A hulking, empty 11-story office tower that once served as the headquarters of Bank of Louisville has hit the market again, this time as a 7.5-acre package deal that includes a parking garage and land sitting inside a designated Qualified Opportunity Zone. The property sits on West Broadway between South 5th and South 6th Streets, in a stretch of downtown that has struggled for years to attract lasting investment.
According to WDRB, the property could see development soon, though it has lacked any for years. The approximately 250,000-square-foot building was completed in 1967 and comes with a 253-space parking garage, according to a listing on LoopNet. That same listing shows the site is eligible for up to $2,715,061 in Tax Increment Financing incentives over 20 years, along with potential state and federal tax incentives for anyone willing to take on an adaptive reuse project.
A Long History Of Failed Plans
This is not the tower's first brush with a comeback attempt. Architecture firm Luckett & Farley once pitched turning the building into a $50 million, 195-room Hotel Indigo boutique hotel backed by local TIF financing, but the project never got off the ground, per 6AM City. After the June 2023 auction, Louisville-based LDG Development was working out what to do with the structure.
LDG Development's interest in the corridor did not stop there. The company also acquired an adjacent 5.35-acre parcel on West Broadway, the former site of the Brown Bros. Cadillac dealership, with plans for 186 apartment units directly across from the bank property, per the same 6AM City report.
Momentum Building Along West Broadway
LDG is not the only developer circling the corridor. The Louisville Downtown Partnership's development-activity page lists projects in the area. Infrastructure work is also underway nearby: Main Remade is converting 2.88 miles of downtown's main thoroughfare from one-way to two-way traffic to improve accessibility and pedestrian flow, according to the Louisville Downtown Partnership.
The push toward housing and mixed-use redevelopment comes as downtown Louisville's office market remains under significant strain, with some large towers sitting empty.
Public Safety Concerns Loom Over The Corridor
Any redevelopment plans for the site will also have to contend with recent safety concerns in the immediate area. Louisville Metro Police responded to an attempted burglary call at West Broadway and South 5th Street on July 26, which led to an officer-involved shooting during a foot pursuit, as Hoodline previously reported.
The 500 West Broadway listing comes amid other downtown Louisville development activity. A proposed $250 million entertainment or sports district has also been proposed near Louisville Slugger Field. Whether the former bank tower ultimately becomes housing, a hotel, or something else entirely remains an open question, as does how any buyer might structure the available TIF incentives or address the corridor's foot-traffic and safety concerns.
