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Museum Plaza ???

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Steve P

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Museum Plaza ???

by Steve P » Sat Dec 05, 2009 3:04 pm

I haven't read/heard much about this project lately...Is it still going to happen ?
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JustinHammond

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Re: Museum Plaza ???

by JustinHammond » Sat Dec 05, 2009 5:35 pm

http://en.wikipedia.org/wiki/Louisville_Museum_Plaza

Subsequent problems
Construction on the building halted in January 2008 after vibrations from digging tools at the site shook nearby 19th century Main Street structures. The building's developers have not yet announced when construction will resume but still project that the building will be completed in 2011.[2][17]

In March 2008 construction was halted due to financial problems and engineering problems related to the bedrock on the site. Construction resumed in June 2008 with the relocation of underground utilities. [2]

By January 23, 2009 two contractors on the project had filed liens against the project, for $2.3 million and $1.4 million. The lienholders stated that they had not been paid for work previously done on the project.[17]
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Steve P

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Re: Museum Plaza ???

by Steve P » Sat Dec 05, 2009 5:56 pm

Yeah, I had read that one. Thought maybe someone had an "inside scoop". My instinct (partly influenced by Becky's 20+ years in the construction industry) tells me this project is D.O.A. Commercial real estate is quietly tanking all over the country/world. I will say this, it sure was/is a whacky looking building...Then again, so is the new arena.
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Brad Keeton

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Re: Museum Plaza ???

by Brad Keeton » Wed Dec 09, 2009 5:17 pm

Recently, as part of the Focus Louisville class, we got a walking tour of downtown with Councilman Owen. According to him, Wilson, Brown, Poe, and Greenberg are still fully committed to the project, and the city believes strongly that it will still happen.

The bond market is starting to creep back, which has been the primary holdup. I believe, assuming the market contiues a return, that the estimated date on it is now sometime in 2012.

That being said, it still could end up DOA, of course, but the developers have sunk a lot of money into it already.
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