Business First – September 16, 2019
Louisville developer Steve Poe is analyzing the redevelopment potential for one of the largest single-story suburban office buildings in the Louisville market.
Durrett LLC, an affiliate of Poe Cos., last week acquired the 225,000-square-foot former bank processing center at 1231 and 1241 Durrett Lane for $5.5 million, according to a Jefferson County deed. The building sits on more than 25 acres.
Craig Collins, a senior director with Louisville-based real estate brokerage firm Cushman & Wakefield/Commercial Kentucky, represented the seller, Gardner Properties Inc. and the family of the late shopping center developer William Gardner.
Gardner was the builder and original owner of Bluegrass Manor, 4900 Shelbyville Road; Dixie Manor, 6801 Dixie Highway; Iroquois Manor, 5300 S. Third St.; and Algonquin Manor, at the intersection of Cane Run Road and Bells Lane.
Collins said by phone that this building, located near where Henry Watterson Expressway meets Interstate 65, is one of the most centralized office locations in the city and sees traffic counts of more than 180,000 cars a day.
The building for years was a bank processing center for National City Bank and Bank of America until it was vacated several months ago. At its height, Collins said, more than 2,000 employees worked there.
Collins said there was considerable interest in the sale but “Mr. Poe made the most compelling case to purchase.”
Collins and Commercial Kentucky will now handle leasing of the property for Poe Cos, and Collins said they are open to ideas.
Hank Hillebrand, director of development for Poe Cos., said no concrete plans have been finalized for the site, but the firm does intend to redevelop the property in some capacity. Hillebrand said the firm loves the site for its visibility and its size and are looking at several different scenarios.
“It has a ton of different possibilities,” he said.
Collins described it as a prime redevelopment opportunity.
“Good things happen to good real estate, and this is good real estate,” he said.
Poe Cos. has several projects in the works in town at present.
It is now finishing up the 12-story dual-branded Hotel Distil and Moxy that is set to open by November in Whiskey Row.
The Hotel Distil is an upscale bourbon-themed concept that is part of Marriott’s Autograph Collection. It will house 205 rooms, including 161 king rooms, 33 queen rooms and 11 suites, with 15,000 square feet of meeting space. The Moxy Hotel — an edgier Marriott brand that has gained a following in Europe — is connected to Distil and will house 110 rooms. The hotel also will be home to several food and beverage concepts, including Repeal, an oak-fired steakhouse, and Zombie Taco. The dual-branded hotel is located across the street from Poe’s existing Aloft Louisville Downtown development.
The company also finished work earlier this year on a $24 million expansion of the Waterside at RiverPark Place residential community. The seven-story apartment complex, known as 1700 Waterside, exceeds 120,000 square feet and is on the waterfront off River Road. The new units bring the total number of apartments at Waterside at RiverPark to 434.