LOUISVILLE, Ky. — The next Louisville skyscraper is in the works, and it would be the biggest project downtown has seen in years.
New York City-based real estate firm Zyyo confirmed plans to WHAS11 Tuesday for a $175 million, 27-story building in the heart of downtown Louisville. CEO Nick Campisano, who is no stranger to Louisville, said the design and feasibility analysis started more than two years ago for the project known as One Forty West.
Plans call for the tower to be constructed at the corner of 2nd Street and 140, 138 and 136 West Market Street, home to the former EMW Women's Surgical Center. The project would include a 300-room hotel, restaurant, rooftop bar and ballroom.
“We have the confidence in the geography," Campisano said in a statement to WHAS11. "We want to make sure that people from all over the world are able to visit Louisville and enjoy modern hospitality amenities. We feel fortunate to have the opportunity to take on this endeavor. We don’t take that lightly. In order to execute a business plan of this magnitude, all necessary constituents must agree that Louisville is ready for more advanced hospitality venues."
Zyyo is partnering with Minnesota-based TruVine Companies on the development. The two firms also teamed up to build the Canopy by Hilton on West Market, which opens in January.
There are still several steps to be completed before any construction would begin on One Forty West. Campisano acknowledged the timing isn't perfect, but has enough confidence in the area to move forward with the biggest downtown development project since the COVID-19 pandemic.
"Now is absolutely not the right time to start this project, however we remain optimistic in the long-term vision that Mayor [Craig] Greenberg and other hospitality partners have for the long-term success of tourism in our beloved city," he said. "A project of this magnitude requires delicate and complex planning, as well as various public and private partnerships. These dynamic variables require around 18 months of planning, so while it’s not the right time to start a project of this magnitude, time is always of the essence to commence planning."
Downtown resident Dan Hartlage is eager to see if the proposed plan leads to construction.
"The prospect of a 27-story hotel and all of the energy that that will bring to this block," Hartlage said. “I live four blocks from here on East Market and I’m telling you, from Thursday to Sunday downtown is packed with tourists, hotels are full, and I see them checking in and checking out on Sundays. Downtown is full of tourists; the city is full of tourists.”
Hartlage sees the added hotel building as a step in the right direction for revitalizing downtown.
“All of the other businesses that could spin off from that in terms of more restaurants, shops, and that kind of thing is just very exciting for someone who’s lived down here for 7.5 years," he said. “I want it to grow, is needs to grow, downtown is bouncing back.”
President of Nicklies Development David Nicklies echoes the sentiments.
"It’s a great project, it’s great to see investment downtown. The Zyyo company has done several projects downtown so I think it will be of high quality," Nicklies said. "“We need the tourists, we need the Bourbon Trail, and we need to the folks who work downtown."
But, while conversations continue around a new 27-story building in downtown, decades-old skyscrapers sit vacant after Humana and Fifth-Third Bank moved their offices out of downtown.
“The challenge for this new project, as it will be for the existing one, is downtown is not safe, the public has a perception it’s not safe, and it’s a true perception. We’ve got more folks leaving downtown than moving to downtown," Nicklies said.
Campisano said the project has support from the three major hotel companies: Marriott, Hilton and Hyatt.
Mayor Greenberg expressed excitement about the development.
“This would be awesome," he said. "There are many exciting developments coming to Downtown Louisville, from new restaurants, hotels, distilleries and now a proposed mixed-use tower in the heart of the city on Market Street. I look forward to seeing progress on all of these projects as downtown continues to be a vibrant and energetic neighborhood for everyone.”
Campisano is the developer behind multiple projects in Louisville, including the Gateway to Nulu.
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