131 East Market Street | Louisville, KY Incredible Development
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Louisville, KY Central Business District 131 East Market Street | Louisville, KY Incredible Development Opportunity Located in Opportunity Zone Redevelopment Opportunity in the Heart of Downtown Louisville Kentucky CONFIDENTIALITY AGREEMENT & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Column Realty and should not be made available to any other person or entity without the written consent of Column Realty. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Column Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Column Realty has not verified, and will not verify, any of the information contained herein, nor has Column Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Column Realty. (“CR”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of CR, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. Column Realty is please to present the best development site in the Louisville, KY Central Business District. This approximately one (1) acre, zoned C3 site is poised for redevelopment. Downtown Louisville is witnessing explosive growth in multifamily, hotel, and retail real estate development. The burgeoning Downtown Bourbon business along with expanded Convention Center, new Sports Facilities and increasing employment drives the need for additional development. 5 Proposed Uses Ready For Redevelopment • Hotel with Retail – Reports indicate Downtown Louisville is underserved, especially with the expansion of the Kentucky International Convention Center opening Summer 2018 • Condominiums – Louisville CBD Average Days on Market for Condominiums is 29 Days! • Apartments – Market Rate Apartments are in High Demand. Per a 2013 Study, Downtown Louisville needs to add 2,500 units to meet demand. • Office – 127 E Market would be an excellent headquarters location for Class A office development. Employee amenities include a short walk to restaurants, Waterfront Park, sports venues and housing. 6 Possibilities… * Rendering Of Proposed Building Site Features… • Flexible C3 Commercial Zoning • No Height Restrictions • No Parking Requirements Abundance Of Nearby Parking PROPERTY DESCRIPTION MARKET OVERVIEW – LOUISVILLE, KENTUCKY Metropolitan Area Louisville, Kentucky is home to 1.7 million residents residing within Indiana’s Harrison, Washington, Clark, Floyd and Scott counties, as well as Kentucky’s Jefferson, Spencer, Oldham, Trimble, Meade, Nelson and Shelby counties. Louisville in Kentucky is the region’s largest city with more than 600,000 citizens, followed by Jeffersonville, Indiana. Infrastructure Interstates 64 and 65 run through Louisville, while I-71 has its southern terminus there. All three of these highways intersect just east of downtown, in an area commonly referred to as “Spaghetti Junction.” I-264 and I-265 provide beltways for Louisville motorists, and construction has recently begun on more bridges to span the Ohio River and link the cities of Louisville and Jeffersonville. Economy Although the region’s economy has been historically dominated by the shipping and rail industries, contemporary Louisville boasts a well-diversified economy focused on advanced manufacturing, logistics, life sciences and healthcare among other industry sectors. The metropolitan area is headquarters to three Fortune 500 companies, including Humana, Yum Brands, and Kindred Healthcare. In recent decades, the area has attracted numerous medical and healthcare organizations. Louisville’s downtown medical research campus recently completed an $88 million rehabilitation center, which attracts some of the nation’s top medical talent. In line with the metropolitan area’s legacy in the transportation industry, Louisville’s economy still benefits from being centrally located in the United States and is within a one-day drive to 60 percent of U.S. cities. The UPS Worldport global air-freight hub at Louisville International Airport makes the region an important player in global shipping and logistics. Automotive and appliance manufacturing are also part of Louisville’s economic fabric, as is the spirits industry. Roughly one-third of all bourbon is produced in the area. The Louisville economy is accelerating, with the region’s gross metropolitan product on the rise. GMP is forecast to grow by approximately 3.5 percent in 2015. Regional retail sales will also record continued growth this year, expanding by 6.3 percent, slightly above the national average. Labor The Louisville metropolitan area provides a total of 631,400 jobs and over the last five years, nonfarm employment grew at an annual pace of 1.3 percent. Through 2018, annual employment gains are expected to slow to 0.9 percent. Trade, transportation and utilities is the largest major employment sector in Louisville, accounting for 21 percent of all jobs, or nearly 136,000 positions. This segment of employment is expected to grow 0.6 percent annually through 2018. Education and health services comprise the second biggest share of regional jobs with 87,900 positions, or 14 percent of total regional employment. Jobs in this field are forecast to increase 1.9 percent annually over the next five years. The professional and business services, and the government sectors, each contribute another 13 percent of employment. Louisville is also a major manufacturer of both automotive components and electrical appliances. Jobs in manufacturing represent 12 percent of regional payrolls. Throughout 2018, jobs in construction are projected to post the most robust growth of any major employment sector, at an average of 2.7 percent expansion each year. Education and health services, leisure and hospitality, and professional and business services are all sectors that expect growth in excess of 1.0 percent throughout these years. Only jobs in manufacturing are forecast to contract during this time frame. 9 PROPERTY DESCRIPTION MARKET OVERVIEW – LOUISVILLE, KENTUCKY Employers: Louisville has evolved from a transportation and logistics dominated employment landscape to a more diversified economy. Still, some of the most important employers in the metropolitan area are in transportation services. UPS’s central hub at Louisville International Airport provides a dynamic shipping and distribution industry to the region. UPS alone employs more than 20,000 workers. Additionally, Amazon is rapidly expanding operations in the Louisville metro. The metropolitan area’s lively healthcare industry is also a major source of Louisville residents’ income. Numerous private hospitals and health insurance providers abound in the region. Humana, Norton Healthcare, KentuckyOne Health, and the Baptist Healthcare System comprise some of the largest local names in these industries. Humana itself provides more than 11,000 regional jobs. The continued expansion of Louisville’s downtown medical research campus will likely attract an even greater presence of healthcare firms into the area. Demographics: The Louisville metro has a population of more than 1.7 million residents, a figure that grew roughly 10 percent from 2000 to 2010. Over the next five years, the metro population is expected to expand at a pace of 0.4 percent annually, adding a total of 64,600 people. The population in Louisville is slightly older than the national average. The metro’s median age, at 38.5 years, is above the U.S. median of 37.5 years. This older and more settled work force has helped boost Louisville’s homeownership rate to well above the national average. In the metro, roughly 69 percent of residents own their own homes, compared with just 64 percent nationally. These high rates of homeownership have been achieved in spite of generally lower household incomes than at the U.S. level. The Louisville median household income stands at $48,200 annually, below the U.S. median of $52,400 per year. That said, the metro median income is rising. By 2017, the Louisville median income