Lexington, Ky. – Bridgeton Holdings plans to invest millions in equity to jump start the CentrePointe project. Its new plan calls for $166 million to complete the project, in addition to what has been spent.
Bridgeton would actively maintain all management and operations of the project. Centrepointe, LLC, would maintain a small passive ownership of the development, reflecting the contributions it has previously made to the site.
Mayor Jim Gray said, “Today is a first step. It’s a positive development that I hope leads to good jobs and a project that will have an economic impact beyond its physical borders, for the entire city. We don’t want to be overly optimistic because there’s a lot of work to be done to pull this together, but what we do know is that this development team brings real cash and enormous experience to the table. That’s a big deal.”
Questions have been raised about the possibility of building a new city hall on the site. “While the developer may want the City to move city hall, there has been no commitment to do that and there will not be any commitment to do that or anything else on that property unless it’s in the best interest of the taxpayers,” Gray said. “Taxpayers have options and this city has and will consider every possible alternative.”
In the coming days the development team plans on working with city leaders – in both the private and public sectors – to gauge interest in the project. They are anxious to move quickly to bring a landmark development to Lexington to spur a continued renaissance in the city. A specific construction schedule will be announced in the future.
“We expect and hope there is more than one option for developing the project,” said Mason Miller, an attorney working for the city. “At this point, the only issue under discussion is if and under what conditions the city will consider delaying implementation of the Conditional Restoration Agreement, and that has yet to be decided. Assuming that occurs, the next step will be discussion and negotiation concerning any specific proposals.”
As for the physical space that would occupy the city block, Bridgeton says they don’t expect the mixed use plan to change significantly…parking, offices, retail, apartments, condos and hotel spaces are all needed in the downtown and they plan on providing those amenities.