Downtown Revitalization Fund

The COVID-19 pandemic, coupled with the implementation of hybrid work models, has significantly impacted downtown Louisville. We are not alone as mid-sized and larger cities across the country are seeing significant vacancy rates and accompanying loss of downtown daytime activity. This has created a near-term disruption in the number of people in the Central Business District (CBD) but also creates tremendous opportunity.

This disruption requires an entirely new focus on social infrastructure and quality of public and private places. It requires us to rethink the use of many of these structures and to find the tools to drive office occupancy with new downtown tenants, while simultaneously reconfiguring existing office buildings for alternative uses such as housing and hotel rooms. Our tourism activity is reaching historic heights and from all available data will only continue to grow. The incentive set out below is the first in a series of tools Mayor Craig Greenberg’s administration intends to lift up with Metro Council for consideration.

Downtown Louisville Skyline

In the FY24 budget, the city allocated $3 million to establish a new Downtown Revitalization fund. The fund will create new incentives for businesses to encourage them to locate in downtown Louisville. Specifically, the fund will offer a sliding scale incentive, a maximum of $30 per square foot, for new downtown tenants leasing minimum of 5,000 square feet in the CBD, the boundaries of which are the Ohio River to the north, York Street to the south, 12th Street to the west and Interstate 65 to the east.

Read eligibility requirements

This incentive will be open to businesses that relocate to the CBD from other areas of Louisville Metro and from markets outside of Louisville. Eligible improvements include construction materials and permanent fixtures, including fixed equipment, utilities, and building infrastructure.

Additionally, PARC established a parking incentive, offering reduced parking rates for a period of five years for new downtown tenants that are leasing at least 20,000 square feet of space. Tenants will receive an 80% discount on parking rates for the first two years, with a declining discount over the following three years.

As you work with businesses looking to move and grow their office space, we want you to use this Downtown Revitalization Fund. Our team will help you in any way possible as you work these opportunities. Please contact us at (502) 574-4140 or [email protected].

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