UPDATE: $150 million ‘regional power shopping center’ with Target coming near Frankfort
Attention, shoppers: Big changes are headed to I-64 near Frankfort.
A large regional shopping center, called The Paddocks of Frankfort, will soon feature a new Target and other stores and restaurants, officials announced Tuesday.
The Paddocks of Frankfort is off exit 53 of I-64 at U.S. 127 South in Frankfort. Target has already signed a lease at the plaza, and it will be the first Target in Franklin County, according to Gov. Andy Beshear.
The shopping center will be the largest in Frankfort and Franklin County history, according to Beshear. What’s spurring developers to build there? Equity Management Group Inc. points to a population of over 50,000 within seven miles of the plaza.
Another yet-to-be-identified national retailer has also signed with The Paddocks of Frankfort.
Jason Taylor, broker for Equity Management Inc., the real estate company handling the development of the property along with Pat Madden of Hamburg Place, said the location will be a regional power shopping center, similar to Hamburg Place in Lexington.
That popular center off I-75 is a collection of 70 shops and restaurants.
Commonwealth Economics analyzed the project and determined it is expected to directly support 1,085 jobs and $28 million in annual wages, Beshear said.
“Frankfort is a special place, filled with special people, and it’s the city my family calls home,” he said in a news release.
The project, Beshear added, “is a huge development for our Capital City. It will spur economic development, boost tourism and, most of all, provide a new shopping and entertainment experience for the folks that live here.”
The first store at the new center should open in 18-24 months, Taylor said. Several lots ranging in size are available for lease.
Forty acres of the property are also for sale for commercial use.
“We are excited to start announcing co-tenants, as soon as we can - a mix of first-class retailers and restaurants new to the Frankfort market,” Taylor said in an email to the Herald-Leader.
The development is also projected to create 1,732 construction jobs over three years, the governor said.
The investment in the Paddocks of Frankfort is a “great sign of growth in our passionate community,” Frankfort Mayor Layne Wilkerson said.
“Guests love the Target experience, and we welcome their investment in Frankfort. The city is proud to support the Paddocks and we are grateful to the development team for their investment.”
A new signalized intersection, revised exit ramps and road extensions are being added for easy access to the plaza.
This story was originally published June 4, 2024 at 11:53 AM.
