Efforts to see further economic development on long-standing acreage near the interstate in Lexington continue. The Lexington City Council’s Budget Committee got an update Tuesday.
The Legacy Business Park is the name of 200 acres situated off Newtown Pike. Those acres were part of the land-street swap between the City and the University of Kentucky. Craig Benz is an administrative officer in the mayor’s office. Council Member Whitney Baxter asked Benz about any early interest.
“Do we have any potential interested parties thus far? Asked Baxter.
“So we are, Cushman and Wakefield is helping us out with marketing this site and they have been very active in that regard. They are definitely receiving phone calls,” responded Benz.
Benz said a groundbreaking is planned for the first of the year for phase one, which is about 40% of the 200 acres. The Urban County government has allocated more than $12 million, much of it in federal coronavirus recovery funds to pay for infrastructure in the business park. Benz said it’s still too early to estimate the revenue per acre as it relates to net profits or payroll taxes to the City.
