The Kentucky Economic Development Finance Authority gave final approval Thursday for a $198 million mixed-use redevelopment project in Owensboro.
Development is expected to include retail, office and residential uses as well as two hotels and possibly a community center. The project consists of 10 zones located on approximately 200 acres at the intersection of Highway 54 and the U.S.-60 bypass in Owensboro. The land is currently undeveloped and will require a significant amount of public infrastructure improvements.
The proposed development is expected to include approximately 239,800 s.f. of mixed-use space for retail, 45,500 s.f. for restaurant uses, 55,000 s.f. movie theater with a bowling alley, 120,000 s.f. of leasable office space, two hotels each with 150 rooms and 300 residential units.
Construction is estimated to take place over the next nine years.
Infrastructure costs are approximately $62.1 million for lane preparation, sewers/storm drainage, provision of utilities, public buildings/structure, roads, public space or parks and parking.
The project will recover $20 million in tax increment financing (TIF).