PROUD INVESTORS & TRUSTEES
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Owensboro's Downtown Placemaking Initiative
Owensboro is in the midst of an urban transformation, which will cultivate the
Downtown area as a premier destination for citizens to live, work and play. In addition to
preserving the unique historical character of the downtown corridor, this market based
Placemaking Initiative will result in $120 million in publicly funded infrastructure and
amenities to reinvent downtown Owensboro as a walkable, mixed-use urban center with
the addition of a new convention center, hotel, arts and cultural venues, as well as ample
opportunities for downtown housing.
Sitting on the banks of the Ohio River, Owensboro has recently embarked upon its
renaissance with over $1.5 billion in public investment. Owensboro is a family-centered community with stable growth, a balanced economy and strong leadership.
- A multi-purpose indoor events/convention center to accommodate business
caliber conventions, exhibitions, sporting events and more
- A new 150-room Hampton Inn and Suites with waterfront urban design, a
restaurant, catering, meeting rooms, and miscellaneous retail will be located
adjacent to the convention center
- Veterans Boulevard will be redesigned as a pedestrian friendly route with
specialty paving, flat curbs, and on-street parking and streetscape amenities.
Building fronting along this corridor are to be three or four stories in height with
retail and restaurant uses at street level and residential above. The new Veterans
Boulevard will connect the Convention & Events Center on the West side of the
Riverfront with the RiverPark Center to the East
- A public paseo called Riverfront Crossing is envisioned on the block bound by
Veterans Boulevard, St. Ann Street and Frederica Street to connect to a new
waterfront park
- Smothers Park, a waterfront park between Veterans Boulevard and the Ohio
River, is to be upgraded such that it becomes a destination for both residents and
visitors. This includes cascading fountains to the Ohio River vertical fountain of
250 feet, performance venues, spray parks, veteran's memorial, children's center,
and more
- International Bluegrass Music museum will be relocated to encompass the
enhanced museum and indoor/outdoor performance areas
- A downtown Farmers Market will be designated to become a year-round amenity
as part of a newly created public green space that connects the lawn of the
Courthouse to the Riverfront Park
- 2nd Street (Main Street) will be rehabilitated with curb extensions, renovated
historic buildings, and active ground floor uses (retail, restaurants, etc.)
- East Downtown Cultural Arts District - Existing historic buildings along East 2nd
Street will be the focus of new adaptive reuse for arts and cultural uses. This area
will facilitate partnerships between local arts groups and existing educational
institutions.
The already-vibrant local arts scene will be complemented by
residential lofts, studios, apartments, and town homes transitioning into adjoining
neighborhoods. To see specific renditions from the Gateway Planning Master Plan presentation, please
visit http://www.downtownowensboro.com/
Downtown Development Incentive Programs
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Property Tax Moratorium - Properties in the downtown core may qualify for a 5
year tax moratorium on improvements made to downtown buildings.
Developers can begin the process of qualifying for this program 30 days prior to
commencing any improvements.
- Historic Tax Credits - Projects on buildings designated on the National Historic
Register or in
the Historic Downtown District may qualify for a 20% federal tax credit on
qualifying improvements made to buildings. There is also a limited pool of state
funds available under the Historic Tax Credit Program.
- Kentucky Tourism Development Act - certain downtown projects relating
directly to attracting out-of-state tourists are eligible for state incentives.
- Downtown Owensboro Revitalization Loan Program - This pool is funded
through the participation of seven local banks and is dedicated to projects that
involve the purchase or renovation of downtown buildings.
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