A $500 million development has cleared a major hurdle. The Louisville Metro Council approved a tax-increment-financing (TIF) district for the One Park project, near Cherokee Park.
Located at the intersection of Lexington Road and Grinstead Drive, the district encompasses around seven acres of land, currently home to several local business like Le Moo, Game, and Fante’s Coffee.
In development since 2014, the multi-use project is split into two sections — One Park North + One Park South — which would be divided by Lexington Road. The development plans, from JDG Triangle Parnters, LLC, include:
- Two residential towers, 15% of which will be affordable housing
- Retail + restaurant space
- A grocery store
- Office space
- A 200-room hotel
The project is expected to cost $554 million. An economic impact study, commissioned by the developers and filed with the ordinance, claims One Park will create ~3,000 construction jobs + indirectly support ~2,400 jobs in the surrounding area.
As part of the TIF deal, the JDG Triangle Partners will receive 80% of the project’s tax revenue over its first 30 years, capped at $114 million — though the money will be withheld until at least $200 million has been put in to the development. The Louisville Metro Government will take in the remaining 20% of tax revenue over that period.
Before construction can begin, the deal will require approval from the state government.
