An Indianapolis-based developer just spent $6.25 million on a half of a city block in NuLu.

Read the full article here.

Buckingham Companies has taken over the roughly 2.7 acre site near Goodwood Brewing at 700 E. Main St. and 121-127 S. Clay St.

It’s that big, blue building that stretches from Clay to Shelby streets that was once home to Service Tanks.

It’s also one of the more noticeable dead zones in the now booming NuLu district.

I reached out to Buckingham on Monday after I heard about the buy hoping to get a better idea of what might be heading that way.

Evidently, this sale happened rather quickly, and whatever their plan is, they’re not sharing it yet.

“Buckingham is very excited to bring our urban and historic district development expertise to such a vibrant Louisville neighborhood,” said Ryan Gallmeyer, vice president of production operations, in a prepared statement. “We look forward to sharing more information as we begin planning and engaging with the community.”

But a new set of eyes and renewed enthusiasm could be just what they property needs. That Service Tanks site has seen its share of development hiccups in recent years.

While neighboring projects like the AC Hotel by Marriott and the Main & Clay luxury apartments laid foundations, Georgia-based Flourney Development Co. ended up in a tug-of-war with the city over the rental rate for a small portion of proposed apartment units at the Service Tanks site.

Those were slated to rent for about $950 instead of the $1,300 or so that the developer had planned for the rest of the property.

The 272-unit project was eventually approved, but Flourney never purchased the building. It sat in a weird limbo for months.

I reached out to Rebecca Matheny, the executive director of the Downtown Louisville Partnership, on Monday, too, and she didn’t have anything specific to share on the Service Tanks project.

She did say, though, that she was excited that site was getting some attention and that redeveloping it would be an asset for downtown.

And a quick look at Buckingham’s portfolio shows the developer isn't short on assets.

It’s the company behind the Aertson Midtown in Nashville and CityWay in Indianapolis.

In Nashville, Buckingham took 1.9 acres on one of the busiest intersections in the city and designed 600,000-square-feet worth of retail, apartments, parking and hotel space in 17 stories in a way that made it look like it belonged in the neighborhood.  

In Indianapolis, the company took 10 acres during the height of the economic downturn and created a master-planned neighborhood with 250 luxury apartments, a 209-room boutique hotel, and 40,000 square feet of retail space.

It’s still too early to tell what Buckingham has planned for NuLu.

But with a track record like that, perhaps the Service Tanks building won’t be one of the neighborhood’s most prominent dead zones for long.

City Living reporter Maggie Menderski covers retail, restaurants and development in downtown and its nearby urban neighborhoods. Reach Maggie at 502-582-7137 or Follow her on Twitter and Instagram @MaggieMenderski. Support strong local journalism by subscribing today: