Business Editors/Travel Writers
TAYLORSVILLE, Ky.--(BUSINESS WIRE)--Aug. 29, 2003
The Spencer County Economic Development Authority broke ground at 11:30 a.m. today for the first private development on Taylorsville Lake, 26 miles southeast of Louisville.
Edgewater Resort is a 163-acre development on a scenic bluff of land overlooking the 3,050-acre lake, leased indirectly from the Louisville District of the U.S. Army Corps of Engineers.
The economic impact of Edgewater Resort for Spencer County is estimated to be $14.5 million in the first year of its development and grow to $37 million annually by the end of its third year. The project will create approximately 145 jobs in Spencer County.
Cost of the project is estimated at $45 million.
The property has been provided as a sublease by the Kentucky Department of Parks to Spencer County Fiscal Court. The developer, Premiere Resorts, LLC, will make all capital investments in the property.
"The Spencer County Economic Development Authority is delighted to announce this groundbreaking development for Taylorsville Lake, and we are especially gratified to work closely with the Corps of Engineers, the Kentucky Department of Parks and the Spencer County Fiscal Court to ensure the success of this project," said Annette Smith, executive director of the authority.
Edgewater Resort, sited on a prominent peninsula on Taylorsville Lake just a quarter mile from the lake's marina, will be developed in two phases. Phase I will include the construction of most of the 120 cottages; Phase II will feature the development of the remaining cottages and a "condo-hotel," similar to those found at Hilton Head, S.C., and conference center.
Construction of the cottages will begin in the fall of this year, with the "condo-hotel" and conference center scheduled to begin within 18 months.
Taylorsville Lake is located in Spencer, Nelson and Anderson Counties in central Kentucky. Its dam is located on the Salt River, 60 miles above the stream's confluence with the Ohio River and about four miles above Taylorsville in Spencer County.
For images of cottages, floor plans and aerial view, email Mike Welton at mwelton@priceweber.com.
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