A new Boutique Hotel in NuLu is to be developed through a joint venture of Mountain Shore Properties and the founders of Rabbit Hole Distillery. Kaveh Zamanian, owner of the properties under Green Building LLC and , is also working with the developers on this project.
Construction costs for the new Boutique Hotel in NuLu are estimated at $30 million. This hotel is coming in as the second boutique hotel to be built in the heart of the NuLu area and it recently received an approval of $500,000 from the state for economic development subsidies.
CEO of the South Carolina-based Mountain Shore Properties, Stephen Wendell, mentioned that funding a project of this magnitude was not easy and that it was even more difficult to accomplish especially after the pandemic.
Wendell was grateful for the state’s support and he said that the rebates on sales tax for construction materials, which were approved by the state, will be a huge step toward the development of this Boutique Hotel in NuLu.
This six-story Boutique Hotel in NuLu will be developed at 730 E. Market Street, on the parking lot of the Green Building. According to Wendell, the hotel will feature 122 rooms, a restaurant on the first floor and a beverage-limited food venue on the top floor. It also includes a bar concept and a small grocery. Some French themes will be prominent in the hotel’s design as well, based on the history of the City which dates back to the time when Louisville was named after King Louis XVI of France.
Two Other companies working on this project include Fischer’s firm, responsible for liaising with the group for the community, incentives and approvals for the project; and Bunkhouse Group, an Austin, Texas-based hospitality group, who will be operating the boutique hotel in NuLu.
The managing member and principal broker at Fischer’s Real Estate Brokerage & Betterment Haus, John Fischer, said the Boutique Hotel in NuLu is expected to open in May 2023, which is just in time for the Kentucky Derby.