RFQ for Development of High Street Mixed-Use Project
LEXINGTON CENTER ANNOUNCES REQUEST FOR QUALIFICATIONS FOR DEVELOPMENT OF A HIGH STREET MIXED-USE PROJECT
LEXINGTON, KY (Oct. 4, 2016) – The Lexington Center Corporation (LCC) announced today that it will seek proposals to qualify a developer(s) to develop a mixed-use project in the heart of downtown Lexington.
The specific site location of the High Street Development Project (HS-Project) is currently utilized as a large surface parking lot that is located directly across High Street from the Lexington Convention Center and Rupp Arena, bordered by Lexington Center Drive, Maxwell Street and Poplar Alley. The site is approximately 17.5 contiguous acres.
According to Lexington Center Board Chairman Brent Rice “This is the first step in what eventually can become a dynamic urban environment which will be a transformative mixed use development that can impact the vibrancy of downtown Lexington. The HS project could be comprised of various uses such as offices, residential units, hotel/lodging, restaurant hospitality and other services. We expect considerable interest from highly experienced and skilled development groups both in terms of specific uses and master planning as well.”
LCC will not be guarantors of the development project nor will they take an equity position in the HS-Project. LCC is willing to offer an attractive long term land lease to the selected developer. The parking needs of Lexington Convention Center, Rupp Arena and existing commitments to the Hyatt Regency hotel will also be a condition of any proposed project.
The response to this HS-Project RFQ is divided into two phases. Phase 1 is a summary of what the respondent is willing to build, and an evaluation of the respondent’s qualification and experience in designing, financing, executing, and managing similar developments in the past. The Phase 2 addendum will describe a competition to evaluate design, market feasibility, ability to finance and execute the proposed improvements and the revised financial deal terms with LCC under a long term, participating land lease format. It is envisioned that no more than 3 or 4 respondents will be invited to participate in the more rigorous elements of Phase 2 of this RFQ.
A complete RFQ description can be found on the LCC website: http://www.lexingtoncenter.com/rfqs
Interested and qualified parties are invited to direct question in writing to:
Mr. Bill Owen
Lexington Center Corporation
Email: [email protected]
Written responses should be delivered by Monday, November 28, 2016 at 2:00 p.m. EDT, qualifications must be received in a sealed envelope marked on the outside “High Street Development Project” and addressed to:
Mr. Bill Owen, President, CEO
Lexington Center Corporation
430 W. Vine Street
Lexington, KY 40507