Tom Owen’s 7-acre property in Old Louisville is getting an environmental cleanup, thanks to a $600,000 loan from the EPA.

“There are still many steps to go to develop the site,” he said. “We still need a major developer to come in to do the development.”

The Belknap Crossings property is near the University of Louisville campus, and eventually Owen and his family want to develop it, possibly for student housing. But it used to house sawmill and wood preserving operations; commercial printing services; metal operations; chemical distribution; electrical apparatus repair and a cardboard distribution facility. Stuff that left environmental hazards behind and would prevent new construction.

The property is on the east side of Fourth Street, just beyond the railroad overpass there.

Notably, this site generated a bunch of controversy in 2008 because Owen’s son Andrew led a fight to keep a plasma business from opening across the street. After an unsuccessful attempt to purchase the property, Andrew Owen led an effort to prevent the property owners from selling to a national plasma business. Later, Councilwoman Marianne Butler attempted to get a moratorium on construction in the area passed to prevent the plasma business from locating there.

The plasma company passed on the site across the street. Owen recused himself from all discussion of the property in Council, and leaves management decisions up to his son.

Owen said developers have shown interest in the site, and one spent a significant sum a few years back on an environmental study. That company, thanks to economic factors, withdrew its interest.

Development there is still a long time coming, but at least there’s some hope for the property owners.