Lexington, Ky. – The Lexington Herald-Leader is reporting that the city of Lexington has options dealing with the long-delayed CentrePointe downtown development project if a March 30 deadline is not met.
In an article, the newspaper reports that if developers do not begin construction of a three-story underground parking garage, or fill the hole themselves, the city has the right to fill the hole or even foreclose on the property.
The report is just the latest in a years-long soap opera involving the project, which began in 2008 when an entire city block of historic properties were razed. The site was the scene of a grassy field for some years after that as developers struggled to secure financing amid the economic downtown, submit a number of design plans that drastically altered the scope of the project, and find the right combination of state and city tax incentives. Digging began in 2013 to make way for an underground parking garage, though work stalled shortly after the hole was complete.
The development was given an extension after new developers joined the project in 2015, however news surfaced just this week that the new partners were pulling out after portions of the project, such as constructing a new city hall on the site, were deemed unfeasible.
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