A Wisconsin development company plans to build an apartment complex in the Summerfield subdivision off Winchester Road.
To be called Springs at Winchester Road, the complex by Continental Properties will be situated on 15 acres fronting on the major roadway but will be accessible through roads in Summerfield.
The company plans to construct 11 two-story buildings housing 252 units. Each building in the gated and fenced complex will range from 20 to 28 units, said Sara Johnson, associate development director and design manager.
Construction is expected to begin on the project in late summer or early fall with completion scheduled for the end of 2014 or beginning of 2015. The area is already zoned to allow for houses and apartments.
The plan continues work in developer Tim Haymaker's Summerfield subdivision that long sat with just one home during the depths of the Great Recession. But beginning in 2011, Haymaker reconfigured the neighborhood's plans to allow homes priced between $200,000 and $300,000 instead of its intended price tag of more than $350,000. The result has been a boom for the area.
"We were never interested in anything but single-family homes in there, but when we got acquainted with these people, they did quite a selling job on us proving they are as good as it gets in the apartment business," said Haymaker, owner of Haymaker Development. "We decided this would complement all of what we're doing and where the city wants to go with as much density as possible within the urban service boundary."
Kimberly Grimm, vice president of development for Continental Properties, said the proximity to the Hamburg area's amenities — "all of the restaurants and shopping" — attracted the company's interest.
The company, which has retail, apartment and hotel properties in more than 20 states, also liked Lexington's diversified economy, she said.
Existing apartment complexes "have high occupancy and good rent growth," she said. "We feel like there's a lot of opportunity due to the population and employment growth and diversification of employment."
Among the features of the complex is the availability of some attached and detached garages, Johnson said.
The units will range from 525 square feet for studios to 1,400 square feet for three-bedroom apartments.
The complex will include a 3,400-square-foot clubhouse and offer free wireless Internet access and a 24-hour fitness center. There will also be a fenced, leash-free dog park inside, Johnson said, and a resort-style pool that offers cabana-style seating and wading areas.
"It's not just your rectangular, lap-style pool," she said.
Scott Sloan: (859) 231-1447. Twitter: @HeraldLeaderBiz