Whiskey Row on track, says Channel 32

[Robin Garr]

A win for those who'd prefer that downtown doesn't turn into suburbia ...

Whiskey Row developers make 2 major economic announcements

LOUISVILLE, Ky. - There were two major economic announcements Friday morning from the developers of Whiskey Row in their effort to preserve the historic buildings downtown.
Friday morning, Main Street Revitalization, a group of investors, announced they've raised an additional $2.1 million in financing for the efforts to save Whiskey Row.
Also announced was that the National Trust for Historic Preservation is partnering with local leaders to create a new financing model for historic preservation.
Louisville Mayor Greg Fischer was on-hand and calls it a historic day.
The Louisville Metro Council approved a $1.5 million loan last year to help save Whiskey Row.

http://www.wlky.com/news/local-news/ken ... index.html

Great news.

http://www.courier-journal.com/article/ ... cal%20News

..."The original $2.5 million cost estimate to rehab the buildings, historic structures that date to the mid- to late 1800s, has soared to around $7 million"...

So far...


Sounds "on track" to me.

[Robin Garr]

http://www.courier-journal.com/article/20120514/NEWS01/305140048/Stabilization-demolition-work-starts-Whiskey-Row?odyssey=tab|topnews|text|Local%20News

..."The original $2.5 million cost estimate to rehab the buildings, historic structures that date to the mid- to late 1800s, has soared to around $7 million"...

So far...


Sounds "on track" to me.

How much did the Yum Center cost? How much did Slugger Field cost? Just askin' ...

http://www.courier-journal.com/article/20120514/NEWS01/305140048/Stabilization-demolition-work-starts-Whiskey-Row?odyssey=tab|topnews|text|Local%20News

..."The original $2.5 million cost estimate to rehab the buildings, historic structures that date to the mid- to late 1800s, has soared to around $7 million"...

So far...


Sounds "on track" to me.

How much did the Yum Center cost? How much did Slugger Field cost? Just askin' ...

That was before my time food fellow so yer axin' the wrong person those questions...If ya think it might help to prove your point, I could prolly come up with a reasonable estimate on the amount of your tax dollars that went to Bruton Smith and Kentucky Speedway.

How much did the Yum Center cost? How much did Slugger Field cost? Just askin' ...

But with a better question for the Yum Center might be how much did it actually cost vs. how much the public was told it cost? All of the numbers they quote for the price of the Yum Center are only about 50% of the actual cost because they don't include all of the work that was required moving the utilities and demolishing the old buildings on the site! They also don't include the cost of financing.

How much did the Yum Center cost? How much did Slugger Field cost? Just askin' ...

But with a better question for the Yum Center might be how much did it actually cost vs. how much the public was told it cost? All of the numbers they quote for the price of the Yum Center are only about 50% of the actual cost because they don't include all of the work that was required moving the utilities and demolishing the old buildings on the site! They also don't include the cost of financing.

Apples and oranges - at it's current pace the Yum Center is more than earning it's keep. Too bad we didn't build something similar 10 years earlier. It's the best thing to happen to that section of downtown since the waterfront parks.

So I thoroughly confused. The news showed a wrecking ball knocking down parts of the WR buildings. What's going on?

The two bulidings on the east end of the block are structurally unsound and well beyond saving. The supporting walls have buckled and the bulidings are falling in on themselves so they are taking them down to prevent damage to the rest of the bulidings. They are attempting to save the facades however.

http://www.courier-journal.com/article/20120514/NEWS01/305140048/Stabilization-demolition-work-starts-Whiskey-Row?odyssey=tab|topnews|text|Local%20News

..."The original $2.5 million cost estimate to rehab the buildings, historic structures that date to the mid- to late 1800s, has soared to around $7 million"...

So far...


Sounds "on track" to me.

How much did the Yum Center cost? How much did Slugger Field cost? Just askin' ...

I can't resist the pun, but neither of those are in the same ballpark as far as a comparison to Whisky Row.
The YUM Center and the ballpark were both pretty much all new construction. Although the old train shed was incorporated into the construction of Louisville Slugger Field, it only compromises maybe 1/8th of the total space. Plus both were publicly financed mostly with bonds and taxing districts. And as a sports enthusist, both are really great representations of their genre of sport design.
Now say if the Wilson's wanted to put in a bourbon museum or another art gallery in the space to serve the public and add to the local attractions and truly preserve what the old bulidings represent historically, then I would be all for additional public financing to save the bulidings. Otherwise there is a glut of vacant office and retail space downtown and I don't see the need for my tax dollars being spent on any more of it. Heck at least another parking garage in that location would pay for itself eventually.

Well, at least now, this is money that the City can't sign over to Cordish.

[Robin Garr]

Well, at least now, this is money that the City can't sign over to Cordish.

There's that.

I do see a little myopia here ... the Yum and Slugger Field are in use relatively few times per year, and closed much of the time. A vibrant, unique downtown district will draw commerce, and create jobs, 365 days a year. In a highly competitive world, stuff like that matters. Actually, I'm not hating on the Yum, and I love Slugger Field; but we're talking about a much smaller investment here that's pretty much guaranteed to generate more than it costs. I'm not so sure the same can be said of the Yum, where there's been a lot of smoke and mirrors and emerging scandals already.

Apples and oranges - at it's current pace the Yum Center is more than earning it's keep. Too bad we didn't build something similar 10 years earlier. It's the best thing to happen to that section of downtown since the waterfront parks.

Have you actually paid attention to the numbers? The Yum Center sits dark and empty on far more nights than it should. Not only that, thanks to Harold Workman's generous leadership, operational expenses have been DOUBLE what they were originally estimated to be. Which kinda eats into the "earning its keep" profits. Most of which profits go to the university and not to the community, anyway.

that's pretty much guaranteed to generate more than it costs.

If by "guaranteed to generate more than it costs" you mean that the completion of this restoration will benefit the overall community by way of a "ripple effect" (salaries, taxes, increased profit to existing businesses, etc) then yeah, I'll buy that. (interestingly the same things could be said for 4th St. Live, Yum Arena and Bats stadium...but who's counting). If by "guaranteed to generate more than it costs" you mean the investors will recoup a reasonable return on their investment in a reasonable amount of time and new businesses will be able to occupy said premises at a lease rate that allows them to remain viable...Then huh-uh, not buying into that. In less than a year they've already went from 2 point whatever million to 7 plus million and -that- is before they've even poured a yard of concrete or pulled a roll of wire. This tar-baby has a cost over run in the multiple millions and bankruptcy within ten years written all over it.

[Robin Garr]

This tar-baby has a cost over run in the multiple millions and bankruptcy within ten years written all over it.

Interestingly, a lot of people are saying the same thing about the Yum. <shrug>