September 15, 2004

 

Condos on Waterfront Proposed

 

SHAFER SHELDON

Courier-Journal

 

Developers will invest $20million

 

A Louisville development group has agreed to invest $20 million to build 200 condominiums and apartments, plus a large marina, along the Ohio River across from Towhead Island.

The agreement requires Icon/River Partners LLC to "substantially complete" the development by Dec. 1, 2006.

Riverfront officials said it could be the first wave of 600 or more market-rate housing units to be constructed at the site over the next seven to 15 years.

Metro Mayor Jerry Abramson called the agreement "an exciting milestone in the development of our hometown's waterfront." Metro government, which will lease most of the 20-acre target tract to the developers, will get a share of the proceeds, he said.

Icon will pay metro government 4 percent for each of condo sale proceeds, annual apartment rent and the sale or rental of any marina boat slips.

The waterfront land at what once was Thruston Park is "one of the premier sites in Jefferson County, one of the very few places where you can get that kind of a river view," said Steve Poe, an Icon partner. "The site is close to downtown and the interstate system. And Waterfront Park is what's driving the whole deal."

The Waterfront Development Corp. board approved the agreement in August, and its president, David Karem, signed it yesterday. Poe and Abramson are expected to sign it by week's end, after which it will be submitted to the Louisville Metro Council for approval, waterfront spokesman Mike Kimmel said.

Metro Council president Kelly Downard, R-16th, said he wants the council to thoroughly review the agreement.

"We're talking the investment of major, major dollars," Downard said.

The Icon partners are Poe, accountant Nolen Allen and businessmen Clyde Ensor, William Hysinger and Mike Ehrler, all of Louisville. Joining them is K. Norman Berry, who will be the project architect and an equity investor. Goody Clancy of Boston, which has designed waterside use projects in Boston and other cities, will assist as a site planner.

Under the agreement, Icon must submit a site development plan and design to the waterfront board for approval within six months, Kimmel said.

Icon must restore the historic Paget House, now a shell, probably as a community room or sales office, Kimmel said. Icon also must meet Army Corps of Engineers floodplain requirements.

Poe said the condos probably would sell for $170,000 to $500,000, with apartments renting for $800 to $1,200 a month.

"I think there is plenty of demand for 600 or more" housing units along the river, Poe said.

The area near Towhead Island is where Butchertown has its roots. Col. Frederick Geiger ran a ferry to Jeffersonville from Towhead Island from 1802 to around 1830.

About 4.5 acres are restricted from development because archaeological digs uncovered remnants of early settlements.

Karem said further studies could permit development of the archaeologically sensitive land later.

QUICK TAKE

Icon/River Partners LLC:

Partners: Icon Properties (Steve Poe, Nolen Allen, Clyde Ensor, Mike Ehrler, William Hysinger); architect K. Norman Berry.

Projects:

Marriott Convention Hotel - $115million, 615-room hotel under construction downtown.

Marriott Residence Inn - 140-room, $15million hotel under construction at Market and Preston streets.

Southgate Apartments - 260-unit, $13million project at Preston Highway and Gene Snyder Freeway completed in 2001.

Springhurst Village - 112-room Courtyard by Marriott ($11.5million hotel and $14million shopping center) nearing completion near Westport Road and the Snyder Freeway.