Viking Partners Fund III, a private equity real estate investment firm, has announced a $100m redevelopment of Hurstbourne Business Park in the City of Hurstbourne (Louisville), Kentucky, US.
Viking had acquired the 27-acre property, located at the intersection of Shelbyville Road and Hurstbourne Parkway, in September 2016. It includes 350,000ft² of office space in two buildings, as well as PF Chang’s and Z’s Oyster Bar and Steakhouse.
Hurstbourne Plaza, the existing shopping centre, is being demolished for the development.
The project will consist of a 266-unit multi-family rental community at the southern end of the site, which is being developed by Hills Properties. Construction is scheduled to begin later in 2018 and the first residents are expected to arrive in mid-2019.
The residential community will comprise five, five-storey buildings, all surrounding a central amenity area including a park, resort style pool with fountains and a social plaza with fire pits and bocce ball court.
The five buildings will consist of a first-floor enclosed parking garage with elevator service to all residential floors. The project is patterned after Hills Properties Savoy at the Streets of West Chester community in north suburban Cincinnati, which recently won the 2017 National Award of Excellence from the National Apartment Association.
This will be Hills Properties’ fourth rental community in Greater Louisville.
The project will also include a 149-room hotel along Whittington Parkway south of the existing office buildings and construction will commence in early 2019.
Two freestanding restaurant/retail buildings have also been proposed at the northeast corner of the site near the intersection of Shelbyville Road and Hurstbourne Parkway.
Furthermore, a 9,500ft² retail building for three to four retail and/or restaurant users will be constructed along Whittington Parkway near Shelbyville Road.
Viking Partners chief business development officer Carl Goertemoeller said: “Viking will be transforming an outdated retail building into a true mixed-use project to complement the existing office buildings, where Viking’s leasing team has increased office occupancy from 82% at acquisition to 90% today.
“This project will introduce a vibrant live/work/play environment to this key sector of the Louisville market.”
Image: Hurstbourne Business Center. Photo: courtesy of Viking Partners, LLC.