LOUISVILLE, Ky. (WDRB) — One of the most iconic office buildings in Louisville will soon be on the market.
The Humana Tower, a 27-story skyscraper on West Main Street downtown, is going up for sale, marking a significant moment for the city’s downtown real estate landscape.
"It’s a beautiful building," said John, a local resident. "And it's a first rate building from the inside from what I've seen."
Reed Weinberg, president of PRG Commercial Property Advisors, said the sale of the Humana Tower comes at a challenging time for the commercial real estate market.
"The timing couldn’t be worse for the company to vacate the tower," Weinberg said. "This is happening all across the country, but Louisville is certainly struggling with its downtown."
The sale raises questions about the future of the building and how it could be repurposed.
Wiltshire Pantry is just down the road from the building. Christen Crowe has worked there the last three years, and hopes to see it become affordable housing.
"A lot of people would like to live downtown," Crowe said. "I work downtown, I go to the gym downtown, I do everything downtown. I live fairly close, but it’s not downtown."
Weinberg believes it could become a mixed-use redevelopment, potentially incorporating office space, a hotel and residential units.
"Louisville is only going to take their downtown to the next level if we can get people living downtown," Weinberg said. "We’re a city that’s convention-driven. Bourbonism, obviously, and all the hotels you see continuing to go up downtown, there's still a shortage."
However, the sale may face hurdles due to a lawsuit involving building defects. Humana has alleged that issues with the welds connecting the building’s structural columns were discovered during renovations.
"I think the key there is that it needs to be factored into what price a buyer will pay or what Humana agrees to sell the building for," Weinberg said.
Despite the legal challenges, both Humana and Louisville Metro government have expressed a commitment to securing a new owner for the tower.
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- Cigna tells investors it's stopped pursuing merger with Louisville-based Humana
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- Downtown Louisville suffers another loss with Humana's decision to vacate headquarters building
- Humana to vacate iconic headquarters building in downtown Louisville
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