A sprawling industrial development is taking shape on a 309-acre site in Shelbyville, where Blue Steel Development plans to build two Class A distribution centers aimed at logistics, manufacturing and warehouse tenants. The project, called Steel 64, sits along Old Finchville Road, less than a mile from Interstate 64, putting it squarely in the path of the industrial growth reshaping the Louisville metro area. Construction is set to begin in the fourth quarter of 2026.
Blue Steel Development acquired the roughly 309-acre parcel for Steel 64, according to CommercialSearch, which describes the project as a 1.8 million-square-foot industrial development. The Lane Report puts the combined distribution space at nearly 1.77 million square feet. What is consistent across both accounts is the project's two-building structure: the first building will total 1.4 million square feet, while the second will comprise roughly 362,909 square feet, per CommercialSearch's reporting.
One Building Already Has a Secret Tenant
Building 1 is designed for a specific tenant whose identity has not been disclosed, CommercialSearch reports. Building 2 remains available, with CBRE's Blake Scinta and Doug Butcher handling leasing for the remaining space, according to the same report. Both structures are being planned with the realities of modern freight in mind — the Lane Report notes the buildings will have clear heights of 40 feet and 36 feet along with substantial trailer parking, while CommercialSearch adds that Building 1 will include a dedicated adjacent trailer drop yard and Building 2 will feature double-row trailer parking.
The site carries I-1 zoning for warehouse and industrial use and is designed to accommodate distribution, logistics and manufacturing tenants, the Lane Report notes. Its location gives it quick access to the interstate system that funnels freight through the region, a detail that likely factored into Blue Steel's site selection in Shelby County.
Financing and Local Approvals Fall Into Place
Protective Life Insurance Co. has issued construction financing for Steel 64, in a transaction arranged by Bellwether Enterprise Real Estate Capital, per CommercialSearch's reporting. The project cleared a local hurdle in July 2026, when Shelbyville's Triple S Planning Commission approved the preliminary subdivision plan for the site, the outlet reported.
As part of that approval, Blue Steel Development agreed to widen Old Brunerstown Road, construct a 446-foot, three-lane extension and dedicate 11 acres to the county, according to CommercialSearch. The Lane Report notes that Blue Steel did not disclose the land purchase price or total development cost. Construction is scheduled to begin in the fourth quarter of 2026, with CommercialSearch reporting completion scheduled for late 2027 and the Lane Report citing completion anticipated in the fourth quarter of 2027.
Industrial Demand Builds Across Greater Louisville
Steel 64 arrives as the Louisville industrial market shows mixed signals. The region recorded 1.41 million square feet of positive net absorption in the third quarter of 2026, according to CBRE, even as vacancy climbed to 5.9%, up 210 basis points from a year earlier. CBRE also reported that the marketwide availability rate rose 50 basis points to 8.2%, while the average asking lease rate increased by $0.07 per square foot to $6.78 per square foot. New lease activity in the quarter totaled 1.65 million square feet, including a single lease of 839,000 square feet, per the firm's figures.
The Steel 64 project follows a string of major investment announcements around Louisville. In September 2026, GE Appliances unveiled plans for a $1 billion investment at GE Appliance Park, its manufacturing plant and global headquarters in the city, as reported by CommercialSearch. A month earlier, Ford released plans for a $2 billion investment targeting its Louisville Assembly Plant. Shelbyville itself has seen other industrial financing activity recently — in September 2026, a project known as The Blending House, designed for storing and blending bourbon, received a $45 million permanent loan from MetLife, the outlet noted.
