A new business incubator and state-of-the-art event space is coming to West Broadway later this year.
The Academy of Music Production Education and Development (AMPED) is in the process of buying a historic building at 2500 W. Broadway from BMW Investments LLC.
Dave Christopher Sr., executive director of the nonprofit AMPED, did want to disclose the sales price, but he said AMPED would be conducting a $6 million capital campaign to raise money for the purchase and operational costs.
Christopher said the new AMPED Innovation Center will house a business incubator, an event space, and two student resource centers to be operated by the Jefferson County Public Schools and the University of Louisville, respectively.
The 2500 Building, which offers 40,000 square feet of space, is on the National Register of Historic Places. It was built in 1923 and once housed the Universal Car Co., which became Bob Smith Chevrolet in the early 1970s. Bob Smith Chevrolet was one of the first major car dealerships in Louisville to be owned and operated by an African American.
"I went there to lease 10,000 square feet of the space in the building, and the owners told me it was for sale," Christopher explained. "They told me what they wanted for it and I said, 'I can do that.' The plan is to have a capital campaign to get the building paid for and then we will put people in it for free."
Christopher said he hopes to complete the sale by the end of May. However, the organization has already taken possession of the building. AMPED signed a memo of understanding and a lease with BMW Investments so the organization could use the space that it needed and start construction on the rest of the building immediately.
Christopher added that JCPS and UofL have already started moving into their respective spaces in the building.
AMPED is working with Three Dot Design on the interior design for the new center and Miranda Construction is handling the buildout for the project. Christopher said he is not sure yet what AMPED's total investment in the project will reach.
"We are still actively fundraising to pay for the construction and the operations," he explained.
AMPED was one of five West Louisville organizations selected by the Brown-Forman Foundation earlier this week to share a $50 million financial commitment over 10 years. AMPED will receive $5 million to expand its Out of School Time (OST) program offerings.
