The Baltimore-based company was the developer of the $70 millionFourth Street Live, a restaurant and entertainment complex indowntown Louisville that opened in 2004. Jon Cordish, says this newproject will quadruple the size of Fourth Street Live, and willinclude restoring a decaying arena. "The intent and need is tocreate a new city center for Louisville, one that will helpcomplete the transformation of its downtown into a dynamic, growingarea," Cordish tells GlobeSt.com.

The project will include a new retail, entertainment, office andresidential complex on the Old Louisville Water Co. block, boundedby Second, Third and Liberty streets and Muhammad Ali Boulevard. Aretail corridor would be created to connect Fourth Street Live tothe new complex, via an existing alley. The work would also includethe renovation of the Louisville Gardens into a 6,000-seat venuethat may include a minor league hockey team. "We do not havespecific numbers yet for sf of the various uses, but given thatthis is a 23-acre redevelopment, we would expect multi-hundreds ofthousands of sf of retail and multiple hundreds of housing units,"Cordish tells GlobeSt.com.

The company will foot the bill for the development with privateinvestment, but is set to receive an 80% tax abatement from thecity and state. Cordish has hired local developer Hogan Real Estateto oversee the project. Plans call for the development to beginnext year, and it would be complete by 2010, the same time a new$252 million basketball arena should be finished in the area.