High Street parking lot redevelopment proposal released
Lexington-based Webb Companies and Lincoln Property Company out of Dallas will develop the property
LEXINGTON, Ky. (WTVQ) – The Lexington Center Corporation announced Thursday the Webb Companies in Lexington and Dallas-based Lincoln Property Company have been chosen to redevelop a 17-acre parking lot across the street from the newly renovated and expanded Central Bank Center on West High Street.
The Lincoln-Webb proposal includes mixed-use commercial retail with a grocery store as a high priority, residential, hotel, event venue and multiple parking facilities. The parking structures would replace the existing High Street parking lot across from Rupp Arena, which would be developed.
Earlier this year, the city’s new pro soccer team, Lexington Sporting Club, proposed building a 6,000 seat soccer stadium, hotel and apartment complex on the site. It was one of four proposals the Lexington Center Corporation received for the redevelopment of the property. Team officials told the Lexington Herald-Leader on Thursday they ultimately pulled the proposal for the High Street lot.
Lincoln-Webb is still in negotiations with Lexington Center Corporation and no deal has been finalized, meaning the proposed redevelopment plan is just that, a proposal, not a done deal.
The land is part of a tax increment financing district or TIF project. The project qualified for $41 million in state tax rebates over 30-years. Developers have to spend more than $200 million to begin receiving state taxes.
Here is the news release sent out Thursday by the Lexington Center Corporation:
The Lexington Center Corporation (LCC) announced today that it has selected the Lincoln Webb LLC to continue negotiations to develop the property on High Street.
Lincoln Webb LLC is a team comprised of Lincoln Property Company and Webb Companies.
The TIF Committee included nine members of the LCC Board as well as a representative from VisitLex and the Lexington Fayette County Urban Government (LFUCG.)
According to LCC Board Chairman Bob Elliston, “The LCC TIF Committee has worked diligently for almost a year vetting proposals received for its Request for Proposal issued in September 2021. The committee
carefully considered all proposals with assistance from Commonwealth Economics on financial matters and MKSK Studios for urban planning advisory services.”
With over 55 years of experience, Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 9,000 people in 40 states and 10 countries across Europe. Since its inception in 1965, Lincoln Property Company has developed over 150 million square feet of commercial real estate, and manages more than 400 million square feet of commercial space.
The Webb Companies, founded by Donald and Dudley Webb, is Central Kentucky’s oldest and largest commercial real estate firm, specializing in commercial development. The Webb Companies has completed millions of square feet of commercial real estate space in Lexington, Kentucky. This includes a wide selection of downtown and suburban office space, mixed-use developments, retail shopping centers, apartments and residential developments, warehouses and other industrial facilities.
The Lincoln Webb LLC proposal is in compliance with the comprehensive plan and reflects the proposed uses from a draft of the Downtown Master Plan from 20 years ago as well as the original Rupp Arts &
Entertainment District envisioned in 2012, which led to the expansion of the new Central Bank Center.
Included in the recommended property uses are: mixed-use commercial retail (with a grocery as a high priority), residential, hotel, event venue and multiple parking facilities.
The specific site location of the High Street Development Project is located directly across from High Street from the newly expanded Central Bank Center and renovated Rupp Arena, bordered by Lexington
Center Drive, Maxwell Street and High Street.
The site is approximately 17.5 contiguous area.