LEXINGTON, Ky. (LEX 18) — Transylvania University announced that it's selling Marquard Field Complex. It's been home to the school’s Pioneer baseball program for 20 years. Now, the 12.5-acre property will be transformed into an affordable housing development.
President Brien Lewis says, "You know if you sort of take all the components of price, not having to deal with a lot of other contingencies and complications, and the purpose. You put all of those things together and it was absolutely the right choice for Transylvania to make."
Several banking partners came together to establish a $3 million revolving capital fund. Affordable housing developers are working with local non-profits, including Lexington for Everyone, to put together a plan for the rental and owned property development. The community will be for families that make between 30 to 80 percent of the area's median income.
Lexington for Everyone’s chair Raymond Daniels says, "Yea, so the vision is really based on the timeline created by the city council and some of the conversations we've had around land development and land use."
Speakers explained the vital necessity of affordable housing here in addition to making Lexington’s community more equitable for more residents Lexington for Everyone's chair explains that there will be additional benefits for everyone in the city moving forward -- like talent retention in schools and in the workforce.
"So we think retention job wise we think this lines up with what the major employers want to see. They want to see more housing so they can recruit more employees for their organizations,” says Daniels.
For Transylvania, the announcement was filled with full-circle moments. Its president explains that many of its students, faculty and staff who are looking for more affordable options, the university's president hopes that partnerships like this one are a model for other communities.
Lewis says, "I think we've got to get creative and bring as many people to the table to figure out the solutions to these as possible because it's not just gonna be one sector, one entity that's gonna solve the issue."
The sale of the complex is set to be completed by the end of the year. The groundbreaking for the affordable housing project is set to take place next summer.
