Omni hotel in Louisville to rise high in city

The planned Omni Hotel development in downtown Louisville continues to grow, according to local affilate WAVE, and when it's all said and done will reportedly become the city's third tallest building, according to city Mayor Greg Fischer. The building will be more than 30 stories tall and have 600 rooms topped by 225 apartments on the old Water Company block.

Only the National City Tower at 40 stories and the 400 W. Market building at 35 stories will be taller than the new hotel, reports say. The complex will include two restaurants, a lobby lounge, 70,000 square-feet of meeting space, a lobby art gallery, a rooftop cafe, spa and fitness center, swimming pool and grocery. The project will be sustainable, with LEED silver certification.

The $289-million project will reportedly be completed no later than March 31, 2018.

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"The investment is transformational for downtown and another sign of the momentum in our city," said Fischer. "We are thrilled to partner with the great team at Omni Hotels & Resorts, a nationally recognized luxury hotel brand, and continue our strong partnership with The Cordish Companies. Outside of the Ohio River Bridges Project, this will be the largest single investment occurring in Louisville."

In March 2014, the mayor announced that Omni would partner with The Cordish Company, developer and owner of Fourth Street Live!, to build a new hotel, apartments and grocery at Third and Jefferson Streets. After further discussion with Cordish, it was decided that Omni will be the sole developer of the project, making it the first Omni property in Kentucky.

Fischer said the project is a public-private partnership with Omni paying 52 percent ($150 million) of the development costs and the city and state providing 48 percent ($139 million), which includes a rebate of taxes generated by the project, $17 million for a parking garage to be constructed and owned by the Parking Authority of River City (PARC) and $17 million, the value of the land.