LEXINGTON, Ky. (Aug. 27, 2012) — The Webb Companies, the original developer and managing partner of Victorian Square Associates, LLC announced today that it has teamed with Jeffrey R. Anderson Real Estate, Inc. of Cincinnati to re-acquire the Victorian Square project in downtown Lexington from Alex Campbell and Bill Young Jr.
“It has now been almost 30 years since we teamed with the Webb’s and others to save this historic block,” Young said. “We felt it only fitting that we should see that it stays in the hands of folks who care about it as much we do.”
“Lexington should be forever grateful to the original investors who stepped up to help us save this significant downtown block when nobody else would,” said Dudley Webb, chairman of The Webb Companies. “Now that the project is again due for re-invention, it will be important for the community to continue to cooperate with the new investors who are again stepping up to ensure that the project remains viable as well as complementary to all of the other wonderful things that are going on in the area.”
The Webb Companies searched for the best team available to help engineer the reinvention, Webb said.
“Everyone we talked to in the retail business kept recommending Cincinnati’s Jeffrey R. Anderson Real Estate, Inc. for that role,” he said. “It became obvious to us that Jeff Anderson’s firm is truly the premier Midwest retail real estate firm and the absolute best that could help us to meet the unique challenges inherent in the project. We quickly found that they not only enjoyed a superb and ‘walk the talk’ track record with national tenants, but they were also willing to put their money in to help ensure the project’s success. Some examples of their most recent success stories include many of the new Retail Centers in Cincinnati, including The Banks mixed-use project that is just being finished on its Riverfront, Crestview Hills Town Center in Northern Kentucky, and The Summit in Louisville.”
Anderson said he had always admired and loved downtown Lexington, and that when his company was approached with the opportunity, “we jumped at it.”
“Not only does this project have unlimited potential, but the rest of the downtown does also,” he said. “The thing that impressed me most about the city is that Mayor Gray, the LFUCG Council and the private sector have all committed to making the downtown a showcase and they are flat-out making it happen. This is why we are so excited about becoming a part of it.”
Anderson’s immediate focus will be on achieving the right eclectic mix of existing tenants as well as new national and locally-owned restaurants and entertainment facilities. His company already is in discussions with operators who will see Lexington’s hotel base, office population, Rupp Arena and the proximity to the University of Kentucky as a great opportunity.
“Our goal is to make this block a place to see and be seen, whether you live within 50 miles of Lexington or are traveling to visit one of the Lexington area’s great attractions,” said Mark Fallon, vice president of real estate for Anderson. “Victorian Square redeveloped and leased correctly will serve to be a traffic generator that will help to get visitors to the area, want to stay in Lexington an extra day or two, as well as provide a central meeting and social gathering place for residents of the entire Kentucky Bluegrass Region.”
Within a year or so, Fallon said, “you won’t believe your eyes. We think the changes will be that dramatic and the results that exciting.”
Jeffrey R. Anderson Real Estate is responsible for nearly 8 million square feet of retail development. Examples of Anderson projects can be found here.