Frankfort, Ky. – The proposed Gateway Commons project in Owensboro, Ky., a mixed-use redevelopment to include retail, office and residential uses as well as two hotels and a community center, received preliminary TIF approval today from the Kentucky Economic Development Finance Authority.
Gateway Commons would consist of 10 zones located on approximately 200 acres at the intersection of Highway 54 and the US-60 Bypass in Owensboro. The land, according to the report, is currently undeveloped and will require a significant amount of public infrastructure improvements to be be made throughout the site and in the area.
The Department of Finance of the City of Owensboro, which filed the application for TIF approval, estimates that over a 20-year period, Gateway Commons will support over 2,200 jobs annually and generate $3.1 billion in total economic impact. The application estimates the total cost of infrastructure work to be $62.1 million.
The proposed development is expected to include approximately:
- 835,600 s.f. of mixed-use space for retail
- 45,500 s.f. of restaurant uses
- 55,000 s.f. movie theater with bowling alley
- 120,000 s.f. of leasable office space
- 2 hotels each with 150 rooms
- 300 residential units
The construction is estimated to take place over the next nine years.
By granting preliminary approval, KEDFA enables staff to begin working state agencies to create criteria for review to determine the project’s feasibility.
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