Louisville Properties Blog
Louisville Properties Blog

Investments

Louisville Seeking Federal Grant to Develop Sheppard Square

Louisville officials are lobbying for a $20 million grant from the federal government to help offset the costs of razing the Sheppard Square public housing complex in Smoketown and develop mixed income homes and Louisville apartments. The proposed project would level the 326-unit complex and would be Louisville's third project in the HOPE VI federal program that intends to destroy the barracks-style public housing projects built in the 50s and 60s and disperse the concentrations of poverty. The project is expected to cost $200 million and the Louisville Metro Housing Authority has not yet lined up the rest of the financing needed to fund the project, but agency executive director Tim Barry says he's confident the rest of the funding can be secured. "The fact that we have done this twice before and the fact that this is smaller—we are comfortable we can put together a budget that will pay for this," Barry said. Officials say that funding for the project would come from a similar mix of private and government sources like the projects that built Park DuValle in western Louisville and Liberty Green east of downtown. The housing authority promises to replace the 326 units lost when Sheppard Square is razed just as it did with the other projects by building or purchasing new public housing throughout the city. For over a decade, Louisville housing and planning officials have been developing plans to revitalize the Shelby Park and Smoketown neighborhoods with an eye on what the areas would look like without Sheppard Square. Patricia Bell, a resident of Shelby Street and president of the Smoketown Neighborhood Association, said both the neighborhood and public housing residents stand to benefit if the complex is taken down. "I think public housing has served its place," she said. "But to me, I never felt it was always good to stack people in predominantly ethnic groupings into a situation...

Foreign Investors Expect U.S. Real Estate Market to Recover in 2010

A recent article in the Market Watch section of the Wall Street Journal claims that foreign real estate investors predict that the U.S. housing market will rebound in the second quarter of 2010. The Association of Foreign Investors in Real Estate (AFIRE) issued a survey to its more than 200 members, and respondents expect to triple their investments over the final six months of 2009. The survey also indicated that over two-thirds of AFIRE's members plan to invest in real estate in the U.S. before the end of 2009. Just below one-third of the members claimed that they are more optimistic in the recovery of the U.S. real estate market now than they were at the beginning of the year, only 16 percent claimed that they were more pessimistic, and 53 percent said that they feel about the same now as they did at the beginning of 2009. Respondents said they expect the real estate markets in Washington, D.C., New York City and San Francisco respectively to lead the market recovery and identified those markets are prime targets for investment. Boston and Los Angeles rounded out the top five U.S. markets for foreign investors and respondents expected commercial office buildings to recover first, followed by multifamily housing and industrial property. Their expectations represent a shift in opinion from the last time AFIRE members were surveyed when respondents favored multifamily real estate investments over commercial office buildings for their investments. Founded in 1988, the real estate investors association and its members represent 20 different countries around the world. Real estate professionals around the U.S. who have been eagerly looking for a turnaround in the country's real estate market are cautiously optimistic about the possibility of a market rebound in all sectors of the market. If you would like more information regarding Louisville real...

New York Company Invests in Louisville Area Landmark

A recent article in the Louisville Courier-Journal provides very welcome news to supporters of a longtime Louisville area landmark. The former Colgate-Palmolive plant in Clarksville renowned for its huge clock has been purchased by Active International, an advertising and trading company based in New York. Before Colgate bought the plant in 1921, the building was a Kentucky state prison. The famous clock—40 feet in diameter—is one of the world's largest and has been clearly visible from anywhere in downtown Louisville since it was built in 1924. The almost 60-acre site located just off Interstate 65 in Clark County was purchased by Active International in April one and one-half years after Colgate-Palmolive closed the plant. The plant and the other buildings on the property has been on a list of the 10 most endangered landmarks in Kentucky, and local historical preservation buffs had been hoping that the main building with the huge clock could be saved from the wrecking ball. The site remains "on our radar screen," said Laura Renwick, community preservation specialist in the southern regional office of the Historic Landmarks Foundation. But the foundation is "hopeful" about the site, she said, "with a commitment from the new buyer and the interest the town has in seeing the key components being preserved." Along with the famous plant, around 20 buildings containing almost 1 million square-feet of space remain on the site, but Active International did not disclose the purchase price or reveal its plans for the historic landmark. If you're looking to buy or sell your own piece of Louisville real estate, historic or not, point your web browser to the area's premier web site for Louisville real estate services— LouisvilleProperties.com! No matter what your Louisville real estate needs may be, you're certain to find...
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