A $72 million redevelopment project for Midland Avenue in downtown Lexington received final approval by the Kentucky Economic Development Finance Authority on Thursday.
The redevelopment project consists of four different phases along Midland Avenue over a 31.7-acre site. The proposal includes approximately: 40,000-s.f. of leasable mixed-use retail space; 27,000-s.f. of leasable mixed-use restaurant space; 70,000-s.-f. of office space; 190,000.s.f. of multi-family residential space.
The construction is estimated to take place over the next five years.
Infrastructure costs will be approximately $17 million, which include: land preparation; curbs, sidewalks, and related improvements; road improvements; utilities and street lighting; public parking; storm and sanitary sewer improvements; public spaces or parks and other amenities; easements and rights of way.