About Louisville's Downtown

I was delighted to open my mail recently to receive an initiation to a wedding reception at the Ice House, at the old Arctic Ice Building at 217 East Main St. in the Gallery District in downtown Louisville. The old structure was renovated as an event venue, but that is – excuse the pun – just the tip of the iceberg for development in the area.

Now an event center, the building will accommodate 800 guests, but individual spaces within the center can host smaller groups: 50-75 in the conference center, 300 in the main hall, 150 on the terrace for a nice al fresco, and even 230 on the roof. For cocktail parties and the like, where many will be standing, even more guests can comfortably mingle on multiple levels, inside and out. The space can accommodate overflow between rooms, which are well fitted with restrooms, bars, a massive kitchen, and other amenities. The facility hopes to be the go-to place for small to medium sized events, managed by Crushed Ice Events. Additional space has been designated for retail shops, offices, and galleries. Pictures of the inside of the Ice House look inviting, I can hardly wait to attend the wedding.

In Louisville, some of us are still drying our tears at the news that the plans for Museum Plaza were scrapped, but in Louisville, we have a serious commitment to preserve the old as we build the new. The project, which couldn’t put together enough funding, planned to make three historic facades at 615-621 West Main St. an entryway to the West Main Street historical district to a building that would change the skyline of Louisville. The Plaza was planned as an exciting blend of residential, retail, office, education, and leisure activities including a center for contemporary art. The 98 luxury condos and 117 lofts would offer downtown housing for young professionals who wanted to be in the heart of the city.

Now, the Ice House will not only offer space for events but similar housing as well, though a smaller number of units. The Ice House Lofts will be the top loft housing location in the Waterfront Park, Main Street, and East Market Street Arts District neighborhood for young professionals. Originally intended to be condos but now slated for rental, they will offer 56 one-bedroom lofts and apartments with on-site parking, balconies, and decks. With rental rates of $700-800 for the lower floors and $1150 for larger suites with great viewers on the upper floor, the units will be offered at a good price point for downtown.

Made of concrete, steel and insulating cork, the Ice House Lofts will also be economically “green” with very low utility costs and green roof like other buildings in the area. The original building was like a giant freezer, so the building is already well insulated. Because there were no windows in the original building, the plans call for strategically adding windows. Each loft includes a bike locker for riding downtown and to nearby Waterfront Park.

Between the event center and new housing at the Ice House, once again Louisville has been creative in transforming the old into the new. If you are looking to be part of the downtown Louisville scene, call me, Jessica Gaines! I am your Louisville real estate resource. So listen up Louisville, and love where you live!!

The public is welcome to participate in placing 25,000 flags in Louisville Waterfront Park. The flags are positioned to spell out a giant USA.

These pictures show thousands of flags on the Great Lawn at the foot of the Louisville skyline.

The organizers are Flags4Vets: The National Flags for Veterans' Graves Program

An excerpt from the Flags4Vets website:

Our current economic times present most of us with a dilemma: there are so many people in need, yet our own resources can't do enough to help them. In particular, kids with cancer pull at our heartstrings. Childhood cancer is the top cause of death among children in the U.S. and Canada, while 160,000 children worldwide are diagnosed each year. Assuming that you can't write a big check to find a cure for children in Louisville and elsewhere, how can you help?

On Sunday, March 14, Louisville will host an event to get to the roots of the problems: the annual St. Baldrick's Shaving Event will take place at Fourth Street Live . Over 100 volunteers will have their heads shaved by volunteer barbers to show their solidarity with children stricken with cancer - and to raise money for the cause through pledges from their family and friends. Following the event, restaurants such as Windy City Pizzeria ,will host after shaving parties to celebrate and Irish dancers, music, and fun will mark the day.

The event is named for a fictional saint, whose name blends "bald" with "St. Patrick." In 2000, a group of three Irish-American reinsurance executives from Monrovia, CA came up with a unique fundraiser in conjunction with St. Patrick's Day: a head-shaving event to benefit kids with cancer. Twenty people who volunteered to shave their heads collected pledges from their friends in an effort to raise $17,000 on the 17^th. They raised over $104,000 and an annual event was born. The concept spread throughout the county; since 2,000, over 147,000 women, including 12.000 woman, have participated and railed over $90 million.

St.Baldrick's was incorporated as a non-profit in 2005. Since then, it has become the largest funder of cancer research net to the U.S. government. Over 250 grants totaling over $55 million have be give to researchers who apply for the grants. Although the foundation's money has not provided a cure for cancer, children who succumb to cancer now have a survival rate of over 80% as compared to 50 years ago.

Witht eh 8th annual St. Baldrick's event in Louisville, there is still plenty of time to participate.

Don't want to shave your head? Volunteer to barber, sign up participants, take pictures, or collect money with one of the Louisville teams. Of course, any of these teams will gladly accept donations.

Can't make the day? There are many St. Baldrick events in the Louisville area. St. Albert the Great will host a similar event on March 20 at 6:00pm.

Looking for another tangible way to help children with cancer? Many organizations, such as Locks of Love collect hair to make human hair wigs for children and adults who have lost their hair to cancer treatments.

Looking for a home in this giving city? My team and I at Younger Group Real Estate can show you affordable homes within your budget in Butchertown, St. Matthews, The Highlands, and other great Louisville neighborhoods. We know Louisville!

Years in the planning, Louisville’s new arena, Yum! Center, opened on October 13, 2010 for an exhibition basketball game between the University of Louisville and Northern Kentucky University.

Though the arena is the official home of the U of L Cardinals’ Volleyball and Basketball, it will host of variety of sports events, concerts, ice shows, conventions and other events. More than an entertainment and sports facility, the $238 million center is hoped to be the engine of development for Louisville.

The prime waterfront location in the center in downtown Louisville is bordered by Main Street on the south, Third Street on the west, River Road on the north and Second Street to the east on a site previously owned by Louisville Gas & Electric (LG&E). After much wrangling, this site was selected over less expensive alternatives, or over locations further from downtown where the predicted traffic congestion would be less. Its proximity to the river has made way for water taxi service on the Belle of Jeffersonville between downtown and Southern Indiana, which should offer one group of fans an interesting way to circumvent traffic.

Near the 4th Street Live entertainment district, the arena has already boosted the fortunes of locally – owned business in the area or looking for a new location. Unlike national chains who plan their moves to new locations after years of strategizing, local businesses may have more flexibility to make decisions and move more quickly. As Sam DeShazer, board member of the Louisville Independent Business Association, notes in the Courier-Journal, “The large guys aren’t relocating anywhere. I think the economy - in a sort of ironic way – has turned its attention to independent business.”

Some businesses like the Bluegrass Brewing company developed a space across from the arena into a restaurant and brewpub rather than open a new location outside the city. They anticipate that their $2 million investment will be easily justified by pre- and post-event patrons. White Castle planned for the opening of the arena by expanding and renovating its location at First and Market a couple years back. Impellizzeri’s Pizza made a similar decision when they opened a new location on Main Street; one of their partners called the new location the “local 4th Street Live.” The arena area and the 4th Street areas are expected to cross pollinate with restaurants, events, and patrons so both districts are will be seen as one large entertainment district and provide each other with both people and activities.

Even businesses not tied to entertainment are attracted to the downtown area, as the State of Kentucky is offering tax credits for employers who locate in the city. According to the Downtown Development Corporation, there are eight projects on Main Street near the arena that are under development due to the energizing effect of the arena project.

What is less certain is the extent to which the arena will draw patrons from the outside the region. Concerts like the Eagles, Lady Gaga, Dan Cook, The Judds or Justin Bieber, already scheduled at the facility, are expect opted to lure overnight guests to downtown Louisville. Traditionally, University of Louisville sports events have only attracted only 5% of their patrons from more than 100 miles away.

Yum! Center is expected to make the city more attractive for conventions, businesses, and events and upgrade the image of Louisville as a major American city. The arena will be an attractive feature for companies who want to attract employees to the area. The caliber of entertainment acts already booked for 2011 also show that Louisville is a “player” in the entertainment scene. Five religious conventions, expected to contribute $23 million to the area, have been booked through 2014; attendees at those events not only book hotels, but are notorious eaters and shoppers between convention events. Given the size of the arena and its ability to seat 22,000, other types of conventions are sure to follow.

The center will showcase Louisville in other ways too. As the city strives for recognition as a “green city,” the area contains many sustainable design features, including a light colored roof with an efficient type of reflectivity and has a “heat island effect.” It is a partner in the EPA’s ENERGY STAR® Program. Since it is committed to being green, Yum! Center will enhance Louisville as a leader in finding practical way to incorporate green principles into daily life. What has been learned in building the Yum! Center will undoubtedly find its way into building practices for commercial and residential developments.

The true impact of Yum! Center on downtown Louisville development and on the region will keep statisticians busy for years. But, early predictions are positive. The huge center is mesmerizing in its appearance. The impact is expected to be ever larger.

Fun Fact on the KFC Yum! Center

• Structural steel placed in the arena weighs 5,975,000 pounds - the same weight as 746 average- size Asian elephants.
• The center-hung scoreboard weighs 40,000 pounds - as much as 11 Ford Explorers.
• There are 130 miles of electrical conduit and 322 miles of electrical wiring installed in the Arena - enough to stretch from Louisville to Chicago.
• There are 9,000 light fixtures in the arena with 17,000 lamps.
• The overall square footage of the arena (721,762) equals approximately 13 football fields.
• 60,000 cubic yards of concrete were placed in the arena, equaling 6,000 concrete trucks - represented by 25 miles of concrete trucks parked bumper to bumper.
• The arena contains 58,655 square feet of exterior glass panels - the glass on the east side of the Arena could provide for approximately 60 houses.
• The length of the Arena's catwalk totals ½ mile.
• The Arena’s escalators are 556 linear feet – the same length as a line of 733 basketballs.
• Churchill Downs’ Twin Spires would fit from the court floor to the underside of the roof.
• The Belle of Louisville could be parked inside the Arena Lobby.
• The Louisville Slugger Museum’s outdoor Bat could be laid down in the Arena’s practice court.
• Total stairs in the Arena could service a 30-story building.

Plus….

• There are six restaurants in the facility, which include all the Yum! Brand favorites like Pizza Hut, KFC, and Taco Bell – a perk to the company for paying $13.5 million for a 10 year agreement for naming rights to the arena.
• Still hungry? You can buy a snack or souvenirs from 27 permanent stands, 32 portable locations, two fixed novelty stands, and 234 total points of sale, all operated by Centerplate, the concessionaire for the facility

Come to Louisville and get in on the fun! Contact Mollie Younger of Younger Group Real Estate. We know Louisville!

Can a person buy a house in Louisville for $500? I did. It wasn't hard, just a matter of being in the right place at the right time. I show you both sides of it before you decide if I made a good deal.

I was invited to the courthouse steps by a dear investor friend of mine. He had been in a jam and lost a lot of money when he played banker while funding a rehab. He said he just didn't want to take ownership of the house and he wasn't putting a minimum bid on the property at auction.

I showed up with $3000 in my pocket. When they reached the property I was interested in, I hesitated, waiting for the opening bid. I thought this was a good strategy because if I went first, I would have to bid $1500 if anyone bid against me (increments of $500). After a pause, I realized NO ONE was bidding at all. I let the auctioneer get to "going twice" before I spoke up. I bid $500. I still expected some one to bid against me once I got the ball rolling. They didn't.

With a quick count and a slam of the gavel, I bought a 3 bedroom house for $500...Kind of.

There is a law in Kentucky that allows a person to buy back their property if the sold price is less than 2/3rds the appraised value as assessed by the court. In this case, the property was valued at $15,000. Any sale price less than $10,000 would give the owner 1 year to redeem the property. The law prevented the scam Boss Hogg always ran on Uncle Jessie where he missed the last payment so they took the farm. I don't think the Dukes were the inspiration for the law, just a side note. In fact, during the great depression, there were similar laws in the midwest. Good-hearted neighbors would often bid just a nickel for farms in foreclosure, allowing their former owners to purchase them back.

So, I have to acknowledge that however unlikely, the former owner could technically try to redeem this property.

Here's the other side of things: I did my due dilegence and found an unpaid tax bill from 2009. The total on that is nearly $900. The taxes are already due for this year for another $400. These have to be paid, so I'm in for another $1300, bringing the total for $1800.

I first entered the property to find out that it had never been touched by the "investor" who purchased it (funded by my friend). Apparently, an elderly woman lived there and all of her belongings were still in closets with the house in general disarray. I've estimated the trash-out to be $700 including labor and dumpsters. This brings the total to $2500.

If this were a bank foreclosure, the bank would have bid the minimum to circumvent the right of redemption. They don't have to actually pay money, but the debtor is credited with that amount against the total that they owe. The bank then pays an asset management company to come in and change the locks (I didn't get a set of keys and had to break in), clean out the house and dispose of all personal belongings. The place would have been winterized and any current roof leaks would have been tarped. They would have stuck a price on it that they would never get, I would have offered less, they would have countered, I would have waited and done it again 3 months later. That time, if no one else took it, I would have gotten the same house for $3000-$4000 but would not have the redemption period and would have been ahead of schedule in securing and cleaning the property. And I wouldn't have the back taxes.

After the auction, I did a full blown title search that revealed the city placed a lien on the property 3 days before the auction for work done 10 months before. If the bank had bought it, the foreclosure would have cleared it off the title. However, it was up to me to fight city hall (or at least the office of inspections, permits and licenses). One email challenging the lien and they agreed to remove it.

In all, I won't lose money. It was destined to be a good deal. My way took a lot more risks, residual risks, that will stay with me for the next 365 days. I'm never going to recommend the auction to a novice. There are too many variables and ways to get burned. If you are new to the investing game, hook up with a TRUSTED REALTOR that can provide references. You don't want to be someone else's test case.

You make money when you BUY real estate, not when you sell it.

Mark Atteberry, Louisville Real Estate Expert