Passport Health Plan announced today that it has acquired a significant West Louisville property at 18th Street and Broadway. Passport’s plan for the 20-acre site is to create a state-of-the-art Health and Wellness Campus to serve the needs of the local community and house its 500-plus employees in its new corporate headquarters.
Plans for the campus would include health- and service-based retail sites adjacent to the newly announced YMCA facility. Together, the new developments will help transform this important section of West Louisville by providing much-needed services, jobs, and economic development opportunities. Before construction begins, Passport will engage the West Louisville community through a series of meetings and listening sessions to hear about residents’ needs and desires for the Health and Wellness Campus.
“Passport Health Plan is growing because of the great service we provide to our members, and we need to find a new home for our current and future employees,” CEO Mark B. Carter said at a news conference announcing the purchase. “After 20 years in the Louisville community, we realize that to truly meet our mission – to improve the health and quality of life of our members – we need to build a new model in healthcare. This new campus, and our initiative to integrate social determinants of health into our health plan, will ensure access to resources and services in our community and beyond to help our members flourish in all aspects of their lives.”
The corporate headquarters will initially be home to Passport’s current 500-plus employees, but will be designed with the extensive future growth in mind.
“With our community partners and local residents, we hope to add services to the community beyond clinical care, services that are person-centered,” Carter added. “We realize that access to housing, food, jobs, and other resources are key drivers to good health and wellness, and we look forward to facilitating a number of community conversations over the coming months as we strive to help transform and revitalize our community.”
According to the financial terms of the deal, Passport has acquired the parcels from New Bridge Development for $9.1 million. A letter of intent with Metro Louisville includes provisions subject to Metro Council approval, including the creation of a Tax Increment Financing (TIF) plan – the first TIF established west of 9th Street – estimated at $2.8-$4 million over 20 years.
“Passport is a great and growing company and its decision to relocate its headquarters to 18th and Broadway is a huge win for west Louisville – and for the city at large,” said Louisville Mayor Greg Fischer. “Passport and its employees are driven by the same core values that we embrace as a city – compassion, health, and lifelong learning. Metro Government is honored to help make this deal a reality.”
Moving to West Louisville will allow Passport to work more closely with members in a new model that addresses the conditions in which people are born, grow, work, live, and age. By creating a new corporate home in West Louisville, Passport aims to improve the environment in which it works while also enhancing efficiency and effectiveness, placing a high priority on a working environment that encourages excellence and engagement on the part of all associates.
“For years, the University of Louisville has been collaborating with a large number of organizations through the Signature Partnership to enhance overall well-being on the West Side of Louisville,” said Dr. Greg C. Postel, interim president of the University of Louisville. “Having Passport, a company strictly focused on improving the health not only of individuals but also communities, establish its headquarters in the neighborhood will bring renewed energy to all of our efforts.”
Passport Health Plan is a provider-sponsored, non-profit managed care organization (MCO) that has been contracted with the Commonwealth of Kentucky to administer Medicaid benefits since 1997. It is sponsored by the University of Louisville Physicians, University Medical Center, Jewish Heritage Fund for Excellence, Norton Healthcare, and the Louisville/Jefferson County Primary Care Association. It has been serving residents in all 120 counties of Kentucky since 2004, and currently counts more than 300,000 Kentuckians as members. There are also more than 25,000 providers in Passport’s provider network, including primary care physicians, hospitals, specialists, and more.