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The developer who owned two tracts of property on Floyd Street that were to become lofts and student-oriented retail has sold the properties to the University of Louisville.
Capstone Development Corp. sold 4.7 acres of land to U of L for $2.4 million. U of L will use it as additional parking for Papa John’s Cardinal stadium events, and as additional student parking.
In 2005, Capstone announced that it was to build 134 lofts, but appears to have deemed the development financially unsound.
Capstone bought the property in 2004 for $980,000.
