LEXINGTON, Ky. – A partnership of Lexington’s top developer, The Webb Companies, and Dallas-based Lincoln Property Co. will go into advanced negotiations with Lexington Center Corp. to create a major multiuse project for 17.5 acres adjoining Rupp Arena and Central Bank Center.
LCC said Thursday it has selected Lincoln Webb LLC to continue negotiations to develop the property on High Street. It now is a surface parking lot of approximately 2,000 spaces. An initial multilevel proposal from Lincoln Webb includes 3,600 parking spaces.
Lincoln Webb LLC is a team comprised of Lincoln Property Co. and Webb Companies.
“The LCC TIF Committee has worked diligently for almost a year vetting proposals received for its Request for Proposal issued in September 2021,” LCC Board Chairman Bob Elliston said. “The committee carefully considered all proposals with assistance from Commonwealth Economics on financial matters and MKSK Studios for urban planning advisory services.”
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.)
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 Co. has developed over 150 million s.f. of commercial real estate, and manages more than 400 million s.f. 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, Ky., including most of the major developments in the past several decades. Its most recent project was City Center on the block at the heart of the downtown. Others include 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 Lexington-Fayette 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.
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