LOUISVILLE, Ky. (WDRB) -- Louisville Gardens is on track to get a makeover after more than a decade gathering dust.
A firm that plans to convert the shuttered venue at Muhammad Ali Boulevard and Sixth Street into sound stages for film, music and other uses received approval for local and state incentives on Thursday.
The Kentucky Economic Development Finance Authority board gave preliminary approval of the request from River City Entertainment Group LLC at its meeting in Frankfort.
The overall investment of $65 million includes $700,000 in wage incentives over the 10-year term of the agreement. River City Entertainment Group would create 50 jobs at an average hourly wage of $58, which includes benefits.
State documents indicate the Metro-owned building, which has been used for storage, will be leased for $10 over the decade in which the incentives apply.
Mayor Greg Fischer said in a statement that redeveloping the Gardens "has remained a high priority throughout my administration, and while the property has garnered interest from multiple investment groups and developers over the years, it was always important that the end use be something that will create a long-term economic benefit for the community and be with a partner that has a heart for our city.
"I am excited for the next step toward giving this iconic property a renewed life.”
State documents list Randall R. Kendrick of Dallas as having at least 20 percent ownership of River City Entertainment Group, which is not currently registered with the Kentucky Secretary of State.
A "Randy Kendrick" is the CEO of Xebec, a real estate investment firm with offices in Dallas. The company has been involved with at least two soundstage projects in California's San Fernando Valley, according to news accounts and the company's website.
River City Entertainment Group principals Scott Hodgkins -- a person with with same name is the chief financial and chief administrative officer at Xebec -- and Tony Guanci are among those scheduled to appear with Fischer at a 9 a.m. news conference Friday at Louisville Gardens.
So far this year, 30 film projects have received state approval for incentives worth possibly $28.5 million to film at least partially in Jefferson County, according to data from the Kentucky Economic Development Finance Authority.
Those incentives are part of a program resurrected by the Kentucky General Assembly in 2021 to bolster the state’s television and film industry. Lawmakers capped the amount available at $75 million per year.
Known as the Jefferson County Armory when it opened in 1905, Louisville Gardens grew from a military site into a well-known entertainment venue that hosted concerts from Frank Sinatra to Bob Dylan, according to the Encyclopedia of Louisville.
It also served as a gathering place after monumental events of the first half of the 20th century. A memorial for victims of the Titanic shipwreck was held in 1912; people fleeing their homes during the 1937 Ohio River flood took refuge there.
The last concert there was a My Morning Jacket show in November 2006, according to a Metro government timeline.
But the Gardens has sat vacant in recent years despite several plans and promises to find new uses for it. The Cordish Cos., which developed Fourth Street Live!, was required to develop the property as part of a multiblock project called Center City under a 2007 agreement with the city.
Cordish floated the idea of turning the building into a minor-league hockey arena before its agreement with the city was amended in 2012 to make the Gardens work “optional.”
A Cordish spokesman told WDRB News in 2014 that it was “keenly interested in the redevelopment of the Gardens,” including as a 6,000-seat sports and entertainment venue. Of course, that didn’t materialize.
Metro government sought new proposals for the building that same year and later negotiated with Louisville developer Underhill Associates on a project to include apartments and retail, but those talks ultimately were unsuccessful.
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