The former U.S. Bank building at 700 Frederica Street is set to be transformed into the Cardinal Reserve, a three-story, multi-use structure with commercial lease space and luxury residential units. The development — led by 700 Frederica Street, LLC — promises to bring new business, entertainment, and housing options to downtown Owensboro.
A statement from the company said the Cardinal Reserve’s main level will offer between 2,500 to 13,000 square feet of commercial space with on-site parking, making it well-suited for businesses such as small-format grocery stores, fast-casual or full-service restaurants, professional offices, boutique retail, and spa services. They also said there is nearly 2,500 square feet of basement space envisioned as an ideal location for a speakeasy, private club, or boutique fitness center.
“Owensboro is growing, and we want to be part of that growth by providing a versatile space that benefits the entire community,” a representative said. “This building has everything a business would need to flourish downtown, including on-site parking – a rarity in this area.”
The building’s upper floors will house luxury residential units, most offering two bedrooms and two bathrooms. Each has custom finishes and furnishings, private balconies, and elevator access to all levels. Designed for short-to-mid-term stays, these units cater to families and professionals visiting Owensboro, the company statement said.
The building’s name, Cardinal Reserve, reflects its history as the former Cardinal Federal Bank.
“We wanted to honor its roots while creating something new for Owensboro,” the statement said. “The name ‘Reserve’ symbolizes both the building’s banking legacy and our commitment to preserving its place in downtown’s future.”
The development’s proximity to downtown attractions, including a new indoor sports complex expected to open within the next two years, makes it an attractive site for tenants, company representatives said.
“With more people coming downtown for events, businesses here will thrive,” the representative added. “We’re creating an accessible, inviting space for everyone to enjoy.”
