Louisville's downtown is on the up and up.

Mayor Craig Greenberg announced a new initiative aimed at incentivizing development in downtown Louisville: The Downtown Louisville Building Conversion Program.

Here's what we know:

The program will provide funds to convert vacant downtown office buildings into residential, hospitality, and mixed-use developments.
Funding comes from a portion of the $100 million allocated to LOU by the Kentucky General Assembly — that's our state legislature.
Applications for funding are open to property owners until Monday, Feb. 10, 2025 at 5 p.m.

In his announcement, Mayor Greenberg highlighted his plan to use existing empty buildings and surface parking lots as part of the reinvigorating downtown Louisville — think: The recently-announced sports entertainment district which will build on a surface parking lot at Slugger Field.

"We have beautiful, historic buildings that need to be re-purposed from their prior use as office space into something else — into housing, into hospitality, into entertainment or retail space," Greenberg said during a press conference. "We want every building in downtown Louisville that is not alive now to come alive."

According to Louisville Business First, there are more than 1.5 million sqft of rentable office space in downtown towers.

Potential projects must meet certain requirements to apply for funding from the Downtown Louisville Building Conversion Program.

Projects must be within the Central Business District — that's between York Street, I-65, and 10th Street.
Preference is being given to residential projects, especially affordable housing, and those that are renovating an entire or substantial portion of a building.
Applicants must begin construction within 18 months of approval, and complete their projects within 36 months.