Louisville remains one of the hottest commercial real estate markets in the Midwest. And new plans by Omni Hotels are doing nothing to change this.
Omni Hotels & Resorts plans to bring a 600-room hotel and 225 luxury apartments — in a building that will rise more than 30 stories — to downtown Louisville.
And that’s not all: The development will also include a pair of restaurants, a rooftop cafe, spa and fitness center, swimming pool and 70,000 square feet of meeting space. Mayor Greg Fischer, in a press release, says that the project will create more than 750 construction jobs.
Of course, don’t expect to book reservations in the hotel any time soon. The project will not be completed until late March of 2018.
Plans for this project aren’t exactly new. Fischer announced in March of last year that Omni would form a partnership with Cordish Cos., which previously held an interest in the land, to build a new hotel and apartments. Omni has since bought out Cordish Cos.’ share and will develop the project on its own.
The hotel and apartments will rise on a block bordered by Second, Third and Jefferson streets and Muhammad Ali Boulevard.
According to the mayor’s release, Omni will pay 52 percent of the development costs of the project. That comes out to $150 million. The city of Louisville and the state of Kentucky will chip in the remaining 48 percent of these costs, a figure that comes out to about $139 million.