News Summary
Lexington is preparing for a significant transformation with a $450 million mixed-use development set to be built on a 17-acre parking lot near Rupp Arena. This project will introduce a hotel, apartment complex, parking garages, an entertainment venue, and retail spaces to the area. Construction is set to begin this summer and is expected to take approximately 36 months to complete, promising to enhance the local community and economy.
Exciting New Development Coming to Lexington’s High Street
Big news is coming out of Lexington! Excitement is buzzing as a groundbreaking mixed-use development is set to rise on a 17-acre parking lot right across from the iconic Rupp Arena. With a whopping $450 million investment, this project promises to transform the area into a bustling hub of activity.
What’s in Store?
So, what can we expect from this grand development? Well, it includes a variety of amenities to cater to everyone. First on the list is a brand-new hotel, perfect for travelers coming to enjoy the events at Rupp Arena or explore the vibrant city. For those looking for a place to call home, an apartment complex will also be part of the development, offering plenty of living options.
And that’s not all! The development will feature multiple parking garages to ensure it’s easy to access all that this neighborhood has to offer. Music lovers will be thrilled with the announcement of an entertainment venue that will accommodate up to 4,000 attendees. Whether it’s concerts, live performances, or special events, this venue is set to bring the community together.
For those everyday needs, a grocery store will be included in the plans, though the identity of the grocery tenant is still under wraps. Alongside it, various retail options will also pop up, creating a lively shopping atmosphere.
Construction Timeline
Construction is scheduled to kick off this summer, with the very first structure being the essential parking garage. This is expected to be located towards the back of the property at South Broadway and Maxwell streets. The developers plan to construct the apartments or hotel alongside the garage, ensuring a smooth, phased development process.
Wondering how long it will take? Expect the project to take about 36 months to fully complete. Once everything is finished, with careful planning, the parking garage will provide 1,600 parking spaces, replacing the existing surface parking that will be lost during construction.
Details About the Agreement
The Lexington Center Corporation, which owns the lot and also manages major local venues like Central Bank Center and Rupp Arena, is in charge of this significant undertaking. They’ve entered into an agreement with Lincoln Properties and the Webb Companies—named after established developers in the area who recently celebrated their 50th anniversary.
The development agreement, which was finalized this past May, ensures substantial financial commitments from the Lincoln-Webb group. During the development phase, they will pay $1.6 million annually, which will rise to $2 million once the project wraps up. This will include further annual increases throughout the span of a remarkable 99-year lease.
Builders With a Proven Track Record
This ambitious project is spearheaded by seasoned pros. The Webb Companies are well-known in Lexington for their impressive portfolio, including the popular City Center featuring hotels, office towers, and restaurants. Meanwhile, Lincoln Property Company boasts a management portfolio exceeding $94 billion in commercial assets and has been busy developing over $22 billion in commercial properties since 2018.
A Bright Future Ahead
Mayor Linda Gorton even mentioned the project during her State of the City speech, adding to the excitement around the development. As designs are being finalized in collaboration with city engineers and architects, the community eagerly awaits what promises to be a pivotal addition to the heart of Lexington.
With construction set to begin soon, the future is looking bright for Lexington’s High Street. Stay tuned for more updates as this exciting project unfolds!
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Additional Resources
- Shopping Center Business
- Cola Daily
- Rebusiness Online
- Wikipedia: Mixed-use Development
- Encyclopedia Britannica: Urban Development
