Louisville Downtown Partnership Reports Record Investment and Need for Residential Development at Annual State of the Downtown Meeting

Publication Date: 04-02-2025

MEDIA CONTACT:
Bryn Alston
(502) 614-4122
balston@louisvilledowntown.org

LOUISVILLE DOWNTOWN PARTNERSHIP REPORTS RECORD INVESTMENT AND NEED FOR RESIDENTIAL DEVELOPMENT AT ANNUAL STATE OF THE DOWNTOWN MEETING

2024 Economic Impact Report and Updates on Downtown Development Strategy Unveiled

LOUISVILLE, Ky. (March 27, 2025) – Downtown Louisville continues its growth cycle, with interest in new businesses, projects, and developments under way contributing to its vibrant economic and cultural landscape, according to the latest economic impact report released today at the 2025 State of the Downtown luncheon, presented by Republic Bank Foundation. The event celebrated Downtown’s achievements in 2024 and the pivotal role that Louisville Downtown Partnership (LDP) and its partners have played in shaping Downtown’s progress.

“Downtown Louisville continues to serve as the heart of our city’s economic and cultural growth,” said Rebecca Fleischaker, executive director of LDP. “With $2.3 billion of investment representing more than 70 projects, businesses bringing new jobs to Downtown, and millions of visitors drawn to our vibrant attractions, Downtown is an essential driver of our city’s and region’s success. As we look to the future, we are committed to building on this momentum, ensuring that Downtown remains a thriving destination for residents, businesses, and tourists alike.”

Today’s luncheon was attended by 500 business leaders, community stakeholders, and local elected officials. The event featured keynote speaker Steve Leeper, the President & CEO of Cincinnati Center City Development Corporation (3CDC). Leeper, who leads 3CDC’s efforts in revitalizing Cincinnati’s Center City—including the financing, development, and management of real estate in Downtown Cincinnati and Over-the-Rhine (OTR)—shared key insights from the city’s redevelopment efforts. In addition, Louisville Mayor Craig Greenberg provided an update on Downtown growth and investment.

From public safety to new and exciting developments, Downtown Louisville has so much positive momentum,” said Mayor Greenberg. “Downtown is safer than it’s been in more than a decade, and we’re developing new housing, new entertainment districts, a reimagined Belvedere, and so much more. Just come downtown one night or one weekend and you’ll see – Downtown is back!”

2024 LOUISVILLE DOWNTOWN DEVELOPMENT STRATEGY, YEAR ONE UPDATE

LDP’s work is guided by the 2024 Louisville Downtown Development Strategy, a bold 10-year vision for how the city, businesses, and residents can ensure that Louisville continues to thrive as the economic, cultural, and creative center of the region. To bring this vision to life, LDP plays a critical role as an advocate, funder, implementor, convener, and/or steward, to help drive forward projects that will shape the future of Downtown.

by creating strategic placemaking initiatives, prioritizing pedestrian-friendly streets, and activating and connecting underutilized spaces.Enhance the Public Realm by advocating for conversion incentives to develop residential opportunities and amenities in and at the edges of Downtown; and Reinforce Downtown as a Residential Neighborhood by reinforcing and supporting Downtown’s districts and expanding attractions; Activate DowntownThis comprehensive plan focuses on three core initiatives:

The projects outlined in the strategy encompass a mix of public, private, and public-private-partnership developments. In its first year, nearly half of the 65 projects are already underway or in the early stages of planning. Significant projects include:

The historic Louisville Gardens being redeveloped into a $70M soundstage, with construction to begin in late 2025, bringing new life into an old armory building and supporting Louisville’s growing film industry.
A $250M mixed-use development planned for the parking lot adjacent to Louisville Slugger Field, creating a new living and entertainment destination in Downtown.
LDG Development’s Motorworks Apartments, an affordable housing complex at Broadway and 4th Street, providing much-needed housing options in Downtown.
A new CitySpot enhancing the public space at Jefferson & 4th streets, with another in progress at PNC Plaza, located at 5th & Main streets.
Renderings have been unveiled for a redesigned Belvedere, 51 years after it first opened to the public, to make it a year-round destination for both locals and visitors.

“These five significant projects highlighted showcase Louisville’s collaboration across local and state government and provide a true beacon of hope for our resident services and infrastructure improvements,” stated Lance Gilbert, Chairman of Downtown Development Corporation (DDC). “Stronger, safer, communities that adapt to our growing climate conditions, and expand and stabilize our housing improvements positions us well toward a thriving future and strong Downtown that benefits all of Louisville.”

2024 ECONOMIC IMPACT REPORT

The Economic Impact Report examines several key areas including tax revenue, business and hospitality growth, employment density, Downtown workers, key industries, and upcoming housing, commercial, and attraction investments focused in the Downtown area.

Downtown continued to make strides in 2024, with 73 projects either underway or announced, totaling more than $2.3 billion in investment. Additionally, 11 new office tenants moved to Downtown, bringing with them more than 400 new jobs, while eight companies relocated within the urban core, signaling strong confidence in Downtown. Other indicators include:

Convention and event attendance increased by 9.8% in 2024, reaching 1,177,539 attendees and generating a $216.3M economic impact for Louisville.
Visits to Downtown activity generators such as entertainment venues, bourbon attractions, and museums totaled 6.8M, contributing to 36.5M total visits by visitors, Downtown employees, and residents to the Downtown area.
Downtown hotel room sales continued to rise, reaching 1.52M nights in 2024, up from 1.49M room nights sold in 2023.
The Greater Downtown area contained 6,883 housing units at the end of 2024, with 2,454 currently underway or announced.
The opening of new street-level retail businesses remained strong, with a net increase of 14 storefronts in 2024 compared to seven in 2023 and nine in 2022.

The State of the Downtown luncheon presented by Republic Bank Foundation also was sponsored by Angel’s Envy, Baird, Churchill Downs, Fifth Third Bank, and Stock Yards Bank. Updates and the full project tracker on the 2024 Downtown Strategy can be found here and the economic impact report can be accessed here.

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About LDP
LDP’s mission is to improve the economy of Downtown Louisville by promoting the redevelopment, vitality and economic growth of the Central Business District and surrounding areas and to improve Downtown’s quality of life by creating a safe, clean and enjoyable environment.

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