has concerns. Starting with traffic @WDRBNews pic.twitter.com/3w0PqJJcV2
— Conroy Delouche (@ConroyDelouche) December 1, 2022
During Thursday's meeting, four people spoke out in opposition to the group's development, citing concerns with traffic impact and the sheer size of the project.
Two of those speakers criticized the group's pursuit of a tax-increment financing (TIF) district.
"Because (of) the density and the requirement of structured parking and concrete structures, it's a lot more expensive than going out to a green field and building a free-standing stick building," Cogan, the group's CEO, said. "The other thing is that the TIF is based on its merit, so that as you produce tax revenue forward, you get to share some of that. So, it's not like the city or state is writing a check, it's performance-based. So, if you perform and you generate the development, and it generates taxes, you get a share in some of those taxes back toward off-setting some of that infrastructure."
A TIF district was not part of the case Thursday before the planning commission. The special district would have to be approved later by the council.
