1 million s.f. of retail, residential space at corner of Nicholasville Road and Man o’War Boulevard
LEXINGTON, Ky. (Sept. 18, 2013) — The Urban County Council on Tuesday approved mixed-use retail and residential zoning for The Summit, a $92.5 million development at the corner of Nicholasville Road and Man o’War Boulevard.
The upscale shopping and residential development will be located in what the developers – Alabama-based Bayer Properties – call “the bull’s-eye of Lexington, Ky.’s thriving retail hub.” Developers say the new shopping destination will not compete with other retail locations, but will complement them.
The Summit will offer 1 million s.f. of residential and commercial space on 50 acres of land across from Walmart. That will include 435,000 s.f. of residential space, including living space above retail shops and individual homes. The plan, which could change, also proposes a five-story hotel and two parking garages.
A final development plan must be approved before construction begins.
Construction of The Summit will generate up to $153 million in economic impact, according to Bayer Properties, which also developed The Summit in Louisville and several other similar developments across the United States.
Neighbors expressed concerns about the additional traffic on an already congested area of the city.