DIXIE DOWNS
SUBMITTED BY: LEAD AGENTS
Tim VanWingerden
Associate Louisville D. 513.878.7750 tim.vanwingerden@marcusmillichap.com
Jordan Dickman
First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com
Nicholas Andrews
First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com
Austin Sum
Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com
NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
CONTENTS
B R O K E R C A PA B I L I T I E S
06 | THE INVESTMENT
01
&
14 | LOCAL COMP E TITORS
02
22 | THE FIN ANC I ALS
03
28 | LOCAL M ARKE T
04
O P I N I O N O F V A L U E
CALABASAS, CALIFORNIA | HQ
80+ | OFFICES
2,500 | EMPLOYEES
UNRIVALED SUCCESS IN THE MIDWEST Nick Andrews
First Vice President Investments Director, NMHG
Jordan Dickman
First Vice President Investments Director, NMHG
INVESTMENT ADVISORS
Austin Sum
Senior Investment Associate
Garry Schloemer
JD Schmerge Investment Associate
Brian Johnston
Investment Associate
Tim VanWingerden
Investment Associate
Investment Associate
DEBT & STRUCTURED FINANCE
Chris Litzler
Senior Director of Organization MMCC
VALUATION & RESEARCH
Sam Petrosino
Financial & Research Analyst
Jim Leonard
Senior Managing Director Capital Markets MMCC
CLIENT RELATIONS
MARKETING
Alex Papa
Marketing Coordinator
Kristin Smith Marketing
Skyler Wilson
Client Relations Manager
OPERATIONS
Sidney Bills
Office Administrator
Josh Caruana
Vice President Regional Manager Indianapolis | Cincinnati | Louisville St Louis | Kansas City
Brittany Campbell-Koch Director of Operations
John Sebree
Senior Vice President National Director National Multi Housing Group
Liz Popp
Midwest Operations Manager
Michael Glass
Senior Vice President Midwest Division Manager National Director, Manufactured Home Communities Group
S E C T I O N
01
THE INV
VESTMENT
INVESTMENT HIGHLIGHTS
DIXIE DOWNS
Marcus & Millichap is pleased to present Dixie Downs. Marcus & Millichap is pleased to present Dixie Downs, a 47-unit com-
PROPOSED VALUE-ADD:
munity in a growing submarket of Louisville, KY. This property is burst-
Renovation Initiative: Upgrade units and raise rents $200+ per month
ing with potential with rents well below the market average. An incom-
Washer / Dryer Hookups: Install washer / dryer hookups in unit
ing investor can take advantage of the value-add opportunity given the strong support in the local market for rent increases with a renovation
ADDITIONAL VALUE-ADD OPPORTUNITIES:
initiative.
Utility RUB: Charge a utility billback for water, sewer and trash Other Income: MTM fee, Late fee, and Application fees. Pet fee: Consider allowing pets for additional pet income . THE MARKET: STRONG RENT & JOB GROWTH: Louisville has experienced strong rental growth in the past 12 month’s largely driven by strong economic fundamentals and pent-up demand from Covid. The metro recorded a net gain of 22,400 jobs as the market recovers from Covid, expanding the employment base by 3.5%. TOP-NOTCH EMPLOYMENT: The top industries in Louisville’s employment sector are Trade & Transportation (23.3%), Education & Health (14.6%), Manufacturing (12.4%), and Professional Services (12.1%). Some of the largest employers in the area include Yum! Brands, Kindred Healthcare, Humana. DEVELOPMENT OPPORTUNITY: Adjacent to Dixie Downs apartments is 2.93 acres of land zoned R-6 which could support an additional 50 units of development.
DIXIE DOWNS
PROPERTY SUMMARY
42,700
REN TABLE S QUARE FEE T
LAND 2.93 A C RE S
47
2
TOTAL UNI T S
LOT S
R-6 Z O N ED
*
#2 Bedrooms
47
% Leased
96%
PROPERTY DETAILS
DIXIE DOWNS
SUBMARKE T: SHIVELY | COUNTY: JEFFERSON
SUMMARY
4319 Sander Lane, Louisville, KY
1973
YEAR BUILT/RENO
47 921 46,622
NUMBER OF UNITS
CONCRETE
AVERAGE UNIT SIZE
INDIVIDUAL
RENTABLE SQUARE FEET
95%
WOOD
COPPER
FRAME FOUNDATION HEATING & COOLING TYPE WIRING
OCCUPANCY
PAVED LOT
PARKING
3.4
PARKING RATIO
2 1-2
# OF BUILDINGS # OF STORES
UTILITIES OWNER PAID OWNER PAID TENANT PAID TENANT PAID
WATER/SEWER TRASH GAS ELECTRIC
2.93 A CRE S
DIXIE DOWNS
PROPOSED RENOVATIONS Dixie Downs is well-positioned in the market for a value-add strategy with unit renovations. A neighboring comp, Ledgewood Apartments has recently undergone new ownership and upgraded units are achieving monthly rents of over $950 per month for 2-bedroom apartments. This shows that for Dixie Downs, there is significant value add opportunity to remodel these apartments with stainless appliances, modern light fixtures, granite countertops, new cabinets, upgraded bathrooms and flooring and acheive an estimated $175 monthly premium on rents, capturing a 18.3% ROI on unit upgrades.
ITEM
2 BEDROOM
Granite Countertop
$1,500
Stainless Appliance Package
$2,100
New Kitchen Cabinets
$2,000
Modern Light Fixtures
$900
Bathroom Vanity
$1,500
Flooring
$2,500
*Contingency Budget of $1000 Per Unit included.
$11.5K/UNIT AVG RENO COST
$175/MONTH AVG RENT INCREASE
18.3% ROI
1 STAINLESS STEEL APPLIANCES 3 MODERN LIGHT FIXTURES 4 NEW KITCHEN CABINETS 2 GRANITE COUNTERTOPS 5 FLOORING 4
4
2 1
2 1
4
2 2
4
1
3 3
5
5
S E C T I O N
02
LOCAL C
COMPETITORS
LOCATION
DIXIE DOWNS
6
*
1
2 3
SUBJECT *
REN T C OMPAR ABLE S 1
IROQUOIS TERRACE
2
LEDGEWOOD APARTMENTS
3
CRAWFORD CROSSING APTS
DIXIE DOWNS Address Units
4319 Sander Lane Louisville, KY 47
Avg. SF
909
Year Built
1973 2x1
Market Price ($/mo)
$704
Market Rate ($/SF)
$0.78
Effective Price ($/mo) Effective Rate ($/SF)
654 $0.72
DIXIE DOWNS
RENT COMPETITORS 1
IROQUOIS TERRACE
2
LEDGEWOOD APARTMENTS
3
CRAWFORD CROSSING APARTMENTS
4930 Manslick Rd, Louisville, KY Year Built: 1991 Units: 32 Occupancy: 100%
UNIT MIX
RENT
SF
RENT/SF
2x2
$1,050
1125
$0.93
COMPARABLES RENT ANALYSIS $600-$1,100
2 Bed LOW
HIGH
Common Ammenities: Yard, Picnic Area Unit Features: W/D Hookup, Ceiling Fans, Dishwasher, Walk-In Closets, Balcony / Patio. Lawn
SUBJECT
COMP
*Select units
6100 Ledgewood Pky, Louisville, KY Year Built: 1974 Units: 136
UNIT MIX
RENT
SF
RENT/SF
2x1
$969
825
$1.05
COMPARABLES RENT ANALYSIS $600-$1,100
2 Bed
Occupancy: 95%
LOW
HIGH SUBJECT
Common Ammenities: 24 Hour Access, picnic Area, Laundry Facilities, Playground, Maintenance on site, Property Manager on Site | Unit Features: LVP Floors, Cable Ready, Washer/Dryer, Recreation Room, Dishwasher
COMP
6800 Crawford Crossing Pl, Louisville, KY Year Built: 2011 Units: 30 Occupancy: 82%
UNIT MIX
RENT
SF
RENT/SF
2x1
$1,017
963
$1.06
COMPARABLES RENT ANALYSIS $600-$1,100
2 Bed LOW
HIGH SUBJECT
Common Ammenities: Detached Garages, Community Gazebo *, Community Grilling Stations *, Storage Spaces Unit Features: Washer & Dryer Connections, Ceiling Fans, Dishwasher
COMP
RENT SORT Two Bedroom Apartment Rents Sorted by Net Rent
Year Built
# of Units
SF
Market Rent
Utility Adjustment/Month
Net Rent
Net Rent/SF
Iroquois Terrace
1991
32
1125
$1,050.00
$65
$985
$0.88
Crawford Crossing Apartments
2011
30
963
$1,017.00
$65
$952
$0.99
Ledgewood Apartments
1974
136
825
$969.00
$65
$904
$1.10
The Landing
2009
79
1050
$879.00
$20
$859
$0.82
Dixie Downs Pro Forma
1973
47
909
$879.00
$65
$814
$0.90
Kenwood Arms
1968
40
800
$807.00
$0
$807
$1.01
Walnut Grove Apartments
2003
96
859
$802.00
$0
$802
$0.93
Southview Apartments
1967
96
908
$785.00
$15
$770
$0.85
The Montair
1972
97
780
$775.00
$15
$760
$0.97
Gables at Stone Ridge Apartments
1969
52
865
$766.00
$15
$751
$0.87
San Jose Court
1965
35
900
$729.00
$0
$729
$0.81
Rosewood Manor
1987
51
900
$755.00
$65
$690
$0.77
Glen Hollow Apartments Safe Harbor
1973 2004
40 40
1000 950
$736.00 $735.00
$65 $65
$671 $670
$0.67 $0.71
Manor Hall Apartments
1991
30
911
$701.00
$65
$636
$0.70
Rockford Arms
1968
72
850
$650.00
$65
$585
$0.69
Dixie Downs Average Effective
1973
47
750
$644.00
$65
$579
$0.77
Averages
1982
903
$805
$51
$763
$0.85
Property
S E C T I O N
03
THE FIN
NANCIALS
DIXIE DOWNS - FINANCIALS
UNIX MIX SUMMARY AV E R A G E E F F E C T I V E
MARKET
P RO J E CT E D
NO. OF UNITS
T E N TA B L E S F
T O TA L S F
RENT/UNIT
RENT/SF
T O TA L R E N T POTENTIAL
SUMMARY Two Bedroom
47 Units
909 SF
42,700 SF
$654.96
$0.72
$30,783
$704.26
$0.78 SF
$33,100
$879.26
$0.97 SF
$41,325
Totals / Wtd. Averages
47 Units
909 SF
42,700 SF
$654.96
$0.72 SF
$30,783
$704.26
$0.78 SF
$33,100
$879.26
$0.97 SF
$41,325
UNIT TYPE
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
UNIT RENTS
UNIT DISTRIBUTION
100%
Two Bedroom
Two Bedroom Avg. Effective
Pro Forma Projection
DIXIE DOWNS - FINANCIALS
UNIX MIX BREAKDOWN AV E R A G E E F F E C T I V E
MARKET
P RO J E CT E D
N O . O F U N I TS
T E N TA B L E S F
T O TA L S F
RENT/UNIT
RENT/SF
T O TA L R E N T POTENTIAL
ONE BEDROOM 2BR/1BA 2BR/1BA - Deluxe
39 Units 8 Units
900 SF 950 SF
35,100 SF 7,600 SF
$649.00 $684.00
$0.72 SF $0.72 SF
$25,311 $5,472
$700.00 $725.00
$0.78 SF $0.76 SF
$27,300 $5,800
$875.00 $900.00
$0.97 SF $0.95 SF
$34,125 $7,200
Totals / Wtd. Averages
47 Units
909 SF
42,700 SF
$654.96
$0.72 SF
$30,783
$704.26
$0.78 SF
$33,100
$879.26
$0.97 SF
$41,325
UNIT TYPE
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
INCOME EXPENSE
DIXIE DOWNS - FINANCIALS
INCOME & EXPENSES
CURRENT GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2020 Taxes Paid Adjustment for Sale Total Real Estate Taxes Insurance Utilities Utilities Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion Payroll Payroll Taxes & Benefits General & Administrative Management Fee Telephone & Cable Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME
YEAR 1
% of GPR Per Unit 8,272 (578) 6.99% 7,694 7,694 (670) 8.71% 0.00% 0 84.30% 7,024
$495,900 ($29,754) $466,146 $466,146 ($23,307) ($9,323) $433,516
% of GPR Per Unit 10,551 (633) 6.00% 9,918 9,918 (496) 5.00% 2.00% (198) 87.00% 9,224
$24,645 Auditor $0 $24,645 $13,800 T12 Note 3
% of EGI Per Unit 7.47% 524 0.00% 0 7.47% 524 4.18% 294
$24,645 $9,756 $34,401 $14,100
% of EGI Per Unit 5.68% 524 2.25% 208 7.94% 732 3.25% 300
$41,712 T12 $41,712 $80,157
12.64% 12.64% 24.28%
887 887 1,705
$40,620 $40,620 $89,121
9.37% 9.37% 20.56%
864 864 1,896
1.64% 0.00% 1.64% 24.37% 0.21% 5.45% 0.00% 0.30% 6.00% 0.18% 3.63% 41.77% 66.05% 33.95%
115 0 115 1,712 14 383 0 21 421 13 255 2,934 4,639 2,385
$4,700 $1,645 $6,345 $28,200 $1,175 $42,300 $4,700 $2,350 $26,011 $705 $12,225 $124,011 $213,131 $220,384
1.08% 0.38% 1.46% 6.50% 0.27% 9.76% 1.08% 0.54% 6.00% 0.16% 2.82% 28.61% 49.16% 50.84%
100 35 135 600 25 900 100 50 553 15 260 2,639 4,535 4,689
$388,800 ($27,180) $361,620 $361,620 ($31,492) $0 $330,128
$5,400 $0 $5,400 $80,444 $677 $18,000 $0 $991 $19,808 $588 $11,985 $137,892 $218,049 $112,079
RR RR RR T12
T12 Note 3 T12 T12 T12 Note 3 T12 Added T12 Note 1
YEAR 2
YEAR 3
5.00% 2.00% 91.00%
Per Unit 10,868 (217) 10,650 10,650 (533) (213) 9,905
$526,100 ($10,522) $515,578 $515,578 ($25,779) ($10,312) $479,488
$24,645 $9,756 $34,401 $14,382
% of EGI 5.29% 2.10% 7.39% 3.09%
Per Unit 524 208 732 306
$41,432 $41,432 $90,215
8.90% 8.90% 19.38%
$4,794 $1,678 $6,472 $28,764 $1,199 $43,146 $4,794 $2,397 $27,931 $719 $12,469 $127,891 $218,106 $247,416
1.03% 0.36% 1.39% 6.18% 0.26% 9.27% 1.03% 0.51% 6.00% 0.15% 2.68% 27.47% 46.85% 53.15%
$510,777 ($10,216) $500,561 $500,561 ($25,028) ($10,011) $465,522
% of GPR
2.00%
% of GPR
5.00% 2.00% 91.00%
Per Unit 11,194 (224) 10,970 10,970 (548) (219) 10,202
$24,645 $9,756 $34,401 $14,670
% of EGI 5.29% 2.10% 7.39% 3.15%
Per Unit 524 208 732 312
882 882 1,919
$42,261 $42,261 $91,331
9.08% 9.08% 19.62%
899 899 1,943
102 36 138 612 26 918 102 51 594 15 265 2,721 4,641 5,264
$4,890 $1,711 $6,601 $29,339 $1,222 $44,009 $4,890 $2,445 $28,769 $733 $12,719 $130,728 $222,060 $257,428
1.05% 0.37% 1.42% 6.30% 0.26% 9.45% 1.05% 0.53% 6.00% 0.16% 2.73% 27.90% 47.70% 55.30%
104 36 140 624 26 936 104 52 594 16 271 2,764 4,725 5,477
2.00%
S E C T I O N
04
LOCAL M
MARKET
DIXIE DOWNS
LOUISVILLE, KY Situated on the banks of the Ohio River, Louisville is a progressive community of 1.3 million people. Louisville is one of the most uniquely authentic destinations in the world. It is Kentucky’s largest city and offers hundreds of one-of-a-kind attractions. Whether you are north, south, east, or west – Louisville offers a slew of attractions and historic architecture in every direction. Three of the state’s six Fortune 500 companies call Louisville home – Humana, Kindred Health, and Yum! Brands. The area provides an attractive business environment for companies due to its location and low cost of doing business, while allowing employees to enjoy a relatively affordable place to live. The economy has transitioned from traditional manufacturing and shipping to health-
care, tourism, and technology. Tourism in the state of Kentucky has a $3.5 billion economic impact from Louisville alone. While the economic impact is very significant, the results are even more so, as they positively affect the quality of life in Louisville. Through maintaining its commitment to the tourism industry, Louisville can enrich and nurture its infrastructure, allowing it to consistently rank as one of the top cities in the nation for quality of life. Foodies and food trucks, brew masters and bourbon, sports, tradition, and transformation - it’s all happening in Louisville. With such a vibrant quality of life, Louisville is a great place to call home.
EMPLOYERS IN THE NEWS
A M A Z O N L A S T M I L E D E L I V E R Y S T A T I O N
Amazon officials told the Louisville metro planning commission during an early november meeting that it plans to establish the facility in a 142,000 -square-foot office and warehouse, with heavy truck loading and unloading areas, at 1231 durrett lane near preston highway. Last mile facilities refer to the final step of the delivery process from a distribution center or facility to a user and are becoming increasingly popular in the U.S. as the demand for faster delivery grows.
•
Amazon building new $5.5M Last-mile delivery station at prime Louisville property adding close to 2,000 new jobs (March 2021)
•
GE Appliances completes $60M expansion adding 245 new jobs (July 2021)
•
GE Appliances set to invest $450M at its appliance park in the next 2 years adding over 2,000 new jobs (Oct 2021)
•
QSR Automations opens new global headquarters in Louisville, KY (Nov 2021)
•
KCC Manufacturing break ground operation in Shelby County (Nov 2021)
•
Republic National Distributing Co. breaks ground on a relocation and expansion project that will create 30 full time jobs with a $50 million investment (Sep 2021)
•
Baptist Health to build $42M rehabilitation hospital in Jeffersontown (Nov 2021)
on
700-Job
ECONOMY • Prior to the pandemic, Louisville/Jefferson County’s real gross metropolitan product grew at an average annual rate of 2.0% from 2015 to 2019. During that same five-year period, job growth averaged 1.5% annually, with roughly 9,800 jobs added on average each year. • In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 10.5% year-over-year in 2nd quarter. In the year-ending 3rd quarter 2021, the metro’s inflation-adjusted economic output expanded 4.6%. • The metro recorded a net gain of 22,400 jobs, expanding the employment base 3.5%. As such, Louisville/Jefferson County’s unemployment rate in August 2021 declined 2.2 points yearover-year to 3.4%, below the national
average of 5.3%. • During the past year, job gains in Louisville/ Jefferson County were most pronounced in the Trade/Transportation/ Utilities sector followed by Leisure/ Hospitality Services. Despite job losses stemming from the pandemic, Louisville/Jefferson County’s current employment base now sits roughly 54,900 jobs, or about 9% above the 1st quarter 2008 level, prior to the Great Recession. The relative resilience of the economy points to some insulation provided by recession-resistant economic anchors in the market, namely the University of Louisville.
D E M O G R A P H I C S : STAT I ST I C S Population: 1,300,000
Msa median hhi: $57,405
Msa median home value: $173,500
Average occupany: 96.4%
Median age: 39.2
1 - Year growth: 1.77%
1 - Year growth: 4.83%
Rent growth:6%
S U P P LY & D E M A N D S U P P LY • The level of new apartment completions in Louisville/ Jefferson County were elevated, as 2,415 units delivered in the year-ending 3rd quarter 2021, the highest level in the mid1990s. • That annual completion volume compares to a low of 945 units and the current high of 2,415 units over the past five years. Annual new supply averaged 1,734 units, and annual inventory growth averaged 2.0% over the past five years. Completions over the past year expanded the local inventory base 2.7%. • Over the next year, inventory growth is set to remain around the current level with the scheduled addition of 2,241 units. At the end of 3rd quarter 2021, there were 2,634 units under construction. • New supply over the past five years has been concentrated in Northeast Louisville, Southwest Louisville, and Northwest Louisville, which received 68% of the market’s total completions collectively. Scheduled new deliveries in the coming year are expected to be concentrated in Northwest Louisville and Northeast Louisville.
MARKET DRIVERS 7
9
8 5 6
1
Yum! Brands
2
UPS Worldport
3
Ford Motor Company
4
GE Appliances
5
Humana Inc
6
Norton Healthcare
7
Anthem
8
LG&E and KU Energy
9
Brown-Forman
10
Papa John's International
11
Amazon Fulfillment Center
10 1 11 4
2
3
O C C U PA N CY • Over the past year, occupancy gained 1.2 points, with the 3rd quarter 2021 rate landing at 96.4%. • That occupancy rate ranked #52 among the 65 key South region markets and #130 among the top 150 markets nationally and was only the third time the market has topped 96% in more than 20 years. • Looking at product classes in Louisville/Jefferson County, 3rd quarter 2021 occupancy was at 96.1 % in Class A units, 96.5% in Class B units and 96.6% in Class C units. • Among submarkets, 3rd quarter 2021 occupancy was strongest in Northwest Louisville and South Central Louisville. The weakest readings were seen in Central Louisville and Southwest Louisville.
ATTRACTIONS LO U I SV I L L E S LU G G E R M U S E U M Batter up! It takes a special place to craft the #1 Bat in Major League Baseball. At Louisville Slugger Museum & Factory, experience history-in-the-making as you stroll through the actual factory where world-famous Louisville Slugger bats are created. The award-winning factory tour is a highlight of the visit here, but there’s plenty more to enjoy along with it. Admire the World’s Biggest Bat - stretching 120 feet into the sky. Hold bats actually used by baseball superstars like Mickey Mantle, Johnny Bench, Cal Ripken Jr. And Derek Jeter. Be sure to swing by!
E VA N W I L L I A M S B O U R B O N Located on Louisville’s historic “Whiskey Row”, the Evan Williams Bourbon Experience features an artisanal distillery, tours, educational tastings, and more! In 1783, our namesake opened Kentucky’s First Distillery on the banks of the Ohio River. Many years and barrels later, we still produce Bourbon the right way, using the same time-honored methods.
F O U R ST R E E T L I V E Fourth Street Live! is Louisville’s premier dining and entertainment destination, located in the heart of downtown Louisville, Kentucky. A short walk from historic downtown hotels, the Kentucky International Convention Center, Waterfront Park, the KFC YUM Center, Slugger Field, and much more, Fourth Street Live!
THE BOURBON BUSINESS The Banks is a gathering place for people all across the region. It provides a lively atmosphere full of attractions that promote public enjoyment and appreciation for city’s riverfront. Spanning the full width of the Central Business District, The Banks brings the waterfront to downtown’s front door. Thriving off of the energy generated by the adjacent professional sports venues, Paul Brown Stadium to the west and Great American Ballpark to the east, The Banks provides life and energy as a premier live, work, and play district.
K E N T U C K Y D E R BY Located in South Louisville, Churchill Downs is a Thoroughbred racetrack known for hosting the annual Kentucky Derby. It is the world’s most legendary racetrack. The first Kentucky Derby and Kentucky Oaks were both held in 1875, which was the year that the racetrack opened. The racetrack at Churchill Downs is 147 acres and features a seven-furlong turf racecourse and a one-mile dirt, oval racetrack. The racetrack can accommodate over 165,000 guests on Derby Day.
I N T E R E ST I N G STAT I ST I C S 165,000 FACILITY CAPACITY 147 ACRES OCCUPIED BY RACETRACK $373M DIRECT ECONOMIC IMPACT 146 YEARS RUNNING
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