‘Announcements coming soon.’ What’s the status of High Street development near Rupp?

Developers of a proposed mixed-use project on the 17-acre Central Bank Center parking lot said they hope to make announcements soon on possible tenants for the property.

A timeline for when construction begins on the development, which was announced in May 2022 and approved in May 2023, has not been finalized.

“We’re still in the planning stages but hope to make some announcements soon,” said Dudley Webb of the Webb Companies. The Webb Companies and Dallas-based Lincoln Properties were picked in 2022 to develop the High Street parking lot over several other bidders.

The plans for the development still include apartments, a possible hotel, retail, restaurants and multiple parking garages to replace the 1,600 spaces on the current parking lot. The initial plans call for those parking garages to have 3,500 parking spaces, Webb said.

Webb said a key part of the development is a 3,000 to 5,000 capacity indoor event space, which would fill a need in Lexington’s downtown entertainment landscape.

Rupp Arena, across the street, has more than 23,500 seats. The Lexington Opera House on Short Street has slightly less than 1,000 seats.

There’s a lot of opportunity for entertainment acts that need more seats than the Opera House but less than Rupp Arena, Webb said.

“We are in serious discussions with people who want to run that event venue,” Webb said.

Grocery store in the works?

The group is also working hard to secure something that has long been wanted and needed in downtown Lexington: a grocery store, Webb said. The closest grocery store to Central Bank Center is the Kroger on Leestown Road — a little more than 2 miles away.

Allen McDaniel, executive director of the Downtown Lexington Partnership, a group that helps oversee downtown events and development, said a thriving downtown should allow people to live, work and play within walking distance.

The High Street development will allow that, particularly if it succeeds in attracting a grocery store, McDaniel said.

“Many downtown Lexington residents enjoy the ease of walking from home to shop in our retail establishments or visit one of the many bars/restaurants,” McDaniel said. “However, for many downtown residents, there is not a grocery option within walking distance. The addition of a major grocery store in the High Street development would allow many to access a grocery without the need for transportation. This walkability is one of the main draws for people to consider living in downtown Lexington.”

A grocery store and an entertainment venue could also help draw even more retail to downtown, McDaniel said.

Permits, financing and more

The downtown parking lot is owned by Central Bank Center.

As part of the May 2023 lease agreement, the developers had 180 days after May 2023 to do due diligence for financing. The developers had 16 months, with a possible six month extension, to get necessary permits and approvals for the property.

Webb said they have not yet had to ask for an extension. A development plan for the property has not yet been filed with Lexington planning officials. Webb said those won’t be filed until negotiations are completed with some future tenants.

The group will not need a zone change for the property, which is already zoned for a mixed-use development.

The Lincoln-Webb group will pay Central Bank Center $1.6 million per year while the property is being developed. Those payments could start as soon as 2024 if the permitting process is completed.

It will take several years to complete all phases of the project, Webb has said.

“This project will be a gamechanger for our city,” Webb said.

The mixed-use development will add to an already thriving area that has seen millions of dollars in public money spent on the renovation and expansion of Central Bank Center, which was completed in 2022.

The long-awaited Town Branch Park, a privately-funded park next to the center, started construction in August 2023. It will be largely complete in 2025.