Mayor announces development agreement with Paristown Preservation Trust for Urban Government Center

December 23, 2021

Mayor Greg Fischer announced today that Louisville Metro Government has finalized a development agreement with Paristown Preservation Trust for the former Urban Government Center property, following negotiations that began in August.

“Today begins the next chapter for this property, and we are excited that it will be given new life with features that enhance the surrounding community, including mixed-income housing,” the Mayor said.

The mayor acknowledged that the process to get to this point has been lengthy. “Thank you to the nearby residents and neighborhood associations for their patience. It is our duty as city leaders to ensure that any proposed development on publicly owned land is viable and benefits the surrounding neighborhoods,” he said.

Paristown Preservation Trust plans to construct apartments, office and retail space, a boutique hotel, a conference center, and associated parking.

“Our team is excited to create a new beginning for this important piece of property in the Paristown Pointe neighborhood and to continue working with the neighbors on community-enhancing elements,” said Steve Smith, managing member of the Paristown Preservation Trust development group.

Per the development agreement, the city will support the sale of the Metro-owned properties – 810 and 850 Barret Ave. and 1235 E. Breckinridge St. – to Paristown Preservation Trust for $1, and in return, the development group will enter into a Community Benefits Agreement with surrounding neighborhood associations. Paristown Preservation Trust also will negotiate with Louisville Metro Housing Authority for the purchase of the lot at 768 Barret Ave. and will be responsible for all environmental cleanup costs.

Louisville Metro will support the development group’s request for local tax incentives in the form of a TIF district, with the condition that at least 10 percent of the rental units developed are leased at below market rate. The creation of a TIF district must be approved by the Louisville Metro Council.

The city previously established a Project Advisory Group of nearby residents who will meet with the developer on a regular basis throughout planning and construction of the project, will represent neighborhood interests, and act as a conduit for communication with the community.

Learn more at https://louisvilleky.gov/government/advanced-planning-and-sustainabilit….

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