LOUISVILLE, Ky. (WDRB) — A historic building in downtown Louisville is shifting its redevelopment plans, opting to create new apartments instead of becoming a hotel.
The Henry Clay Building at the corner of Third and Chestnut streets, originally built in 1924, will be converted into 33 market-rate apartments as part of a $7 million project. Developer Lee Weyland said the change was driven by current economic conditions.
"We were going to go the hotel route," Weyland told WDRB News. "But given where the current economy is, current conditions with interest rates and potential tariffs, we felt it was a safer option to focus on housing."
The building, which has been used for weddings and special events — and once hosted Aretha Franklin — still maintains many of its original architectural features, including vintage mail chutes, century-old pillars, and original chandeliers.Â
It was first constructed as the Louisville Elks Lodge and boasted high-end amenities of the pre-war era, including a pool in the basement, bowling alleys and billiards rooms.
It sat vacant for nearly two decades and was purchased and updated by Weyland Ventures in 2005.Â
The property is just blocks from the Louisville Medical Center and Jefferson Community and Technical College (JCTC), and Weyland believes it could help address Louisville’s growing housing needs.
"The mayor's report said we need about 30,000 units — everything from luxury, market-rate, subsidized, all the way to the most subsidized," Weyland said.
In addition to the apartments, several vacant ground-level storefronts are also part of the redevelopment plan, with the goal of bringing more life and activity to the space.
"You have to have economically feasible preservation," Weyland said. "You can't just save old things because they are old — there has to be some significance, some character. And this building has that."
Construction on the project is expected to begin this summer and take about 16 months to complete.
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