Joint Venture Between Louisville FC Ownership Group, City Of Louisville And State Secured Financing
Louisville City FC announced that Messer Construction Co.and Harmon Construction Inc. are coming together to build the Louisville City Football Club stadium in Butchertown. The companies worked previously on the $63 million addition to the University of Louisville Cardinal Stadium.
“We’re thrilled to be working with Messer/Harmon because of their proven record in this market and commitment to advancing this project,” said Brad Estes, President of LouCity FC. “It’s important to us that Messer and Harmon are part of the fabric of Louisville. Messer has built so many large, top-quality projects around Louisville and has demonstrated time and again the ability to finish on time and on budget, which is so important for our new stadium.”
Estes added that the project wouldn’t have been possible without the support from the city of Louisville and state of Kentucky.
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Louisville used a $30 million bond to buy the land where the stadium will be built and make infrastructure improvements. The state has approved as much as $21.7 million in tax-increment financing for the project with the TIF coming from increased taxes generated by new developments in the area.
Construction will take more than a year and is due to be complete for the start of the 2020 season in March. The project was unveiled in June of this year. The private-sector investment comes from the Louisville FC Ownership group, led by Mike Mountjoy of MCM CPAs and Advisors. The group worked in tandem with city and state officials to secure the space for the development and financing.
“The Butchertown stadium is a transformative project for Louisville, and we’re proud to team with Harmon to oversee construction of this iconic addition to our city,” said John Megibben, Messer vice president and Louisville market leader. “We know all eyes are on us because this stadium is a showcase project. It’s in a highly visible location and will be part of the city’s front door, welcoming both residents and passersby. It needs to make a statement that this is a city on the move.”
The stadium is part of a mixed-use development that will eventually include a hotel, corporate headquarters and the surrounding residential areas in the growing Butchertown district. The goal is to create a community where people can live, work and play.
Find more information on the project here.