Currently Reading

Coronavirus Threatens $35 Million Redevelopment Project in Kentucky

Advertisement

Coronavirus Threatens $35 Million Redevelopment Project in Kentucky


April 1, 2020
Kentucky Bridge
Image by Craig McCourt from Pixabay

The Department of Homeland Security may have declared construction an essential business, but the stay-at-home orders shuttering many restaurants and local businesses threaten the redevelopment of some of America’s poorest neighborhoods. In Louisville, Kentucky, the Portland neighborhood was gearing up for a revitalization: Gill Holland’s Portland Investment Initiative renovated millions of dollars worth of buildings and even commissioned the neighborhood’s first multifamily development in a generation, which rang in at $3 million. But now, Mr. Holland is worried that some of the over 60 properties he bought will remain empty as the restaurants and residents he courted are facing unprecedented times. 
 

Until the coronavirus pandemic, Gill Holland spent six years and $35 million constructing new residences and renovating 19th- and 20th-century warehouses in Portland, a historic neighborhood on the Ohio River that is Louisville’s oldest and one of its poorest.

Mr. Holland’s Portland Investment Initiative had bought more than 60 properties and filled them with businesses and residents new to the racially diverse neighborhood, where roughly 10,000 people live.

The project, the largest real estate investment in Portland in at least a century, is awakening civic energy that has been dormant for decades.

But its momentum is threatened by the coronavirus outbreak. Gov. Andy Beshear closed sit-down service in Kentucky restaurants and bars on March 16, and issued a separate closure order for other businesses nine days later.

Read More

 

Related Stories

Market Data + Trends

More Buyers than Average are Purchasing Suburban Properties

The shift from urban centers to less dense areas continued on through October, according to the National Association of Realtors (NAR). For those…

Market Data + Trends

Is Urban Flight to the Burbs Golden?

The future of urban and suburban housing post-COVID-19

Construction

Local Data Lists Jobsites as Top Spot for COVID-19 Outbreaks

Construction jobsites have appeared to be much safer against COVID-19, but a multitude of reports and data are saying otherwise. Construction Dive…

Advertisement

More in Category




Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.