Last month, we shared with you that Lincoln Webb LLC + the Lexington Center Corporation have agreed to terms for the High Street Redevelopment project, aka the 17-acre parking lot across from Rupp Arena. Now we have a little more insight into what exactly we’ll see.
Dudley Webb, Chairman of Webb Companies, said the total cost for the project would cost ~$350 million and will include —
- A 400-500 room hotel
- An entertainment venue with seating for up to 4,000-5,000 people for concerts
- Around 800 apartments, with some of them being considered affordable housing
- Retail including “a huge grocery store”
- And of course, parking.
Webb said that he expects it to be open within three years.
This agreement means the development group — created through a partnership between Dallas-based Lincoln + Lexington’s Webb Properties — has the green light to begin construction.
🏗 What’s next?
- Lincoln Webb has 180 days to do due diligence for financing, meaning secure investors + lock-in commitments.
- The group will have 16 months to get permits + approvals for the property, with the possibility of a six-month extension.
- Lincoln Webb will pay $1.6 million per year while the land is being developed (which could be as early as 2024).
- Once the project is ready, the lease payment will bump up to $2 million annually.
- The lease term is 99 years.
While any updates to the original development plan haven’t been released yet, one key aspect of the agreement is parking, parking, and more parking.
🏗 What’s being built?
The initial plans for the multi-use development called for —
- Retail + grocery store
- A hotel
- Five parking garages
The land will be developed in phases and the parking lot will still be in use during construction.