METCO Approves Loan to Demolish Remediate and Redevelop Property
Tuesday June 25, 2013
The Louisville Metropolitan Business Development Corporation approved a loan in the amount of $150,000 to Addyworld, LLC to demolish, remediate and prepare a site for new construction, at 1023-1025 Bardstown Road. The loan will leverage an additional $900,000 in private investment.
Formerly the Miracle Cleaners, this property has been vacant since 2002. The site’s redevelopment has been complicated due to its historic use as a dry cleaning facility, however the new owner was able to take advantage of new state regulations designed to provide liability assurances to innocent parties that purchase brownfields.
The buildings on the site will be removed, and during the redevelopment process the new owner will cooperate with the state and former owner to address any site contamination. Following demolition, the owner plans to build space for a retail or restaurant tenant.
The project will generate 25 construction jobs.
For more information about the city’s small-business loan program, visit http://www.louisvilleky.gov/economicdevelopment/METCO.htm.