LOUISVILLE - You hear it in the sound of construction equipment renovating buildings and you can read about it in building permits that hang in windows. They are unmistakable signs of an economic recovery that has come to Main Street in Louisville.
Right now, there are eight businesses on or just off Main Street that are being built or expanded. Those businesses will do more than simply fill storefronts. They will bring additional jobs to Louisville and add to the economic health of the community.
The recession and loss of business forced Louisville to cut back on city services, including the very popular Fourth of July fireworks show. The added sales tax that comes from added businesses will restore some of those services.
"It doesn't go into a vacuum," Chuck Sisk, mayor of Louisville, said. "It really is providing additional service and allowing us to maintain our infrastructure. We didn't have a Fourth of July fireworks last year and that had been a long standing tradition. We're having that Fourth of July this year."
One of the new businesses under construction is the Louisville Rex, a bar and restaurant that will feature a rooftop patio. Area businessman Jacques Blanchard is the owner and says he's seen enough improvement in the economy to believe the time is right for growth.
"A lot of families are starting to go and eat out," Blanchard said. "Given the energy and the buzz level, I'm not hesitating one second. I'm cautiously optimistic."
He plans to open Louisville Rex in May and to do so; they will need to fill between 50 and 60 positions. They will hold a job fair at the restaurant on May 1 and 2. The Louisville Rex is located at 817 Main Street in Louisville.
The addition of new businesses will help drive employment, one of the greatest benefits.
"You get more lease spaces; you get more people, more jobs. You have more people deciding that they're going to spend some of their disposable income in Louisville Broomfield, Boulder. We like the fact that we're a regional player. This is not just about Louisville," Sisk said.
The economic recovery of the commercial real estate market being seen in Louisville is representative of the Denver area. The proof can be seen in commercial real estate vacancy rates.
"Today the office vacancy is between 14 and 15 percent. In a very healthy market it is 10 percent and we peaked close to 20 percent, so certainly over the last 18 months we've seen a movement towards a healthier commercial real estate market," Marshall Burton, senior vice president of Opus Development Corporation, said.
While the numbers tell a story of progress in the economic recovery, they also serve as a reminder of the work that is still ahead.
"We need to see more robust job growth before we can say that were are there," Burton said. "It will be a slow recovery, but all indications from the commercial real estate market is that we're at the front end of that recovery."
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