LEXINGTON, Ky. (LEX 18) — The developer behind the plan to redevelop the parking lot next to Rupp Arena is sharing new details about the plan.
Replacing the parking lot along High Street would be a mix of housing, retail and entertainment.
Two companies are behind the project; Lincoln Property Company and The Webb Companies. Webb Companies Chairman Dudley Webb has been a part of many of the biggest developments in Lexington over the past half century, including the Lexington Financial Bank Center and City Center. They recently signed a lease for the lot.
‘“It’ll be huge,” Webb said of the impact of the plan. “It’s an exciting new development.”
The total cost will be about 350 million dollars, Webb said. He envisions a 4-500 room hotel being built along with a new entertainment venue that could sit 4-5,000 people for concerts
The project includes plans for 800 apartments, Webb said. He anticipates some of those apartments will be considered affordable housing.
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“There's demand here and that’s our last place to grow [downtown] when you think about it,” Webb said.
The ground floor of the buildings would include retail, including restaurants.
A grocery store is also planned to be included in the project. It would become the only grocery store downtown.
“This is going to be a huge grocery store,” Webb said “it’ll be a gamechanger.”
When asked if he knows which grocery store will fill the space, Webb said they do “but we can’t announce it yet but you can guess.”
People have shared concerns with LEX18 about how the project will leave downtown and Rupp Arena with less parking. Webb said the opposite will be the case because of their planned parking garages.
Right now, he said, there are about 2,000 parking spaces. Once the development is completed there will be 3,600 parking spaces, Webb said. It’s an increase of about 1,600 spaces.
And for those concerned about finding parking during construction, Webb said they are building in stages, allowing one part of the parking lot to stay open while a parking garage is being built on another part.
Construction would not start after the next UK basketball season ends, Webb said.
A previous Webb project, Centrepointe/City Center was delayed by about 9 years. Web said that was due to recessions and other issues.
He hopes to open the new development within three years.
Asked about his confidence they can meet that deadline: “oh yeah, this will be built on-time, I think,” he said.
