Date of release: September 1, 2021
The City of Paducah has been working with Weyland Ventures to finalize the conceptual design for the City Block Project. This collaboration is to develop a plan that will revitalize the block of downtown Paducah bounded by Second Street, Broadway, Water Street, and Jefferson and provide a platform for growth for the entire downtown in the years to come. The result will be a vibrant, energized block in the heart of our city well integrated into the fabric of downtown Paducah.
Mayor George Bray said, “Over the past few months, there has been significant progress in moving the City Block project forward. I have done exhaustive research on this and other development projects since my election, and I believe this to be a transformative project that will lead to further development. The project checks many boxes for downtown by providing new green spaces and promenades, commercial development, new housing, a public town square, and a significant amount of public parking.”
The final design concept, which has been reviewed by the Paducah Main Street Design Committee, depicts the following features:
- Expanded public gathering locations at 2nd and Broadway and Water Street;
- New linear public promenades and green space along both Second and Water streets;
- More than 160 public parking spaces;
- An 81-room boutique hotel along Jefferson with a restaurant and roof-top bar; and
- A mixed-use building on Broadway with storefronts on the main level and upper-story living.
Recently, Weyland Ventures requested to use a clause in the agreement to extend the date for the closing and property transfer for the first tract of the development, and the City granted the extension request. Weyland is purchasing from the City the property for the boutique hotel. In the development agreement between the City and Weyland, there is a procedure to extend the property transfer by 180 days in the case of extraordinary circumstances. This extension moves the groundbreaking for the project to early next year.
Weyland Ventures CEO Mariah Weyland Gratz stated in the extension request, “In spite of the challenges facing the real estate sector in light of the past year’s extraordinary circumstances, we have made significant progress during this time and remain extremely enthusiastic about this project. We continue to have positive discussions regarding the project’s financing, design, and tenanting. Interest in the project remains high. In addition, we are seeing in recent weeks more stability regarding material pricing, and believe – as do others in the field – that markets will return to more stable levels over the next six months. This will benefit not only the hotel mixed-use project, but the public facilities as well.”
For more information, visit City Block.