SOMERSET, Ky. — The Somerset-Pulaski Economic Development Authority (SPEDA) has sold 11 acres at SPEDA Commerce Park to a private developer who intends to build a large-scale commercial and retail complex facing Ky. 80.
“We believe this is a great jumpstart to the overall development of SPEDA Commerce Park and will serve an important need and purpose for the entire region of Pulaski County,” said Chris Girdler, SPEDA’s president and CEO.
Formerly known as the Garner property in the Pine Hill and Barnesburg Road area, SPEDA Commerce Park is a 142-acre development that offers state-certified build-ready sites and attractive four-lane road access to industrial prospects. The 11 acres recently sold run along Ky. 80 between the highway and Barnesburg Road.
This section of the development — and the entire park — will be enhanced by two interchanges at the Ky. 80 and Ky. 461 intersection, which are currently under construction. The $70 million road project is expected to be completed this year.
“While the Ky. 80/461 road project will significantly reduce traffic congestion in the Valley Oak area for our existing industries, it cannot be overstated how much this will benefit SPEDA Commerce Park as well,” Girdler said. “The progress on this road project has been incredible. Somerset and Pulaski County residents will see tremendous growth in this area in the next five years. I’m excited about the retail options this development will offer our residents on the east end of the county while also serving as an attraction for tourists traveling to Lake Cumberland from the interstate.”
SPEDA Commerce Park’s first tenant, the Kentucky National Guard, announced in 2020 its intentions to build a new regional readiness center and field maintenance shop on a different 18-acre tract. Girdler said the recent property sale proceeds would allow SPEDA to move into phase 2 of development at the commerce park, running all utilities and building roadways to ensure the property is ready for the Kentucky National Guard to begin construction on its new facility.
“We’re eager to get started on the next phase of development for SPEDA Commerce Park and grateful for the continued collaboration between the City of Somerset, Pulaski County Government, the Kentucky Transportation Cabinet and the Kentucky Cabinet for Economic Development, which is allowing us to market and develop this park in innovative ways,” Girdler said.