By Staff Report
A Lexington developer has teamed up with the University of Louisville to convert the historic Reynolds Building, located at Third Street and Eastern Parkway, into loft condominiums available to U of L faculty, staff and others.
The Reynolds Lofts will be converted into 77 one and two bedroom condos that will range from $100,000 to $200,000. The remodeling is expected to cost $8.75 million and the project is expected to be completed by the end of 2006.
“Now we’ll be restoring a historic treasure to its former glory, creating an innovative place to live and revitalizing the neighborhood in the process,” said U of L President James Ramsey. “We’re thrilled that the Reynolds Building is going to be redone in a way that pays homage to history.”
The McGoodwin Co., a Lexington based developer hailed for its historic preservation of structures, was awarded the contract to renovate the Reynolds Building. Company President Rob McGoodwin is trying to have the building included on the National Register of Historic Places.
The building was donated to U of L when former owner Reynolds Metals moved from Louisville in 1958. The university held classes in the building until the 1990s, when the building’s deterioration forced them to move.
The Reynolds Building was built in 1915 by world renowned architect Albert Kahn. Originally, the building was home to Ford Motor Company until 1940, when Reynolds Metals purchased it. Reynolds first used the building to construct aircraft parts during WWII, and then as its national sales office.
