Louisville Real Estate News

Local councilman to develop land in Highlands

Local businessman Jim King plans to buy eight acres along Newburg Road near Creason Park in the Highlands.

The purchase price is “roughly $2 million,” King, president of Louisville-based King Southern Bank, said in a news release. He expects to close on the transaction by March 15.

The land had been the subject of a development plan put forth by Sycamore Station LLC that called for the development of 24 lots, but King plans to create a development of his own on the property.

The new plans call for less than eight lots and a conservation easement on at least two acres. King’s residence is located on two acres adjoining the eight acres he will acquire.

The plan proposed by Sycamore Station called for the widening of Newburg Road to add a turn lane, which would have required the removal of all trees along the road, some of which are more than 100 years old. King’s plans will eliminate the need for the turn lane, the release said.

King, who also serves on the Louisville Metro Council representing the 10th District, expects to “break even” and not profit from the development, the release said. The project is expected to take three years.