ATLANTA, June 02, 2022 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the closing of historic rehabilitation tax credit (HTC) equity for the $6.3 million adaptive reuse of the former Bardstown Parkview Motel and Kurtz Restaurant in Bardstown, Kentucky’s beautiful historic district. Located in the “Bourbon Capital of the World,” the beloved community fixture will be restored as a full-service, bourbon-focused boutique lodging development to address the growing demand for dining and lodging options specific to bourbon-related tourism in the state.
In 1937, using limestone quarried on their farm, Merrill Kurtz and his wife Annette built a two-story building in Bardstown, Kentucky, designating the upper level as the family home and the lower level as the Kurtz Restaurant. Despite original plans to simply serve home-cooked meals to Bardstown patrons, the Kurtz Restaurant quickly became both a community staple and hot spot for tourists alike, regularly hosting celebrations like baptisms, weddings and baby showers. In 1959, as automobile travel continued to grow and tourism became more widely feasible, the Kurtz family opened the one-story Bardstown Parkview Motel on an adjoining lot to fill the consequently growing demand for more lodging options in the area. The family continued expanding with the completion of a two-story motel building in 1960 and a 17-foot addition to the restaurant’s façade in 1985. After 84 successful years, the Kurtz Restaurant and the Bardstown Parkview Motel officially closed in December 2021.
Now under new ownership, Louisville-based real-estate development firm Weyland Ventures is renovating the historic buildings into a 35-unit bespoke hotel experience called Bardstown Motor Lodge. The reimagined property will feature the chef-led farm-to-table restaurant, Toogie’s Table. Home of the legendary “skillet-fried chicken,” Toogie’s is a community of foodies, travelers and bourbon epicures with a passion for good people and good food. In addition to Toogie’s, the property also features the Bardstown Swim Club. The Swim Club, complete with a resort-style pool, tanning deck, and outdoor bar, sits steps from the expansive outdoor gathering lounge. “The Courtyard” is complete with firepits and 2,000 square feet of catered event space for private events. Bardstown Motor Lodge is set to open its doors for hotel guests in the Fall of 2022, with Toogie’s Table opening in late August, just ahead of the annual Bourbon Festival. This property is the first of a series of boutique hotels in development by Weyland Ventures under its newly launched Common Bond Hotels Collection banner.
“We are excited for guests and friends to enjoy a space as unique as Bardstown Motor Lodge. Drawing inspiration from the history of this special property, we reimagined a guest experience befitting this legacy. The heart and soul of this project focus on comfort and community. We wanted to capture the authentic spirit of the people and culture of Kentucky and Bourbon Country and create a place where all could gather to relax, recharge, and reconnect.” – Mariah Weyland, CEO of Weyland Ventures
Bardstown Motor Lodge is situated along the Kentucky Bourbon Trail, the area’s primary driver of tourism, bringing thousands of people a year to the City. With 11 distilleries now located in the Bardstown area, it’s become a multi-day excursion for visitors, highlighting the need for more lodging and dining options, specifically those that cater to the bourbon tourist. However, despite this growth, dining options in Bardstown are minimal, given the number of visitors traveling through the area, and the only real lodging options are bed and breakfasts and branded limited-service hotels. Bardstown Motor Lodge seeks to fill this significant gap in the market, slated to become the area’s first full-service boutique hotel and restaurant intentionally designed to accommodate and elevate the bourbon tourism industry. The project is expected to generate over $4.5 million in state income and create more than 100 jobs in construction and the ongoing operations and maintenance of the redeveloped property.
“Monarch is honored to take part in the historic preservation of such a longtime pillar of the Bardstown community,” said Rick Chukas, Partner & Managing Director of Historic Tax Credits at Monarch. “The property itself evokes a bit of nostalgia, having been in the Kurtz family for four generations and now a part of the Bardstown Local Historic District. Its historical context and proximity to distilleries along the Kentucky Bourbon Trail position it to endure as a valuable contributing member of the Bardstown community for future generations.”
For more information on Monarch’s programs and services, please contact Rick Chukas by emailing rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About Weyland Ventures
Weyland Ventures is a multi-disciplinary real estate development firm known for creating unique mixed-use properties in urban areas across the nation. Considered experts in the use of historic tax credits, new market credits and other layered financing methods, the company is able to tackle tough projects that typically wouldn’t be considered viable to other firms. Our projects incorporate residential, commercial, retail, and entertainment venues that often create new and vibrant neighborhoods while preserving the community’s unique heritage.
Attachments
- MPC Finances Historic Preservation of Beloved Motel and Restaurant in Kentucky
- MPC Finances Historic Preservation of Beloved Motel and Restaurant in Kentucky
