Lexington Developer Proposes $450 Million Mixed-Use Project

News Summary

Dudley Webb has proposed a $450 million mixed-use development on High Street, Lexington, featuring a hotel, apartments, parking garages, and entertainment spaces. This project aims to enhance downtown’s infrastructure with 1,600 new parking spaces and an entertainment venue for 4,000. A collaborative effort between Lincoln Property Company and Webb Companies, it’s set to begin construction soon, promising significant economic revitalization for the area.

Lexington, KY – Developer Dudley Webb has unveiled plans for a substantial $450 million mixed-use development on the 17-acre High Street parking lot adjacent to Rupp Arena. This project aims to revitalize the area with a blend of residential, commercial, and entertainment spaces, significantly enhancing downtown Lexington’s infrastructure and appeal.

The proposed development will feature a hotel, an apartment complex, multiple parking garages, an entertainment venue with a seating capacity of up to 4,000, a grocery store, and a variety of retail options. Construction for the first phase, which includes a parking garage, is set to begin imminently. The parking garage will introduce 1,600 new parking spaces to accommodate the influx of visitors and to replace the existing surface parking being displaced by the new structures.

This ambitious project is a collaboration between Lincoln Property Company and Webb Companies, with the lease agreement finalized in May 2023. The terms of the lease stipulate annual payments starting at $1.6 million during the development phase, which will rise to $2 million once the project is completed, along with annual increases over the 99-year lease term.

Webb Companies has a proven track record in Lexington, recently completing the City Center project, which encompasses hotels, an office tower, and dining options. Meanwhile, Lincoln Property Company manages an impressive portfolio of over $94 billion in commercial property assets, having developed more than $22 billion in commercial properties since 2018.

Completion of the new development is expected within a 36-month timeframe, with plans to build in phases to minimize disruption. This phased approach will ensure that a portion of the parking lot remains operational throughout the construction period. When completed, the total number of parking spaces will increase to 3,600, up from the current 2,000 available.

Concerns regarding parking availability during construction have been acknowledged, but the developer has committed to mitigating any issues through the early construction of new parking facilities. Additionally, while specifics regarding the grocery store tenant remain under wraps, Webb has hinted at securing a notable addition to downtown Lexington’s retail landscape, promising a significant enhancement for area residents.

Further complementing this development, a separate initiative has been announced with a $14.5 million donation from the Bill Gatton Foundation earmarked for the construction of Gatton Park on the Town Branch, a new 10-acre park located behind Rupp Arena. This park is expected to enhance the area aesthetically and recreationally, with construction projected to be finished by late summer 2025, funded by private donations and grants.

This major investment reflects a broader commitment to elevating the future of Lexington’s downtown area, promising to introduce essential amenities and transformative spaces for both residents and visitors alike.

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Additional Resources

• Kentucky.com: Fayette County News
• Lane Report: Bill Gatton Foundation Donation
• UK Athletics: Big Blue Madness Information
• WKYT: Parking Fees at Rupp Arena
• LEX18: Dudley Webb Development Project
• Wikipedia: High Street (Lexington, Kentucky)
• Google Search: Lexington Kentucky development