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The remains of the Point, a riverfront neighborhood that disappeared after the 1937 flood, lies buried beneath some 20 feet of soil at the old Ohio Street dump. Today located on the corner of River Road and Frankfort Avenue, that 23-acre dump is overgrown with brush, grasses, and even trees. Soon, however, this forgotten corner of the city will blossom into the Waterfront Botanical Gardens, thanks to an agreement between Metro Louisville and Botanica, the group behind the gardens project, to eventually sell the land for one dollar.
“By agreeing to sell us the property for $1.00, Metro Government is making a major leadership gift to the garden project,” Botanica wrote on its website. “This asset is a significant investment by Metro in the economic revitalization of the area. It gives us strong footing to launch our upcoming capital campaign, when we will raise the funds required for construction.”
No land has changed hands, yet, however, as Botanica must raise a few million before the dollar deal can go through. According to the Courier-Journal‘s Sheldon Shafer, the group hopes to close on the property within two years. Brian Voelker, president of Botanica, told Shafer that the nonprofit must raise $10 million to $20 million before construction can begin on the project’s first phase—no small undertaking—but that fundraising has already begun “in earnest.” The entire project is expected to cost around $35 million. […]