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High Street Redevelopment project gets green light to begin construction

Work could begin as early as 2024 — bringing a grocery store, hotel, parking + more downtown.

A rendering of three buildings in downtown Lexington with people walking around

The project includes parking, apartments, retail + more. | Rendering courtesy of Lincoln Webb LLC

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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”
  • Restaurants
  • 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.
A video of three renderings of downtown developments in Lexington.

The lease payments will help offset the loans from the expansion of the Central Bank Center. | Photos courtesy of Lincoln Webb LLC

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 —

  • Apartments
  • 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.

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