LOUISVILLE, Ky. (WDRB) -- At Grinstead Drive and Lexington Road sits a long-underdeveloped corner of one of Louisville's busiest districts. In the shadow of Cherokee Park, a pair of 10- and 17-story buildings — to be called One Park North — is set to rise as part of the city's densest developments.
Metro Council unanimously approved the massive project Thursday night. In all, One Park would have 600-700 apartment units, 200 hotels rooms, a grocery store, restaurant/retail space and common areas such as plazas and terraces, according to the presentation obtained by WDRB. Plans call for retail and hundreds of offices and residences, about 10% of which will be designated as affordable housing.
Jefferson Development Group has said One Park is the sort of project seen in faster-growing cities like Nashville.
"The project is without a doubt taller than we are used to seeing," said Andrew Owen, the new councilman representing the district in which One Park is planned. "It is denser than we are used to seeing."
Owen said he acknowledges those critical that there's not more affordable housing. But it's a step in the right direction, he said.
"Every unit we build does some part in reducing that pressure ..." he said.
Owen said he weighed the traffic concerns — that neighbors have pointed out for years — against his list of positives: location, density and infrastructure.
The project — including the accompanying "One Park" development on the south side of Lexington Road — is estimated to cost $603 million in all, according to a presentation the developer has shared with city officials.
"The sidewalks are there, the roads are there, the utilities are there, the bus lines are there, (and) the parks are there," Owen said. "It makes more sense from an environmental standpoint."
Thursday's unanimous vote approves the rezoning, but nobody is getting shovels out just yet. Last year, WDRB Investigates learned the developer, Jefferson Development Group, is pushing Metro Council to approve the directing of more than $200 million tax dollars generated by the project back to the developer to help fund the project.
The plan would redirect $96.3 million in Metro government tax revenue and $147.9 million in state tax revenue to the developer over the 30-year life of the "TIF" district, according to the presentation.
Any approval of a TIF requires a separate discussion and vote by the Council. President Markus Winkler told WDRB News to expect an ordinance related to the subsidy introduced in the next six weeks.
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