The City of Owensboro is purchasing downtown property to redevelop the site into a new project that officials hope will bring additional growth to the riverfront area.
During Tuesday’s City Commission meeting, City Manager Nate Pagan said the City plans to acquire property located at 102 and 118 Veterans Boulevard, which sits across the road from Smothers Park and spans Allen Street to St. Ann Street. The purchase agreement, totaling $4.2 million, reimburses Jagoe Homes for their acquisition and demolition costs. Pagan said Jagoe has owned the site for several years but opted not to pursue further development.
“They were great to work with, and we appreciate their approach to the project,” Pagan said. “They agreed to sell us the property for their costs, essentially to acquire and demo the structures on the land. … We appreciate them being a good partner and not attempting to profit off of taxpayers.”
The site has remained largely undeveloped with gravel and grass for several years. Pagan described it as a “wonderful redevelopment site” with the potential for a signature project to enhance the area.
“We anticipate working with our colleagues from the Economic Development Corporation to solicit proposals from developers interested in the property,” Pagan said. “We do anticipate considerable interest.”
Commissioner Bob Glenn inquired about the potential displacement of parking spaces, which are used by employees and businesses nearby.
Pagan said city officials have communicated with property owners about the changes and will assist with relocating parking options. He added that many employees already use nearby parking garages. One garage sits directly across Allen Street.
“They all understand it’s good for their businesses ultimately to have more traffic down there,” Pagan said.
Mayor Tom Watson also noted a separate property adjacent to the site that is not included in the current agreement. Pagan said the City hopes to acquire that property in the future to “square off” the redevelopment area.
“We have expressed our interest in acquiring that property as well. That would make it an easier site to redevelop,” Pagan said.
The acquisition is part of the City’s ongoing downtown revitalization efforts, and officials expect to begin soliciting redevelopment proposals in the near future.
