University of Louisville Foundation selects NTS as development partner in ShelbyHurst Research & Office Park
September 17th, 2009
The University of Louisville Foundation has named local real estate firm NTS as a partner of the UofL Development Co., LLC in the development of the ShelbyHurst Research and Office Park on UofL’s Shelby Campus.
Through this partnership, NTS will oversee the development of an initial office building on the campus located on Shelbyville Road and Hurstbourne Parkway in Eastern Jefferson County.
“This is a very exciting day for the University of Louisville,” President James Ramsey said. “The development NTS has proposed will greatly improve upon the enhancements already made to the ShelbyHurst campus and allow us to continue creating economic opportunities for the university and surrounding community."
The 100,000-square-foot office building will be located on half of an 8.3-acre tract of land facing Hurstbourne Parkway just north of Shelbyville Road.
“This piece of property is the most attractive in Jefferson County, and we envision a premier office building that will draw a diverse mix of quality office, research and technology businesses," said J.D. Nichols, NTS chairman.
The partnership anticipates the first phase of development initially to be funded by the University of Louisville Development Co.’s land-lease contribution at the fair-market value of $325,000/acre or the appraised value of the land (whichever is higher) and a $5 million cash equity contribution by NTS. The balance of funding will come from lender financing. NTS will provide leasing and management services for the project. ULDC will remain the master developer of the ShelbyHurst Research and Office Park. Completion of the first phase is estimated for the third quarter of 2011.
The Sept. 17 announcement is the latest in a series regarding improvements to the ShelbyHurst Research and Office Park which began more than a year ago. Enhancements included the development of a four-lane boulevard through the campus, three new entrances off Hurstbourne Parkway, increased green space and irrigated landscaping, installation of eco-friendly lighting and an improved drainage system leading to a wildlife-friendly basin. Pedestrian sidewalks and biking lanes will be added in the future.
A 40-acre core of the campus is reserved for development for academic purposes.