The Louisville Metro Council approved the establishment of the 615-625 East Market Street Development Area under KRS 65.7041-65.7083 to facilitate redevelopment involving $84 million in new capital investment. The project includes renovating the historic Joe Ley building into a hotel with 189 rooms, a restaurant, and event spaces. Public assistance through tax increment financing will provide $5,304,659 to support this initiative.
This decision supports urban redevelopment, preserves a historic structure, and stimulates the local economy by attracting tourism and additional development in the Phoenix Hill neighborhood.