At today’s LFUCG Planning Commission meeting, The Fayette Alliance conceptually endorsed George Krikorian’s proposed $70 million infill project in downtown Lexington.
The proposal aims to revitalize roughly 18 acres of underutilized industrial property along Angliana Avenue. Using adaptive re-use and new construction, the project envisions a movie theatre, bowling alley, grocery store, residential, retail and office space, exhibition space, and cafes.
Other amenities may include a pedestrian mall, pedestrian and cycling bridge, amphitheatre, “green” stormwater management practices such as rain gardens and water capturing systems, public art and green spaces.
Provided Mr. Krikorian receives development plan approval, he will apply for $35 million in TIF financing to complete needed utility burial on the property, and the construction of a parking garage and pedestrian bridge.
This project will transform a tired and economically depressed industrial corridor into a dynamic urban space—strengthening the “town and gown” relationship between U.K. and the city, while complimenting the Newtown Pike extension, new student housing development, and other improvements currently underway in the area.
With over 8,000 acres of blighted, underutilized, and vacant land inside the Urban Service Area, The Fayette Alliance conceptually endorses the development because it will responsibly accommodate our future growth needs without needlessly consuming our irreplaceable Bluegrass farmland.
As the Planning Commission approved the project’s preliminary development plan, the Alliance will remain involved in the ensuing process to ensure that any infrastructure, transportation, and other development issues are resolved prior to construction.
View the Lexington Herald-Leader’s article covering the Planning Commission meeting, The Angliana Ave development gets preliminary nod