LEXINGTON, Ky. (WTVQ) — Representatives from the University of Kentucky and Cityscape Residential as well as local officials broke ground Wednesday on what will soon become a residential village on the Coldstream Research Campus.
The 260-unit, multi-family residential complex will offer Coldstream’s high-tech workforce the ability to live, work, play and innovate all within the research campus.
The residential village will be named FIFTEEN51 Apartments, based on the address at 1551 Aristides Boulevard.
“At the University of Kentucky, we are strategically and thoughtfully expanding both our campus and our relationships with partners in Lexington and beyond,” said UK President Eli Capilouto. “FIFTEEN51 will create a new, workforce-friendly environment in the Lexington community. We remain focused on creating environments like this to support the research enterprise, economic opportunities and our community. The Coldstream Research Campus is a product of that effort. It’s another way we earn our way forward, partner for success and ultimately serve as the University for Kentucky.”
The university selected Indianapolis-based Cityscape Residential as its ground lessee, based on their award-winning luxury multi-family residential communities. Cityscape will construct and operate the 13-acre complex.
“Cityscape was honored to be selected during the request for proposals process, and we are excited to be breaking ground on this landmark community within the Coldstream Research Campus,” said Brian Evans, vice president of Cityscape Residential. “As the first residential village development within the campus, FIFTEEN51 will offer a luxury housing option to help drive the high-tech trajectory of the campus. We look forward to welcoming our first residents in the spring of 2022.”
In 2018, the Lexington-Fayette Urban County Council, working with the university, established a mixed-use tax increment financing district within the Coldstream Research Campus. Through a change in Coldstream’s zoning definition and providing both state and local tax incentives, the city of Lexington has been an instrumental partner in the progress being made at the research campus.
“The city has 250 acres open for economic development on or near Coldstream, and we are focusing on attracting high-tech companies,” said Lexington Mayor Linda Gorton. “This new residential village will make Coldstream even more attractive to these companies.”
By creating a workforce-friendly environment in the Lexington community, this development is expected to create increased demand for space by high-tech, research and development companies.
“The goal at many research parks nationwide is to create a dynamic live-work-play-innovate environment, and this residential development helps us accomplish this at Coldstream,” said George Ward, executive director of the Coldstream Research Campus. “I like to use the term ‘social infrastructure’ to describe the amenities necessary to attract young professionals and an innovative workforce. This development will activate Coldstream 24/7 and make it an even more attractive location for high-tech organizations.”
Residents will begin moving into FIFTEEN51 in the spring of 2022. The development is expected to be fully completed later next year.
Cityscape Residential is a full-service real estate development and construction firm based in Indianapolis, Indiana.
The principals of Cityscape have been responsible for the successful development and/or financing of over $2 billion of real estate throughout the eastern two-thirds of the United States during their careers and have been responsible for the development and construction of several thousand for-sale and rental residential units across multiple market areas.
Coldstream is a premier business location in Lexington. Its 735-acre campus has transitioned into a hub of innovation and creativity
Coldstream is home to more than 50 organizations with more than 2,250 employees working in biotechnology, pharmaceuticals and equine health, and a variety of other industry sectors.