Covington-based Ashland Inc. plans to build a $35 million, 145,000-square-foot office building in Lexington to house its Valvoline business unit and other Ashland corporate employees, about 600 in all.
The new building is to be on the existing Ashland campus between Blazer Parkway and Palumbo Drive.
Construction is scheduled to begin this fall, with completion targeted by February 2017.
"The new building is being designed to match Ashland's office space needs in Lexington and will operate at a lower overall cost versus today," said Ashland vice president Anne Schumann, the chief information and administrative services officer.
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"After conducting a thorough review of our options within Lexington's commercial real estate market, we decided the best path forward would be to partner with a developer to build a modern, world-class facility on our existing campus."
The Kentucky Cabinet for Economic Development and the Lexington-Fayette Urban County Government have offered as much as $1 million in support, subject to approval by the Kentucky Economic Development Finance Authority and the Urban County Council.