The space at 2420 and 2434 Nicholasville Road that formerly housed Circuit City and Rafferty's is being demolished to make way to new tenants, including a two-story Planet Fitness that is a prototype for new locations of the gym chain.
Mark Yates, director of real estate for Brookhaven, which is redeveloping the site near Malabu Drive, said other leases are being negotiated.
A site plan is scheduled to go before the city's planning commission this week, Yates said.
The plan shows that the land is to include a new 30,000-square-foot retail box plus three other parcels. One of the parcels would front Nicholasville Road, where Rally's formerly sat, and two would be on the interior of the lot. The plan for the lot facing Nicholasville Road includes spaces for a drive-through, according to the city planning commission map.
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Brookhaven is hoping to lease some of the space for "fast casual or upscale restaurants," Yates said.
Lexington's Planning Commission staff has recommended approval of the plan, he said.
The site is "a great location on our main retail artery. ... We're just repositioning the property back into the market," Yates said.
Brookhaven has owned the property for nine years.
Circuit City closed the Nicholasville Road store in 2008; the chain closed all its remaining stores and went out of business in 2009.