The One Park parcel is hemmed in by busy roads on all three sides. while Interstate 64 creates an additional wall to the north. Beyond are some of Louisville’s most distinctive neighborhoods and preservation districts, dotted with charmingly mismatched turn-of-the-century homes, parks, schools and seminaries. Each neighborhood has its own identity with independent shops and cafes.

With a population of 615,366, Louisville is Kentucky’s largest city and the host to marquee events like the Kentucky Derby and the Breeders’ Cup. College basketball, and the state’s University of Louisville vs. University of Kentucky rivalry, adds to the energy.

But some say that Louisville also suffers from an inferiority complex. The city, for instance, is among the 10 largest in the United States without a professional sports team. And the growth of neighboring Nashville and Cincinnati often overshadows that of Louisville.

“Louisville tends to be 15 to 20 years behind other peer cities,” said Kevin D. Cogan, whose Jefferson Development Group would build One Park.

Mr. Cogan attributes this lag to cautious conservatism, a holdover from the days when a handful of Louisville families with interests in spirits, tobacco and banking ran the city. Those days are mostly past, but Louisville has never really caught up, Mr. Cogan said.

One Park is Mr. Cogan’s answer to bringing Louisville into line with other cities that have been trying to develop property closer to their cores. Mr. Cogan says that developing infill parcels around the city with viable housing will help retain young workers and bring senior citizens into the city.

Louisville has a network of 17 parks designed by Frederick Law Olmsted, with signature rambling trails, ponds, and forests. One Park’s proximity to one of them, Cherokee Park, is a selling point, Mr. Cogan said.