Museum Plaza. . . (Louisville, California: condo, loan, hotels)

[emom975]

I question the "need" and even benefit for the Museum Plaza a 703ft sky scraper in Louisville KY. A 100 million dollar federal loan in this economic climate is just absurd. A $465 million dollar+ project for a building downtown humm I don't think so. Anyone else have a voice on this project?

Also, since I moved to Louisville I noticed the signs "American Reinvestment Act" as I drive and see the workers painting over the lines in the road. Problem is you can't tell where they started and stopped because the paint on the lines were not faded. so frustrating that's our tax dollars at work but hey we saved what 10 jobs for the short term?

[Rural Kentuckian]

From what I've seen on WHAS's website, most of the skyscraper will be used for residential purposes. The museum itself is a big moneymaker, the extra office space will likely create jobs. But I'm no expert at economics.

[Off Topic]

Well, I'm guessing the construction of this building will add a lot more than 10 short term jobs. Certainly several thousand long term jobs will be created in an industry that really needs it. Plus the new hotel rooms means more convention business that we are now losing to other cities. I also remember reading that about 400 permanent jobs will be created alone by the new hotels in the Plaza.

You have to spend money to make money. Using just an "initial cost" argument, I doubt there is a project ever build that can be justified. You have to take a long-term approach as well.

[The Dissenter]

Originally Posted by Off Topic

Well, I'm guessing the construction of this building will add a lot more than 10 short term jobs. Certainly several thousand long term jobs will be created in an industry that really needs it. Plus the new hotel rooms means more convention business that we are now losing to other cities. I also remember reading that about 400 permanent jobs will be created alone by the new hotels in the Plaza.

You have to spend money to make money. Using just an "initial cost" argument, I doubt there is a project ever build that can be justified. You have to take a long-term approach as well.

Also for something that is supposed to be state of the art, $400 million+ seems like a bargain. When completed this thing can only help Louisville, which is good for those of us who want to stay put long-term .

[emom975]

Originally Posted by Off Topic

Well, I'm guessing the construction of this building will add a lot more than 10 short term jobs. Certainly several thousand long term jobs will be created in an industry that really needs it. Plus the new hotel rooms means more convention business that we are now losing to other cities. I also remember reading that about 400 permanent jobs will be created alone by the new hotels in the Plaza.

You have to spend money to make money. Using just an "initial cost" argument, I doubt there is a project ever build that can be justified. You have to take a long-term approach as well.

My original post was that the "American Reinvestment Act" workers painting the lines that were not faded on the road merely created 10 short term jobs.

I will continue disagree on the Museum Plaza. University of Louisville has already found other facilities so will not need the space on the plaza. A hotel & muesum yes but housing. . .I don't think the current condo developements are selling very well downtown. I'm not sure why everyone feels the need to compete with Nashville, Indianapolis, Chicago, Louisville is unique on its own. just my thoughts.

The only ones to make money on this project in the next 5 yrs will be the construction companies and politicians.

[rpb502]

Museum Plaza = More permanent jobs (Museum Plaza will also be office space) and more downtown housing (which in turn will boost the downtown economy). Not to mention the temporary construction jobs it will create.

The economical boost from this building will be huge. It doesn't take a rocket scientist to realize that. I'm glad we have a governor that realizes this.

You have to spend money to make money. That saying applies to Museum Plaza. The loan will be paid back easily...I guarantee you.

Not to mention Louisville will have the tallest building in the region, with the exception of Chase Tower in Indy. That doesn't mean anything in the grand scheme of things but its a cool fact for us Louisvillians to brag about.

[Off Topic]

Originally Posted by emom975

I'm not sure why everyone feels the need to compete with Nashville, Indianapolis, Chicago, Louisville is unique on its own. just my thoughts.

Cities are like sharks: you have to move forward or you die. I've lived through a period where our downtown was practically dead and we do not want to go back to those days. I agree that Louisville is unique but there was a day when we were bigger and more profitable than Nashville, Indianapolis and yes, even Chicago. It's better for our economy and for the economy of the state in general to be more progressive and expanding, rather than sitting still.

Originally Posted by emom975

The only ones to make money on this project in the next 5 yrs will be the construction companies and politicians.

Well, if two or three thousand construction workers get good paying jobs for the 3 years it takes to build it, that's a huge plus for not just the workers, but for all of us. Plus the 400 or so jobs that the new hotels will generate, as well as new jobs other new companies that locate here will generate. (For example, suppose we can get just one national company to change it's headquarters to Louisville and the Museum Plaza? We've done it before and it's been a huge boom for our local and state economy.) And this doesn't even count adding one or two big conventions a year, which are huge money-makers for our economy.

And as pointed out, lots of this money is a loan, not a gift. People focus on the amount of the loan and ignore that much of it is paid back.

No question it's a gamble. But I'm for gambling on progression rather than stagnation or entrenchment. Those are the cities that get left behind.

[Peter1948]

Originally Posted by Off Topic

Cities are like sharks: you have to move forward or you die. I've lived through a period where our downtown was practically dead and we do not want to go back to those days. I agree that Louisville is unique but there was a day when we were bigger and more profitable than Nashville, Indianapolis and yes, even Chicago. It's better for our economy and for the economy of the state in general to be more progressive and expanding, rather than sitting still.



Well, if two or three thousand construction workers get good paying jobs for the 3 years it takes to build it, that's a huge plus for not just the workers, but for all of us. Plus the 400 or so jobs that the new hotels will generate, as well as new jobs other new companies that locate here will generate. (For example, suppose we can get just one national company to change it's headquarters to Louisville and the Museum Plaza? We've done it before and it's been a huge boom for our local and state economy.) And this doesn't even count adding one or two big conventions a year, which are huge money-makers for our economy.

And as pointed out, lots of this money is a loan, not a gift. People focus on the amount of the loan and ignore that much of it is paid back.

No question it's a gamble. But I'm for gambling on progression rather than stagnation or entrenchment. Those are the cities that get left behind.

Excellent post. Louisville is NOT a small town like the OP suggests. Major cities have major skyscrapers and major cultural attractions. Museum Plaza would be one of the marquee attractions in the region and would gain international attention for the city secondary to its design. It is a big win for the city if it can ever get built. I would always get tired of people bringing up Nashville and Indy. Louisville is much more unique, and much more hipster and soulful, especially than Indy. But Louisville must grow in recognition and jobs if it is to remain a major city like it was in the 19th and most of the 20th century.

[emom975]

I must be missing something then because on all my drives through downtown Louisville I don't see too much to even bring up it in the same conversation as Chicago or Nashville. Where or what besides betting on horses or watching a minor league baseball game? There is not much within walking distance of the riverfront. Louisville can not attract people from other states with its current school system etc. Louisville lacks suburbs instead it encompasses all the towns around it.

I know many people who have lived here a few years for their jobs and left when they could. Louisville needs to try to keep the people that move here for jobs and attract others to the area who want to stay. Most families moving into the area that can afford it move to Oldham county. I think that's just sad because the city should offer sooo much more.

I'm trying to think of major companies that would want to have meetings or conventions in the area. Even cities in California are hurting because companies are cutting back on meetings and conventions. But I'm sure an expensive new hotel in downtown Louisville will be the draw. While I realize my federal taxes will be increasing to pay for this project; I hope my state and city taxes will go down with the wealth of money this project brings in.

[Off Topic]

Originally Posted by emom975

I must be missing something then because on all my drives through downtown Louisville I don't see too much to even bring up it in the same conversation as Chicago or Nashville. Where or what besides betting on horses or watching a minor league baseball game?

I said we were once in the conversation with Chicago, long ago. Obviously they left us well behind at the beginning of the last century. Prior to that, we were considered a top US city. But we stood still and others passed us. I hate to see us repeat that mistake.

(As to "what is there to do in Louisville", I'll leave a response to others. The short answer is "plenty.")

Originally Posted by emom975

While I realize my federal taxes will be increasing to pay for this project...

Oh, please! Unless you make more than a quarter of a million dollars a year, your federal taxes have gone down the last few years. And this isn't even a loan -- it's a loan guarantee. Unless there is a default, this isn't costing the US taxpayer one thin dime. No money at all is being supplied by your federal tax dollars for this project at this point, and probably at no point.

All it is doing in the short run is create two or three thousand good paying construction jobs for our citizens, and then created between a thousand and two thousand permanent jobs for our citizens in the long run.