Patoka Capital

Mar 02, 2021

Retail Deal of the Year: Bridgepointe Commons/Xscape Theatres

By Marty Finley  – Reporter, Louisville Business First

Iron Street Partners LLC partnered with Louisville’s Denton Floyd Real Estate Group to develop the 77-acre Bridgepointe Commons.

It’s a roughly $150 million project in Jeffersonville, Indiana, that attracted a mix of commercial tenants, including retailers and restaurants, an 85-room Fairfield Inn & Suites by Marriott hotel, and a new Xscape Theatres location developed by Southern Indiana firm Patoka Capital that opened last summer.

The 50,000-square-foot theater has 12 screens and about 1,500 seats. It also houses a few of the brand’s larger Xtreme screens and features recliners and new laser projection technology as part of a roughly $14 million investment.

Ground was broken late last year on an assisted-living and memory-care facility called Bridgepointe Gardens. The three-story facility will be built within the bounds of the mixed-use Bridgepointe Commons. The $26.7 million facility will house 131 units.

Denton Floyd partnered with New Albany, Indiana-based Vitality Senior Services and Louisville-based Lanier Asset Management to develop the facility.

“The success of the development so far really speaks to the transformation of Southern Indiana just over the last few years. Not too long ago this particular region of Southern Indiana was farmland and a few single family homes that had been there for decades,” Brandon Denton, co-founder of Denton Floyd Real Estate Group, said. “Our 70-acre development was one of the first to transform the area. The city of Jeffersonville really stepped up to assist in the infrastructure which gave us the ability to start turning dirt when we did.”

But Denton said the project has not been without its hurdles.

“Land acquisition was a large challenge. We dealt with many different contiguous land owners to meet their various needs and wants regarding their properties,” he said. “It was like putting together a complicated puzzle — a puzzle that took several years to complete.”

— Marty Finley

Owners/developers: Iron Street Partners, Denton Floyd Real Estate Group, Patoka Capital (Xscape Theatres), Jeffersonville Hotel One Partners LLC (hotel)

Contractors: CBC Construction and Koetter Construction

Architect: J. Lake Architects, Studio A Architecture (hotel)

Engineering: Heritage Engineering

Real Estate: PRG Commercial Property Advisors