LEXINGTON, Ky. (AP) – Investors are obtaining land for development of a private, upscale resort near Kentucky’s Red River Gorge, a nonprofit group said, but with significant local opposition the project is far from a done deal.
Red River Economic Development announced Wednesday that private investors signed a contract to buy 891 acres near Slade for about $2.25 million, the Lexington Herald-Leader reported. The land is currently privately owned by entrepreneur Ian Teal.
The buyers, known as Red River Property Holding Group LLC, will hold the land until Red River Economic Development can find a developer to build the resort. Red River Economic Development is the nonprofit arm of the Kentucky Chamber Foundation.
“We’re extremely fortunate that this group of supporters is willing to purchase and hold the property for three years and give us breathing room to pursue a suitable development plan,” Beach said.
There is significant local opposition to resort development of the land outside the borders of the Red River Gorge, one of Appalachia’s most beloved natural attractions.
The sandstone arches and towering cliffs in the 42,000-acre geological area southeast of Lexington has long attracted hundreds of thousands of hikers, rock-climbers, kayakers and campers each year.