The Paristown Pointe development group PPDP LLC has acquired all but one of the properties it needs for its $28 million arts and entertainment district.
Plans for the district were unveiled at a public event in late October at Louisville Stoneware. The project includes the expansion of Louisville Stoneware, the construction of a venue run by the Kentucky Center for the Performing Arts, and the erection of a new Goodwood Brewing Co. brewery and taproom.
According to the Kentucky Secretary of State’s website, members of PPDP are Steve Smith, CEO of Louisville Stoneware, and Howard Vogt, president of Rodes For Him and For Her.
During the past 20 months, PPDP has purchased seven properties in the Paristown Pointe neighborhood for the project — a total investment of $2.2 million.
The most recent acquisition closed on Dec. 15; PPDP paid $950,000 for the Swan Street Antique Mall property, 947 E. Breckinridge St.
PPDP plans to keep the antique mall open and repair the sidewalks along the property, Smith tells IL. He previously stated that the property could be used for additional parking and acknowledged that parking could become strained as neighborhood develops.
At least for the time being, though, there are no plans to demolish the Swan Street Antique Mall to create a parking lot, Smith says.
Florence Browne, a Realtor with Duncan Commercial Real Estate, represented owners Regina Trover Fry and David Fry in the sale.
“Paristown Pointe was under the radar for a long time,” Browne says, adding that the project will help bring new life to the neighborhood.
The last necessary piece of the puzzle for PPDP is 1000 E. Broadway, which Woodson and Kratch Monument Co. has owned since the 1970s. PPDP has an agreement to buy the property, and Smith expects the deal to close soon after the New Year.
The East Broadway property is the future site of the new Goodwood brewery and taproom, he says.
Once that deal goes through, the next big challenge for PPDP is getting the final OK on crucial state and federal tax credits.
“Everything is still dependent on the success of the state and historic tax credit (applications),” Smith says.
The group has received preliminary approval from the Kentucky Tourism, Arts, and Heritage Cabinet for state tax credits that would cover up to 25 percent of the project cost, but PPDP must go through months of review before the credits are officially awarded.
PPDP also plans to apply for historic tax credits to cover part of the cost.
Louisville Stoneware is hoping to place its building at 731 Brent St., the former home of Klotz Confectionery Co., on the National Register of Historic Places. The state already has given its approval, and now the U.S. Department of the Interior must weigh in.
As a historic landmark, the property would be eligible for tax credits.
The Paristown Pointe project already is piquing other developers’ interest in the area.
“There’s definitely a lot of eyes on it, and I really do think in the next couple years it will transform into something neat,” says Woodford Hoagland, a sales and leasing specialist with Hoagland Commercial Realtors.
Hoagland currently is representing the owners of Harlan, Ky.-based Cumberland Elkhorn Coal & Coke. The company has a coal yard at 950 Swan St., near the proposed Paristown Pointe development. The listed asking price is $575,000.
Hoagland says he’s received calls from five different developers who are interested in buying the 2.3-acre property for possible retail or residential developments.
The property could be part of “a big-picture transformation for Paristown and Smoketown,” he says.
The big picture is the overall development of Smoketown, Paristown Pointe and Germantown, neighborhoods which bleed into one another. Recent and upcoming projects include the Germantown Mill Lofts, a broader Germantown renovation effort by Double Barrelled, the construction of Vu Guest House and event venue C-2, and the proposed apartment complex at Mercy Academy, as well as the planned mixed-use development on the Phoenix Hill Tavern property.
The flurry of activity is drawing more developers to the neighborhoods, which Smith says is one goal of PPDP’s project.
“We are hoping that what we are doing …(will) create a spark for this part of town,” Smith says.