Rendering of the plaza on the new Passport Health Plan campus. It has room for food trucks. | Courtesy of Passport Health

The Medicaid managed care nonprofit Passport Health announced that it would receive a total of $24.35 million in New Markets Tax Credit financing for its more than $100 million west Louisville development.

The nonprofit is constructing a 21-acre health and wellness campus at 18th Street and Broadway that will include a four-story, 340,000-square-foot health and human services building, a six-story parking garage, a 500-person multipurpose room and a public plaza. Passport Health will shift its headquarters to that property in 2020.

“The Passport Health and Well-Being Campus will further allow us to meet our shared goal with the Kentucky Department for Medicaid Services (DMS) to help our members develop job skills, acquire education, and ultimately become employed and have access to private insurance,” Passport CEO Mark Carter said in a news release.

“Through our collaboration with community partners focused on healthy food, affordable and safe housing, and other services, we will reduce the overall cost of Kentucky’s Medicaid program in the future,” Carter continued.

New Market Tax Credits are a federal incentive program that aims to spur investment in low-income neighborhoods. The tax credits come from three community development entities, the National Development Council, the Reinvestment Fund and the Telesis Corp., and helped the project also secure nearly $8.6 million in tax credit equity, which will come from PNC Bank.

“Passport Health Plan’s long-term vision for west Louisville is very much aligned with Reinvestment Fund’s own commitment to use our resources to build strong, healthy, and more equitable communities,” Nancy Wagner-Hislip, chief investment officer at the Reinvestment Fund, said in the release. “We are pleased to finance this transformative project that is bringing jobs and will promote health and wellness in this community.”

Passport Health broke ground on Phase 1 of the campus in March and is considering accelerating its original construction timeline on Phase 2, which will include space for retail, pharmacy, grocery and restaurants.

Louisville native Caitlin Bowling has covered the local restaurant and retail scene since 2014. After graduating from the Ohio University’s E.W. Scripps School of Journalism, Caitlin got her start at a newspaper in the mountains of North Carolina where she won multiple state awards for her reporting. Since returning to Louisville, she’s written for Business First and Insider Louisville, winning awards for health and business reporting and becoming a go-to source for business news. In addition to restaurants and retail business, Caitlin covers real estate, economic development and tourism. Email Caitlin at [email protected]


Comment

Facebook Comment
Post a comment on Facebook.