The $18 million, eight-story building initially will house a center devoted to developing new products and services for the aging. Seven other tenants have signed letters of intent and three more have expressed interest in moving into the building, said Vickie Yates Brown, Nucleus’ president and chief executive officer.

The International Center for Long Term Care Innovation, a project initially funded by Signature HealthCARE and Nucleus, will occupy about 20,000 square feet of the 180,000-square-foot building. University of Louisville researchers and others will use the space to develop and commercialize new products and services for the aging.

Signature HealthCARE, which operates senior living facilities, moved its headquarters last year to Louisville from Palm Beach Gardens, Fla.

We’ve already filled our two existing business incubators, Med Centers 1 and 3, said UofL President James Ramsey. This building will provide much-needed space for more innovation to blossom in our community.

Nucleus, created by the UofL Foundation in 2008, works on behalf of the university to boost economic development. Its downtown park spans an area roughly bounded by Jefferson, Market, Floyd and Preston streets. The venture is being partly funded by tax-increment financing, a program that allows tax revenue to be used for public infrastructure projects.

To be world-class leaders in innovation, we must continue to invest and attract new researchers, companies and space, said Louisville Mayor Greg Fischer. This building will be a significant step forward in that goal, and will help cement Louisville’s place as the leader in aging care services.

The new building is scheduled to open by the end of 2012, Brown said.