RiverPark ready for building – Developer says major construction can start

By Sheldon S. Shafer
The Courier-Journal

The first of what eventually will be hundreds of new condominiums across from Towhead Island just downriver from Beargrass Creek should be ready for occupancy early next summer, according to its developers.

Mike Miller, chief financial officer for the Poe Cos., which is the major partner for the planned RiverPark Place, said yesterday that preliminary work — including installation of utilities and other infrastructure — has been completed, so major construction can begin.

A $10 million investment from the partners covered the preliminary work, he said, adding that National City Bank has agreed to be the lead lender on a $75 million loan sought to cover the remaining cost of the first phase of development.

He declined to say how much of the loan National City will provide, but said the bank has agreed to line up other lenders to complete a syndication to provide the full $75 million construction loan.

“We don’t see any issues in getting this (the loan) done,” Miller said.

Bank officials confirmed the financing arrangement. The initial phase at the 42-acre site will include the first of two 16-story condo towers with about 15,000 square feet of commercial space on the ground floor and the first of four, five-story residential buildings. The two buildings will have a total of 150 condos, selling for $129,000 to $1.5 million for two tower penthouse units. The first phase also is to contain a 144-slip marina, selling for up to $60,000; it will be the largest on the Ohio River in this area.

The partners opened a 10,000- square-foot sales office on the south side of River Road near the site last October. So far, 85 of the condos have been secured with reservations, the developers said. Miller said the total value of those units is about $40 million and that the reservations are now being converted into contracts to purchase.

Steve Eggers, who lives in eastern Louisville with his wife, Kathie, recently secured a condo on the fifth floor of the first tower, a unit costing about $400,000. He said he expects to move in 2009.

“We’re classic empty nesters,” he said. “The kids have grown up and moved out. We’re trying to downsize.” He said he “likes the idea of being on the river in a park-like setting. The view should really be spectacular.”

Forty-three boat slips in a planned marina have also been reserved.

Although Miller maintained that work on the development has never slowed down, the partners have had to confront several issues, including the reburial of the remains of several dozen ancient American Indians that were excavated on the site, and a court dispute over two parcels of land needed for the project.

Miller said the remains were “relocated in accordance with all regulations,” and the partners have now negotiated a “clean title” to the disputed land.

Reporter Sheldon S. Shafer can be reached at (502) 582-7089.