To lure more jobs, Lexington will have to spend $17.3 million on new industrial park
To build roads and install streetlights, curbs and sidewalks for a new 200-acre industrial park would cost between $17.3 million and $17.9 million, according to a new Lexington master planunveiled Tuesday.
The city is in the process of acquiring the Coldstream Park off Georgetown Road near Interstate 64 and Interstate 75 from the University of Kentucky for a new industrial and business park.
As part of a land swap with the city, UK agreed to turn over the 200 acres; the land is currently a research farm. In return, the city gave UK control of 13 streets in and around the university. The 2017 deal was announced the day before the Lexington-Fayette Urban County Council was set to vote on the 2018 Comprehensive Plan.
The deal provided the city with a large amount of potential shovel-ready property to lure new businesses and create new jobs while keeping its current growth boundary.
The property will not be turned over by UK until about July 2022, city officials said Tuesday. UK had to move a dairy research program that was on the property.
The city has been working to develop a master plan for the site to ensure the property was ready to market shortly after the title to the land is transferred to the city, city officials said Tuesday.
“We have been working on this site since November of last year,” said Erin Hathaway of Gresham Smith, a consultant hired to help with the master plan. Hathaway presented the proposed master plan during a Tuesday Lexington-Fayette Urban County Council Budget, Finance and Economic Development Committee meeting.
In addition to the master plan, there still needs to be zone changes, permitting and other alterations before July 2022, Hathaway said.
Hathaway said the consultants and city worked with adjoining neighborhoods, including Coventry, which abuts the property, and other economic partners to develop the master plan.
The master plan shows two entrances to the property on Georgetown Road. One would have a traffic signal across from the Kearney Hall neighborhood. The other entrance would be a stop sign.
Those roads and entrances are determined by the Kentucky Transportation Cabinet, which controls Georgetown Road, Hathaway said.
In addition, roads and stormwater retention ponds would have to be constructed inside the property. The plans include a 100-foot planted tree or vegetation buffer between the park and the Coventry neighborhood.
That buffer would be much larger than 100 feet because there is a utility easement through that buffer, creating additional space between the neighborhood and the commercial property, Hathaway said.
“The biggest concern that I have heard from the neighborhood is that buffer, and I think this is a good solution for it,” said Councilman Josh McCurn, who represents the area.
The proposed master plan also shows the nearby Legacy Trail would go through the property. A multi-use trail is also proposed inside the park. The park would have 45 acres of open space and 135 acres available for development. The remaining 20 acres are for infrastructure.
Hathaway said the connection of the trails would allow the Coventry and Kearney Hall neighborhoods to access the Legacy Trail. Currently, those residents have to drive to Newtown Pike to access the trail.
“It will have just under 1 million square feet of industrial space,” Hathaway said. The plans also call for 60,000 square feet of commercial space and 390,000 square feet of office space.
Hathaway cautioned the $17.3 million to $17.9 million is an estimate and construction costs are fluctuating, she said.
The city has approximately $114 million in American Rescue Plan Act money it can use on certain projects over the next two years.
Kevin Atkins, the city’s chief development officer, told the council Tuesday that federal stimulus money can be used to upgrade the property.
A decision on how the federal stimulus dollars will be spent has not been made yet.
This story was originally published June 29, 2021 at 3:20 PM.
