New development coming to Lexington’s east side

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LEXINGTON, Ky. (WTVQ) – Ground is breaking soon on a new mixed-use development in Lexington.

According to the Herald Leader, Community Ventures will hold a groundbreaking Monday on a 75,000 square-foot building at the corner of Third Street and Midland Avenue.

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The building, called The MET, will include retail on the first floor, including a grocery store and a restaurant.

The top two floors will include 44 apartments, 13 of which will be subsidized for low-income renters.

It is part of the long-delayed Midland Avenue and Third Street redevelopment project.

The $22 million building will be paid for using $10 million in new market tax credits, which are used to finance real estate, commercial, industrial and other projects in poor neighborhoods, according to the newspaper.

Community Ventures has put in $2 million into the project and the remaining financing comes from community banks.

Developers say they are hoping to open by June 2020.