The University of Louisville could partner with a non-profit organization to lease land it owns near Third Street and Cardinal Boulevard for the development of a new hotel, Target store and restaurant .
A UofL board committee is expected to consider approving a non-binding letter of intent to continue the project at a meeting on Thursday.
Documents provided by UofL show that non-profit Provident Resources Group Inc. is considering a multi-story Marriott-branded conference center hotel project on the site that could house up to 200 rooms with a restaurant concept. and the Target store on the first floor. Structured parking would also be added to support development, according to plans.
The documents indicate that the project would be subject to “academic review and commentary on designs, plans and specifications, supported by market research undertaken to show demand for the hotel within the university community, as well. than the surrounding community of Louisville “.
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As part of the agreement, UofL would have no financial obligation to the project and would lease the plot of property it owns. The documents also indicate that a parcel owned by Cardinal Center LLC would be acquired by the owner or the owning entity.
If development continues, it would transform the site now occupied by the Cardinal Center commercial property which previously included the former Gray’s Bookstore. The center currently has several commercial users.
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READ THE FULL STORY:Urban Target store, proposed conference center in Louisville