LOUISVILLE, Ky. (WDRB) – Louisville architectural firm Luckett & Farley has a $50 million plan to transform the old Bank of Louisville building at 5th Street and Broadway into a 195-room hotel.
The firm, which bought the vacant office building in 2017, is seeking taxpayer help to defray the redevelopment costs.
A plan that must be approved by the Louisville Metro Council would redirect 80 percent of the increased property taxes generated by building’s redevelopment back to the developer.
The proposed tax-increment financing district could rebate up to $2.7 million in property tax payments back to Luckett & Farley over the 20-year life of the incentive.
“In addition to redeveloping an older building that has sat essentially vacant for years, this proposed project will provide additional opportunities for tourists, and will drive further development in Downtown Louisville,” according to a development agreement proposed by Mayor Greg Fischer’s administration.
The building was constructed in 1960 by the late developer Al J. Schneider, who also built the Galt House hotel and Waterfront Plaza office towers.
