The 27,000-square-foot Raymond E. Myers Hall was first built in 1900 as Louisville's first dental school, but through a unique adaptive reuse project, the building will now house medical workers in 44 efficiency apartments at the downtown Louisville location.
The newly christened Myers Medical Lofts has been named the redevelopment of the year for Louisville in the 2023 CoStar Impact Awards, which were judged by a panel of real estate experts based in the community.
The project started in March 2021 when the building was purchased by Underhill Associates and was completed in September. The building has already hit 90% occupancy.
The development was done through a partnership with the University of Louisville medical school.
"Our investment and dedication to the redevelopment of Myers Medical Lofts is seen as a significant catalyst for the revitalization effort of LouMed, a partnership with all downtown Louisville hospitals to invest in and grow the downtown medical community," Underhill executives wrote in their nomination of the project. "Since we first broke ground, three new projects have commenced including a historic church redevelopment, new market-rate apartments, and affordable housing."
About the Project: The project was subject to both state and federal historic tax credits after being listed on the National Register of Historic Places in 2022. The building is also an opportunity zone project and received below-market-rate loans from the city as an incentive.
"Myers Medical Lofts is a highly visible model for innovative and sustainable redevelopment adding significant value to the surrounding area and a prime example of redevelopment done right," UnderHill executives wrote. "Myers Medical Lofts has since become an example of conservation and sustainability for downtown and Louisville as a whole."
What the Judges Said: Judges deemed the project a much-needed improvement for downtown Louisville.
"The reuse of the historical building, addition to downtown Louisville, an area desperately in need of revitalization," said Laura Barlow, development coordinator for LDG Development. "The partnership with LouMed and use of Historical Tax Credits make this development truly special. Kudos to the entire team who made this project happen."
"This project not only did a beautiful job of preservation, but also serves the community and seems to fill a niche for housing that was needed," Victoria Mayer, senior associate for Gensler, said.
They Made It Happen: Joe Pierson, historic advisor with Pinion Advisors; architect Moseley Putney; Richard Banta, construction consultant for Banta CMC; along with Mitch Karcher, project manager, John Hunzicker, operations manager, and Margaux Hale, project manager, all of Underhill Associates.
