"You've been a great audience. Be sure to tip your waitress." The Improv Comedy Club, which has been located at Louisville’s Fourth Street Live! for the past four years, announced today that it has ceased operations. The Cordish Company—operators of Fourth Street Live!—has indicated that a new business is scheduled to open at the same location.
The Tavern is set to open in the summer of 2013. The Tavern will be expanding from approximately 20,000 square feet to 30,000 square feet, incorporating the former Improv Comedy Club. The Tavern will add a live music room called Tavern Hall.
“We are excited to announce the expansion of The Tavern concept with the addition of a dynamic new live music venue, Tavern Hall. Tavern Hall will be a showcase for local Louisville music talent and national acts and will be an incredible new anchor for downtown Louisville. Improv had a great four year run and we hope they will return with us to Louisville sometime soon..." Mike Leonard, spokesman for Fourth Street Live said in a news release.
“We are also immensely grateful for the support of The Cordish Companies and Fourth Street Live! who did everything humanely possible, both financially and otherwise, to help keep our doors open over the past four years. Fourth Street Live! is one of the premier entertainment districts in the country and we would welcome the opportunity to return when the broader economy improves. We are incredibly appreciative of the Louisville community and their support over the past four years. We hope to see you again at Fourth Street Live!” Andrew Dorfman of the Improv said in a news release.
Reporting in The Courier-Journal, Sheldon Shafer concludes that the newspaper’s review of Cordish’s operation of 4th Street Live indicates that, despite eight years in business and more than $20 million in taxpayer subsidies, the project has not shown a profit as defined in its 11-year-old arrangement with the city. According to the confidential profit-and-loss statements that the developer of the downtown entertainment district shares annually with Louisville metro government, Cordish has paid no dividends to the city.