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Greenberg was joined Friday morning by Kentucky Senate President Robert Stivers, Kentucky House Speaker David Osborne and other city leaders to announce the investment.
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Under Kentucky's new two-year budget, Jefferson County will receive more than $1 billion for renovations.
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The 26-story tower is expected to be converted into a 418 room hotel with a ballroom and event spaces near Fourth Street Live!
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The decision to choose downtown Louisville was influenced by its proximity to restaurants, arts, and entertainment.
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The $25 million project known as "9th Street Reimagined" is expected to be complete by August 2028.