Fayette Mall tops list of Lexington's most valuable properties

bfortune@herald-leader.com, ssloan@herald-leader.comOctober 8, 2012 

What is Lexington's most valuable property? Fayette Mall. Well, at least part of it. That bit of trivia was among many factoids released recently in the 2012 annual report prepared by the office of Fayette County's property valuation administrator, David O'Neill.

"The PVA has a wealth of data and statistics that hasn't been tapped by business and city leaders to grow the tax base, recruit businesses and jobs," he said.

The entire report can be viewed on Fayette-PVA.com, but read on for a listing of Lexington's 15 most valuable properties ranked by their 2012 PVA-assessed value, as well as how that compares to their 2011 values.

A few things to keep in mind: This doesn't include properties that are exempt from property tax, such as hospitals, schools, government buildings and churches.

Also, what you might think of as one property can actually be several parcels of land. Take, for instance, Fayette Mall.

What's commonly considered the mall is made up of nine parcels, three of which show up on the list of the 15 most valuable.

Also, the business operating on a certain parcel might not actually own it. Businesses frequently lease buildings.

TOP 15 MOST VALUABLE PROPERTIES

1. Part of Fayette Mall, $67 million

Includes the interior portion of the mall bounded by Macy's, JCPenney and Sears. The 17.79-acre parcel also includes a portion of land behind the mall's rear road that backs up to Shillito Park Road. Also ranked No. 1 in 2011 with the same assessed value.

2. Lexmark International's campus, $55 million

Includes Lexmark's campus on both sides of West New Circle Road at Newtown Pike. The 303-acre single parcel accounts for about 80 percent of all of Lexmark's property in that area. Also ranked No. 2 in 2011 with the same assessed value.

3. Part of Fayette Mall, $50 million

Includes the portion of Fayette Mall connecting Sears, Dillard's and Dick's Sporting Goods. Sears and Dillard's own their property, but Dick's is included in this parcel. Assessed value up 88 percent from $26.6 million and No. 9 ranking in 2011. The near doubling in assessed value came because the PVA reassessed the property after mall operator CBL & Associates issued a news release that stated the value of a loan it received that was secured by the mall, O'Neill said. "The mall was not assessed anywhere near that, so I reassessed them," he added. He said the reassessment took into account only certain parcels, such as this one, as "some were significantly low."

4. Keeneland Race Course, $43.5 million

While this 263-acre parcel does not account for all of what's thought of as Keeneland, it includes the track and barns, as well as some of the parking areas. Ranked No. 3 in 2011 with the same assessed value.

5. Part of Hamburg shopping area, $41 million

Includes a portion of Hamburg with stores such as Dick's Sporting Goods, Big Lots and OfficeMax. Target and Kohl's are part of that strip of stores, but the chains own their own parcels. Ranked No. 4 in 2011 with the same assessed value. Even though many locals think of the Madden family as owning and developing all of Hamburg, much of that section was sold in the 1990s to Atlanta-based real estate development company Thomas Enterprises.

6. The Plaza at Fayette Mall, $40 million

The newest portion of the mall includes such restaurants as T.G.I. Friday's and The Pub, retail like Old Navy and Gordmans, and the Cinemark movie theater. Up 23 percent from $32.6 million and a ranking of No. 5 in 2011.

7. Newtown Crossing apartment complex, $37 million

The residential complex mainly for college students is off South Broadway. Up 17 percent from $31.5 million and a ranking of No. 6 in 2011. The increase came because O'Neill said he reassessed all student apartment complexes in 2011. "There's been a lot of sales and activities, and assessments were kind of all over the place," he said. "That was a particular segment of the market that needed attention."

8. The Marriott Griffin Gate Resort & Spa, $34.6 million

Also includes the nearby Mansion at Griffin Gate but not the adjacent golf course. Up 26 percent from $27.4 million and a ranking of No. 7 in 2011. The increased assessment came as part of a reassessment done after the property was sold by DiamondRock Hospitality to Inland American Lodging in March 2012.

9. The Lex apartment complex, $30.3 million

The complex mainly for college students is off South Broadway. Up 35 percent from the 2011 assessment of $22.4 million, which did not rank it among 2011's 15 most valuable properties. O'Neill said the increase came because the complex was still under construction in 2011.

10. Bridle Creek Apartments, $26.7 million

The complex is along Nicholasville Road across from Fayette Mall. Down 2 percent from $27.3 million and a ranking of No. 8 in 2011.

11. The Campus Court at Red Mile apartment complex, $24.8 million

The complex mainly for college students is along Red Mile Road. Up 77 percent from the 2011 assessment of $14 million, which did not rank it among 2011's 15 most valuable properties. O'Neill said the increase came because of his reassessment of student apartment complexes.

12. The Grand Reserve at Pinnacle apartment complex, $24.5 million

The complex is off Tates Creek Road south of Man o' War Boulevard. Ranked No. 10 in 2011 with the same assessed value.

13. Tates Creek Centre shopping center, $23.6 million

The center is at Tates Creek Road and Man o' War Boulevard. Ranked No. 11 in 2011 with the same assessed value.

14. Xerox on Yorkshire Boulevard, $23.4 million

The operation, formerly called ACS, includes call centers among other business services, such as mail processing. There are about 1,000 employees at that site. Ranked No. 12 in 2011 with the same assessed value.

15. Lexington Financial Center, $23 million

The skyscraper downtown, the city's tallest, is also known as the Big Blue Building. Ranked No. 13 in 2011 with the same assessed value.

No longer ranked

These properties fell off the list from 2011 to 2012.

The Forty57 apartment complex, $22.7 million, along Man o' War Boulevard near Nicholasville Road. Ranked No. 14 in 2011 with the same assessed value.

Central Bank building downtown, $22 million. Ranked No. 15 in 2011 with the same assessed value.

Beverly Fortune: (859) 231-3251. Twitter: @BFortune2010. Scott Sloan: (859) 231-1447. Twitter: @HeraldLeaderBiz.

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