Why is Louisville’s new arena project in big financial trouble?Is this a blip or a trend? That’s what folks in Louisville are wondering these days.
The leaders of the basketball arena project in downtown Louisville continue to work to get a new financing plan in place and there’s talk that a new deal might be done by the end of this week.
Is it a sign of the economic times? Or is there something else wrong with the project?
- Two weeks ago, the last physical impediment to a clear plot to build the arena came crashing down.
- Last week, the rug pulled out from under arena backer when the insurer who qwas supposed to back up the bond issue announced it was unable to do so.
It gets complicated because the project is now more than an arena. A museum plaza project further west on Main and the iron quarter $50 million dollar project shopping and office complex are now part of the same equation.
Planned for the other end of Main were both envisioned to capitalize off of the arena—could this temporarily set back have a chilling effect on them as well?
There are lots of questions this week. One hopes the answers will be available soon.