LEXINGTON, Ky. (WTVQ) – A proposed $34 million development deal on Newtown Pike in Lexington is dead, according to a report in the Lexington Herald-Leader.
Citing the developers, the newspaper reported that Thistle Station, a 16-story mixed-use apartment complex proposed at the corner of Newtown Pike and West Third Street, has been scrapped.
The four-acre site will be listed for sale or lease, perhaps as early as Wednesday, according to the newspaper report.
The project had received approval from the Urban County Planning Commission and the Urban County Council.
The council okayed tax increment financing, or TIF, for the project last year. TIF uses tax money generated from a project to pay for things like roads, sewer lines and street lights. The Kentucky Economic Development Finance Authority, which oversees tax incentives for the state, did not approve the TIF, according to the newspaper report.
The developer told the Herald-Leader that a combination of the TIF rejection, project cost, financing and rents killed the project.
The proposed development called for 200 apartments, with retail space on the first floor of the sixteen story building. An 8,000-square foot building at the back of the property for additional retail space and restaurants was also part of the proposed project.