$100 Million Project Will Include Residential, Hotel, Restaurants and Retail
CINCINNATI–(BUSINESS WIRE)–Viking Partners Fund III, LLC (“Fund III”), a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate in the Midwest and Southeast United States, today announced the redevelopment of Hurstbourne Business Park at the intersection of Shelbyville Road and Hurstbourne Parkway in the City of Hurstbourne (Louisville), Kentucky. The 27-acre property, which was acquired by Viking in September of 2016, includes 350,000 square feet of office space in two separate buildings as well as P.F. Chang’s and Z’s Oyster Bar and Steakhouse. The existing shopping center, Hurstbourne Plaza, is being demolished to allow for development of the following components:
- A 266-unit multi-family rental community at the southern end of the site is being developed by Hills Properties. Construction is scheduled to begin in the Fall of 2018 with the first residents moving in mid-2019. This residential community will feature five buildings each being 5-stories all surrounding a central amenity area including a park, resort style pool with fountains and an expansive social plaza with fire pits and bocce ball court. The community will be unique to Greater Louisville in that all five buildings will feature 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 that was recently awarded the 2017 National Award of Excellence by the National Apartment Association. This will be Hills Properties’ fourth rental community in Greater Louisville, with Kendal on Taylorsville being the most recent project completed in 2016.
- A 149-room hotel is planned for development along Whittington Parkway south of the existing office buildings. Construction on the hotel is slated to commence in early 2019.
- Two freestanding restaurant / retail buildings are proposed at the northeast corner of the site near the intersection of Shelbyville Road and Hurstbourne Parkway.
- A 9,500 square foot retail building to accommodate three to four retail and / or restaurant users will be constructed along Whittington Parkway near Shelbyville Road.
“The ability to reimagine and rebrand this critical corner in the City of Hurstbourne was key in Viking’s decision to purchase this asset in 2016,” said Carl Goertemoeller, Chief Business Development Officer at Viking Partners. “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.”
ABOUT VIKING PARTNERS, LLC
Since its inception in 2008, Viking Partners has invested in more than 100 commercial real estate projects including retail, office and flex-tech space totaling over four million square feet and valued at more than $750 million. Viking Partners is currently seeking acquisition opportunities in the Midwest, Southeast and Southwest with a transaction range of $5 million to $50 million. For information on the entire Viking portfolio, visit www.vikingpartnersllc.com or to connect with Viking Partners via LinkedIn, visit www.linkedin.com/company/viking-partners-llc.
ABOUT HILLS PROPERTIES
Established in 1958 by Murray Guttman, Hills Properties is a family owned real estate development company headquartered in Blue Ash, OH that is celebrating its 60th Anniversary in business this year. Hills has built over 15,000 multi-family homes in the 85 communities it has developed in Ohio, Kentucky, Indiana, North Carolina and Massachusetts. Additional information on Hills Properties is available at www.hillsinc.com.