LEXINGTON, Ky. (LEX 18) — The Lexington Center Corporation (LCC) announced Friday that it will accept proposals from developer(s) to develop a mixed-use property in the heart of downtown Lexington.
The specific site location is currently a large surface parking lot located directly across High Street from the newly expanded Central Bank Center (CBC) and renovated Rupp Arena. It is generally bordered by Lexington Center Drive, Maxwell Street, and High Street. The site is approximately 17.5 contiguous acres.
This project, known as the High Street Development Project, has long been considered in the downtown long range planning process.
The plan includes building out a site, which was assembled in the 1970’s, into an urban environment with greater density and higher utilization. The goal of the proposed development is to support Central Bank Center activities, especially parking, but also add opportunities to contribute to a more vibrant downtown.
In October 2019, LCC was awarded a Tax Increment Financing (TAF) by the Kentucky Economic Development Finance Authority (KEDFA). LCC has already agreed with the Lexington-Fayette Urban County Government (LFUCG) and KEDFA to terms related to a Tax Increment Financing (TIF) District on the HS-Project block and surrounding areas that enables the use of certain incremental tax revenues generated within the HS-Project to help fund the development of parking structures.
As part of the proposed plan response, it is a requirement that any winning bid includes a plan for parking that will support the proposed land use while also providing parking options for CBC and Rupp Arena events.
It is also required that the developer provides 2,000 parking spots to replace the ones that are there now.
The next steps in the proposed timeline include a non-mandatory pre-bid Q&A conference and tour of site in October, with the deadline to submit written questions in November. Submissions of proposals are due December 10. The final stages will continue into January 2022. LCC reserves the right to modify dates as necessary.
Detailed information about responding to this HS-Project RFP can be found at www.centralbankcenter.com.