The company will invest around $12m to renovate the Vermont property into a distillery. The renovation will be carried out by Louisville-based Joseph & Joseph Architects.
Besides performing distillery operations, the building will also offer a brand experience center for public and will include guided tours of the distillery.
Angel's Share Brands COO Wes Henderson said they are constructing a fully functioning distillery, from milling of grains to blending and bottling on site.
"The Angel's Envy distillery will be a must-see experience on the Urban Bourbon Trail," Henderson added.
Kentucky Governor Steve Beshear said this is an exciting addition to Kentucky's vibrant bourbon industry, with Angel's Share Brands creating 40 new jobs and investing $10m in a new distillery.
"As bourbon continues to gain in popularity across the world, we will continue to work hard to foster new opportunities for jobs and investment," Beshear added.
"We take a lot of pride in this signature product, and the industry's global success shows the type of dedication and craftsmanship that makes Kentucky stand out."
Louisville Mayor Greg Fishcer said it is exciting that they will have an iconic bourbon brand as part of the history and culture that makes up this vital corridor of Louisville's downtown.
"Angel's Envy's dedication to its quality product and economic commitment to the Louisville community are both representative of what makes Louisville and Kentucky the bourbon capital of the world," Fishcer added.
The new distillery is expected to start operations in 2014.
