Red Mile Design Proposal
Red Mile redevelopment might include instant racing
by Janet Patton, 8.31.11, Kentucky.com
The Red Mile last week received final approval from the state for more than $25.32 million in tax increment financing for a re development project near downtown Lexington that would include instant racing.
The Lexington harness racetrack — just off South Broadway, about a half-mile from the University of Kentucky campus — proposed an 80-acre mixed-used development of apartments, a hotel, retail and restaurant spaces, parking garages and offices.
According to the approval from the Kentucky Economic Development Financing Authority, the TIF portion from the Lexington-Fayette Urban County Government would be reduced to slightly less than $13.79 million “if in the future instant racing is determined to be an ineligible activity.” Read more at Kentucky.com
Urban County Council Approves Red Mile Text Amendment
On Thursday, September 24th, 2010 the Planning Commission unanimously recommended approval of the Entertainment Mixed-Use (MU-3) Text Amendment. Once approved by Council, this text amendment will allow “Entertainment Mixed-Use” projects on parcels larger than 10-acres in Lexington.
This text amendment will facilitate not only “Entertainment Mixed-Use” projects throughout the Urban Services Area, but also on 62-acres at the Red Mile Race Track.
At the Red Mile, the applicant aims to construct:
- 150 to 200 condominiums for young professionals;
- Over 300,000 square feet of retail and office space;
- A 130 – 150 room hotel; and
- A 15,000-25,000 square foot entertainment area—anchoring over $170 million in mixed-use development in downtown Lexington.
