The 470-acre parcel is south of Louisville International Airport and near major UPS facilities.
Heather McClure/Louisville Regional Airport Authority
Officials are moving to develop 470 acres in a noise-prone area south of Louisville International Airport where they have bought and cleared about 1,100 structures since 1996.
The land, located between Outer Loop and the Snyder Freeway just west of Interstate 65, is “prime commercial real estate and one of the largest vacant industrial tracts left in Jefferson County,” said Charles T. “Skip” Miller, executive director of the Regional Airport Authority.
Miller said he hopes at least a half-dozen or so developers will respond to a recent advertisement soliciting interest in the property, including perhaps several from out of town.
Even with the current economic troubles, the land is so ripe for development that Miller said he expects it to be nearly completed within 10 years. The location is close to the airport and major UPS facilities.
Miller, who also is president of the authority affiliate, the Louisville Renaissance Zone Corp., which was created by state statute to develop the airport-acquired property, said airport officials have spent more than $22 million in the past few years developing infrastructure in the target area.
That has included roads, drainage work and gas, sewer, water and electric lines. The funds also went for wetlands reclamation and fees to get all the property zoned to an enterprise zone category, he said.
The money for the work was borrowed from UPS.
The company chosen to market and develop the land will be a partner with the airport officials. It will face a huge upfront investment in the venture, perhaps around $40 million, Miller said. But he said the potential payback should more than offset the initial financial outlay.
The developer and airport officials at the outset are to negotiate a split of income from land sales and/or land leases. Miller declined to speculate on the share airport officials might get, but he said the developers must propose a share of revenue they will give airport officials in exchange for exclusive development rights.
Officials are moving to develop 470 acres in a noise-prone area south of Louisville International Airport where they have bought and cleared about 1,100 structures since 1996.
The land, located between Outer Loop and the Snyder Freeway just west of Interstate 65, is “prime commercial real estate and one of the largest vacant industrial tracts left in Jefferson County,” said Charles T. “Skip” Miller, executive director of the Regional Airport Authority.
Miller said he hopes at least a half-dozen or so developers will respond to a recent advertisement soliciting interest in the property, including perhaps several from out of town.
Even with the current economic troubles, the land is so ripe for development that Miller said he expects it to be nearly completed within 10 years. The location is close to the airport and major UPS facilities.
Miller, who also is president of the authority affiliate, the Louisville Renaissance Zone Corp., which was created by state statute to develop the airport-acquired property, said airport officials have spent more than $22 million in the past few years developing infrastructure in the target area.
That has included roads, drainage work and gas, sewer, water and electric lines. The funds also went for wetlands reclamation and fees to get all the property zoned to an enterprise zone category, he said.
The money for the work was borrowed from UPS.
The company chosen to market and develop the land will be a partner with the airport officials. It will face a huge upfront investment in the venture, perhaps around $40 million, Miller said. But he said the potential payback should more than offset the initial financial outlay.
The developer and airport officials at the outset are to negotiate a split of income from land sales and/or land leases. Miller declined to speculate on the share airport officials might get, but he said the developers must propose a share of revenue they will give airport officials in exchange for exclusive development rights.
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