Louisville’s Fiscal Court Building, long used as government offices, will be turned into apartments as part of a push to redevelop downtown properties.
The $28 million project to covert the 10-story Art Deco style building into 106 apartments will receive $3 million in public funds from a new city program aimed at converting vacant office spaces into more productive use.
“This is an important investment,” said Louisville Mayor Craig Greenberg at a Tuesday news conference. “Thriving downtowns have more people living in them than Louisville does today, and this is going to continue our work to get thousands of more people living in downtown Louisville to ensure it’s active not just during business hours, but all week long.”
The Downtown Louisville Building Conversion Program, launched in December 2024, sought “shovel ready” projects converting empty or underutilized buildings in Louisville’s Central Business District into residential, hospitality, entertainment or mixed-use buildings.
Metro Government received 19 applications, and six projects advanced to the finalist stage for further evaluation. The Fiscal Court project was selected as the first recipient due to its advanced project readiness, according to city officials.
Scaffolding surrounds the Fiscal Court Building at 531 Court Place in Louisville, Ky. Feb 24, 2020
Louisville development firm Weyland Ventures will redevelop the city-owned property at 531 Court Place into a mix of market rate studio and one- and two-bedroom units.
One third of the apartments are expected to be affordable units, defined for the project as being affordable to households earning less than 80% of area median income.
The redevelopment plan includes a live-work space, ADA-accessible units and shared spaces including tenant storage and a fitness room.
More: City to award ‘shovel ready’ projects state funding to help revitalize downtown Louisville
“The mix of history with new construction, density and walkability, the opportunity to create surprises that keep people interested are, in my mind, unique to the redevelopment of the city’s urban core,” said Mariah Gratz, CEO of Weyland Ventures.
Built in two phase between 1938 and 1956, the Fiscal Court Building, which was designated a Metro Louisville Local Landmark in 2001 and placed on the National Register of Historic Places in 2024.
Most government offices have already moved out of the Fiscal Court Building, while the Jefferson County Sheriff’s Office is expected to vacate the building later this year.
Gratz noted the Fiscal Court building’s layout was well-suited for residential conversion. Construction on-site should start by year’s end, and with a two-year construction period, the redeveloped building should welcome its first residents in early 2028.
Jeff O’Brien, executive director of the city’s Cabinet for Economic Development, said the city and Weyland Ventures are still working to finalize a development agreement that will spell out the terms of the land transfer from city government to the developer.
What is the Downtown Louisville Building Conversion Program?
The Kentucky General Assembly allocated funds in 2024 to support revitalization projects in downtown Louisville. One of the projects funded as part of the historic $100 million investment is the Downtown Louisville Building Conversion Program, which aims to breathe new life into the Central Business District through adaptive reuse of vacant office buildings into a variety of new uses, according to city officials.
The other downtown revitalization projects supported by the General Assembly’s investment include the reimagining of the Belvedere, the repurposing of Louisville Gardens as a soundstage, the Community Care Campus construction, and the Butchertown Sports District, where a new apartment complex was recently announced.
More: Louisville Gardens on track to begin construction at end of 2025. Here’s what to know
Applicants to the program were limited to buildings located within the traditional core of downtown Louisville, bound by the Ohio River to the north, York Street to the south, Interstate 65 to the east, and 10th Street to the west.
Additional awards may be announced, the city added.
Fiscal Court Building part of larger potential redevelopment
The city-owned site was put up for redevelopment by the city in summer 2023 along with two other city-owned lots totaling nine acres.
Weyland Ventures was selected in January 2024 to move forward with the reimagining of the Fiscal Court property, as well as the former Louisville Metro Police headquarters at 225 S. Seventh St., the Market Street parking garage at 536 W. Market St., and surface parking lots along Market Street between Sixth and Seventh streets.
Gratz told The Courier Journal at the time she was exploring the feasibility of a residential conversion using, in part, state and federal historic tax credits. Those credits have now been secured, with the balance of the project financed with debt and equity financing and the city incentive, Gratz said.
Weyland Ventures has taken on redevelopment of aging and historic buildings in Louisville for decades, including Hancock House in Nulu, The Henry Clay, the Glassworks building, The Edison Center in Old Louisville, and The Myriad Hotel in the Highlands.
The swimming pool at The Myriad Hotel in Louisville, Kentucky
As for the other parcels, Gratz said her company is still figuring out the best mix of uses for the land.
“With the historic tax credits and the incentives to get this building going, it made it a logical first phase,” she said. “We’re working on the programming for the rest of space, so it’ll be more mixed use. That’s where you’ll have your retail and your restaurant and possibly a hotel and some sort of entertainment.”
Reach growth and development reporter Matthew Glowicki at mglowicki@courier-journal.com or 502-582-4000.
This article originally appeared on Louisville Courier Journal: Fiscal Court Building to undergo $28M redevelopment in Louisville