Lexington Council Receives Update on 200-acre Legacy Business Park Project
The Lexington-Fayette Urban County council recently held a meeting to review the budget plans and project updates, the vital focus being on the 200-acre Legacy Business Park project, located near I-64.
The Legacy Business Park Project
The Legacy Business Park project is an integral part of the land and street swap deal, which was finalized between the City and the University of Kentucky a few years back. The council expressed concerns related to the project’s status, specifically the delay in the sale of lots.
Craig Benz, an Administrative Officer in the Mayor’s Office, explained the situation stating, “We’ve completed a development plan. However, we cannot sell any of the property in the 200 acres until it’s platted. It shows that utilities and roads are coming to the sites.“
Holdbacks and Future Prospects for the Project
Lexington Mayor Linda Gorton pointed out that assembling the required financial resources to carry out the necessary infrastructure requirements of the project took time. Despite the delay, a groundbreaking on the $22 million infrastructure project is expected to take place this fall. The council shared that it might be approximately another year and a half before the area sees any development.
However, the City’s commercial realtor is optimistic about the future of the property. Benz shared that, “Our broker, Cushman and Wakefield, are optimistic that we can sell these lots. But, they can’t commit to a certain timeline. They are receiving interest on at least a weekly basis.” The property holds a P-2 zoning, indicating its designation as a university research campus.
Development Plans for the Project
The development plan for the Legacy Business Park project includes the creation of roughly 19 lots. The project is a significant step towards the expansion of the City’s commercial and research avenues.
The Legacy Business Park, with its strategic location and pre-planned amenities, seeks to attract a wide range of clients, thereby contributing to Lexington’s socio-economic growth and development in the long run.
The Lexington Council intends to review the plan updates and progress regularly, ensuring the effective implementation and efficient management of the Legacy Business Park project.
