Tuesday, April 03, 2007

New Life for a Corner on Fourth?

After multiple proposals and rumors, it appears the Hilliard Lyons Building may finally get a new lease on life. The building, which is the former home of Stewart's Dry Good's Department Store, is being sold by PNC Financial Services to a Kentucky ex-pat who plans on renovating the majority of the building into a 250 room hotel.

The sale will close by July 1 with a sale price of nearly 10 million dollars. Renovations could cost as much as 30 million.

The building, with nearly 350,000 square feet of space, will not entirely be turned into a hotel. Office space, residential, and a substantial retail portion, are all also possible. The renovations will maintain the historic facades, and bring life to corner that is seen as a lynchpin of further Fourth Street redevelopment. The developer has stated Hilton may possibly manage the new hotel as an Embassy Suites, but nothing of yet is set in stone.

The Hilliard Lyons Building has had at least one other development plan in the last year, and was the topic of yet more speculation. There was a plan in 2006 to turn the building into office space, UofL Graduate Program space, and several clubs; that plan quickly died. There was also a proposal kicked around to turn it and the nearby Starks Building into a massive 1000+ room hotel, but that dissolved when the Starks Building was purchased by a California investment firm with plans to renovate that building into Class A office space with restaurants on the ground level.

This hotel is yet another addition to the 1000+ rooms that are currently under construction or planned in the CBD. There is also a rumored midrise hotel that is planned at the corner of Fourth and Chestnut, directly connected to the Henry Clay Building. Developers there already own the cleared lot and are just finishing up with their renovations of the Henry Clay.

18 comments:

David Mayo said...

First of all, your blog is quite good. I appreciate a sharp intellect.

I am the broker for the referenced purchase and sale of the Hilliard Lyons Center. Not only did I bring Eric Bachelor to the table, I suggested the value of converting this structure to an Embassy Suites predicated on this building's three interior atriums running from the 4th to 7th floors, and of course, Embassy Suites prides itself on it's center atrium. I might add, I once knew John Q Hammonds, the founder of Embassy Suites, so there is some history and knowledge regarding this hotel chain. As an aside, in case you are not aware of this fact, Hilton Corporation owned Embassy Suites. I say owned, because all of the Hilton Brands are now owned by Blackstone.

Some corrections: Your closing date was incorrect, and your room count off by approximately 50 suites. Closing is and has been scheduled for the end of this month, September 27th to be exact, unless there are some final unforseen issues that cause some delay. The room count is expected to be 315 with the inclusion of 7th floor branded suites, which may be for sale to corporations wishing to have private rooms managed and serviced by the hotel.

Best regards,

David C. Mayo, CCIM, Principal
Vector Realty Advisors
Louisville, KY
VRA@att.net
502.657.6444

David Mayo said...

The Hilliard Lyons Center closed on Friday September 28th, with funds dispersed after deed recording on Monday, October 1, 2007. This closing effectively eliminated 340,000+ square feet of Class B office space within the Louisville Central Business District, since this building will be converted into an Embassy Suites Hotel with first floor restaurants, and a lounge. A First National Bank branch will remain, as will a small space end-user with less than 7,500 sf of floor space on the third floor.

Keep up the great work on your blog.

Regards,

David C. Mayo, CCIM, Transaction Broker
Vector Realty Advisors
Louisville, KY

Jacob said...

Thank you so much for the kind words. I try to keep up with Louisville as much as I possibly can while here in Chicago, so this is just a little hobby of mine.

Thanks for the details, I really appreciate it!

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We're looking for as much office space as we can. We're on a search for one in the following states: Illinois, Indiana, Ohio, West Virginia, Virginia, and Pennsylvania. I hope that this building right here really has an office space now. We're actually considering that office space Fairfax has as a standard because it's really perfect for an office setup. There's actually one in Washington DC with an awesome meeting space. Washington DC has a lot of office spaces as well. Since it's near Virginia, we're considering that place as well.

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Yolande said...

Should make a nice hotel in my estimation.