LOUISVILLE — A prominent NuLu developer has his sights set on another project.
NuLu Commons North LLC, owned by Mo Deljoo, local developer and managing director of Noveen Consulting, recently acquired a 0.79-acre vacant lot on Main Street for $2.3 million and plans to develop it. The site spans 808 to 814 E. Main St. in NuLu, an area just east of the downtown central business district.
Deljoo is the developer responsible for NuLu Marketplace, located in the 53,000-s.f. commercial building at 817-826 and 828 E. Market St. That space is 100% leased, and the businesses currently open at NuLu Marketplace include: West Sixth NuLu, Emmy Squared Pizza, Buff City Soap, The Dog Shop, The Local Seltzery, The Craftery, Hectare’s, Mamili and Hazel+Hunt.
TheLouToday.com reports that the acquired property will become an expansion of NuLu Marketplace, with restaurants, shops, and more. The expansion will be located on a vacant lot behind the NuLu Marketplace between Billy Goat Strut Alley and Main Street — and next door to Quills Coffee.
Deljoo told TheLouToday that plans include first floor retail, restaurant and entertainment space as well as a potential rooftop bar. The other floors will include offices and short-term rental properties.
Tyler Smith, managing partner of CORE Real Estate, represented the buyer in the transaction. He said he’s continuing to work with Deljoo to determine the highest and best use for the site, acknowledging many offices, retailers and restaurants want to move to the growing area of town. The group plans to utilize an opportunity zone fund for the project.
“The planning, design and architectural process has started and we’re working on this new exciting project every day,” Smith said in an email. “We know many office, retailers and restaurants want this prime location on Main Street in the thriving NuLu district and we have hopes to deliver another award-winning development.”
Noveen Management Inc. and its companies plan, develop and manage real estate portfolios in the United States. With over 30 years of industry expertise and managing billions of dollars in construction, it focuses on commercial real estate preservation and conversion to new use. Noveen provides one-stop solutions from conceptualization to development to managing operations, according to its website.
