Developers hope to build a $250 million complex, including a four-star hotel, condominiums, retail and office space and parking in Lexington, with construction to begin this fall on a central downtown block, developers said March 4.
Darby Turner, an attorney representing the Webb Companies, said the CentrePointe development may be the largest private investment ever in downtown Lexington, but will not be possible without tax increment financing (TIF) for public infrastructure elements. It would be Lexington’s first TIF project and will need approval by the Lexington-Fayette Urban County Council and the state.
It would generate approximately 2,500 construction jobs for a two-year period and an estimated 919 jobs upon completion.
The complex would be on the block bounded by Vine, Lime, Main and Upper streets. CMMI, an Atlanta firm specializing in hospitality design, is the architect. CMMI is working with Lexington architectural firm Sherman-Carter-Barnhart.
Plans for complex include:
• A 430-foot central tower, which will house hotel rooms and 77 condos. The tower will be almost as tall as the Lexington Financial Center, Lexington’s tallest building;
• A 243-room, four-star hotel with ballrooms, a theater and meeting space;
• 85,000 square feet of office space;
• 26,000 square feet of retail space;
• 615 parking spaces in an underground garage;
• A 486-space parking garage beneath adjoining Phoenix Park and an extension of the Public Library parking garage;
• Several restaurants and a 15,000-square-foot spa.
Developers of the project are the Webb Companies, Lexington, and JH Anderson Holdings, Inc., based in Ft. Lauderdale, Fla. Anderson is a University of Kentucky alumnus.