What’s being built at 17-acre Rupp parking lot in downtown Lexington? Here’s the plan
Construction is to begin this summer on a $450 million mixed-used development on the High Street parking lot across from Rupp Arena.
Developer Dudley Webb said Tuesday the 17-acre lot is expected to have a hotel, apartment complex, multiple parking garages, an entertainment venue with up to 4,000 seats, grocery store and other retail options.
The first structure to go up will be a parking garage, Webb said.
Webb declined to say who the grocery store tenant is.
The lot is owned by Lexington Center Corporation, which oversees Central Bank Center and Rupp Arena.
As part of the development agreement, Webb and Lincoln Properties, the Webb Companies development partner, must provide 1,600 parking spaces to replace the current surface parking on the lot during construction.
Mayor Linda Gorton mentioned the development in her State of the City speech on Tuesday.
The deal between Lexington Center Corp. and Dallas-based Lincoln Properties and the Webb Companies was first announced in May 2022 and finalized in May 2023.
Webb said Tuesday the group has been working with the city and the group’s engineers and architects to finalize designs for the project.
Webb said the project will take 36 months to complete. The first parking garage will likely be built toward the back of the property at the corner of South Broadway and Maxwell streets.
Apartments or a hotel will come next or at the same time as the parking garage, he said.
The project will be built in phases. the Lincoln-Webb group will pay $1.6 million per year while the property is being developed, according to the agreement.
Once the project is completed, the annual lease payments will increase to $2 million. That $2 million annual payment will increase per year over the course of the 99-year-lease, according to lease documents.
The Webb Companies are long-time Lexington real estate developers and recently celebrated its 50th anniversary. Most recently, the Webbs developed City Center, a downtown development that includes hotels, an office tower and restaurants. Lincoln Property Company currently manages more than $94 billion in commercial property assets. Since 2018, Lincoln has developed more than $22 billion in commercial properties.
This story was originally published January 28, 2025 at 1:58 PM.