LEXINGTON, KY DOWNTOWN MARKET INVENTORY 2015 LEXINGTON DOWNTOWN DEVELOPMENT AUTHORITY I www.lexingtondda.com I (859)425-2296
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DOWNTOWN LEXINGTON I 3 5 8 10 13 20 28 32 35 40 // EXECUTIVE SUMMARY // COMMUNITY PROFILE // DEVELOPMENT + INVESTMENT // WORKING DOWNTOWN + EMPLOYMENT // LIVING DOWNTOWN // DINING + SHOPPING // ARTS + CULTURE // ATTRACTIONS // ON THE GO This market analysis relied on data assembled by the LDDA, which included a walking survey, e-mail surveys, and gathering information from realtors and property managers. Other government agencies and private and secondary sources also contributed to this report. The LDDA cannot be held responsible for the accuracy of this data or for decisions made resulting from the use of the data in this report.
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DOWNTOWN LEXINGTON I 5 // EXECUTIVE SUMMARY The Lexington Downtown Development Authority (LDDA) promotes physical and economic development that strengthens and maintains downtown Lexington as the cultural and economic heart of Central Kentucky. We strive to achieve positive change by promoting, incentivizing, and undertaking real estate projects in downtown and the surrounding neighborhoods that will act as catalysts for further positive development. We actively work to identify and eliminate barriers to investment in our City. The LDDA created this report specifically for investors, developers, real estate professionals and economic developers whose clients are considering Lexington as a future location to invest. As we begin 2015, it is our goal to review accomplishments from the past year that are fundamental to why downtown Lexington is poised to enter a new era of economic prosperity and quality of life. Surrounded by three college campuses all presently undergoing campus expansions with significant investments has fueled the momentum of interest downtown. As a University City, Lexington benefits from enhanced cultural opportunities of a scale you would find only in the largest cities and a more stable economy due to a dominant industry that is less volatile than most. On the following pages of this report we are pleased to share those factors we find essential quality of life trends, a few highlights include: 30,000 in total enrollment at Kentucky s flagship campus of higher education, the University of Kentucky, with $1.3 billion invested in campus improvements in just 3 years* #6 among mid-sized cities for population with an advanced degree (U.S. Census Bureau), downtown is a talent pool of young adults ** $1 billion valuation in projects recently completed,underway and in pre-development within the CBD $41 million award-winning, boutique hotel underway 21C Museum Hotel will also offer world class contemporary art and dining. * University of Kentucky, 2014 ** US Census Bureau, American Community Survey
6 I DOWNTOWN LEXINGTON 172 restaurants and bars in the walkable CBD contribute to the after-hours entertainment and dining options $18.6 million annual economic impact created by the arts and culture industry in Lexington* $57 million raised by bluegrass area start up companies, creating 272 jobs** 7,639 pedestrians through the centrally located downtown outdoor pavilion on average during a Saturday night Other positive trends include a growing demand for market rate high amenity multi-family apartments downtown, fueled by young urban professionals who are choosing downtown Lexington for its livability factors. The public sector s emphasis of attractive and safe mobility options has been implemented through bike and pedestrian enhancements from the downtown streetscape master plan. In the months ahead, look for even more investments in infrastructure as Lexington prepares to host the world for the Breeders Cup Championship in October 2015. Taking these positive trends and rooting them in a surrounding world class landscape, it is no surprise why Lexington has been rated as a top midsized community. We encourage you to reach out to our office at (859) 367-4972 or jfugate@lexingtondda.com to discuss your project aspirations. Copies of this report can be also downloaded at www.lexingtondda.com *Americans For the Arts, Arts and Economic Prosperity, 2012 ** Business Lexington, November 2014
DOWNTOWN LEXINGTON I 7 // RANKED #1 MID- SIZED COMMUNITY Lexington is ranked #1 in Mid-sized communities based on investment, talent, sustainability, place and diversity. It is ideally positioned to attract modern investment and manage economic growth. - Fourth Economy, 2011 Cincinnati/Northern KY International Airport 80 miles Louisville International Airport 78 miles Blue Grass Airport Lexington regional airport and two international airports are within 80 miles, offering more than 100 non-stop destination flights. Located within 600 miles of 50% of the US population Drive times to the following: Chicago- 5hrs 30min Atlanta- 5hrs 30min Washington, D.C.- 7hrs 30min Lexington was named #25 among America s 50 Best Cities for two consecutive years. - Bloomberg/ Businessweek, 2012
8 I DOWNTOWN LEXINGTON // COMMUNITY PROFILE Lexington is home to more than 300,000 residents and the bluegrass region has grown close to 20% overall since the 2000 census. Lexington s population is younger on average than either Kentucky or the United States and this demographic characteristic is affirmed by the three college campuses that shape Lexington s community profile: The University of Kentucky, the Commonwealth s flagship university borders the CBD on the south; Transylvania University, a private liberal arts college in historic Gratz Park lies just north of the downtown; and the Bluegrass Community Technical College Newtown Pike campus is only minutes northwest of the downtown. The CBD s renaissance continues to be fueled by expansions happening at all three surrounding campuses. Within 3 miles of CBD: Population: 105,846 Households: 44,587 Owner Occupied: 45.6% Renter Occupied: 54.4% Avg. Household Income: $49,322 Leestown Rd 3 miles 2 miles 1 mile BCTC Newtown Pike New Circle Versailles Rd Transy Winchester Rd Man O War Broadway St. Joseph Hospital UK UK Medical Center & Hospital Baptist Health Hospital Nicholasville Rd Tates Creek Rd Richmond Rd INSTITUTION University of Kentucky Transylvania University Baptist Health UK Health/Medical PENDING DEVELOPMENT 2,948,000 SF 142,000 SF 405,000 SF 496,000 SF New Circle Urban Service Boundary
DOWNTOWN LEXINGTON I 9 University Cities have a number of key advantages: a constant influx of new residents; enhanced cultural opportunities often of a scale you d find only in the largest cities; a more stable economy due to a dominant industry that is less volatile than most; and a means of creating a unique identity and sense of pride in the community. (Livability, 2014 Top 100 Places to Live) // TALENT POOL OF MORE THAN 43,000 STUDENTS We are a university town, with more than 43,000 students on three campuses within two miles of downtown, graduating a talent pool of over 12,000 annually. // DOWNTOWN MEDIAN AGE: 30.1 The median age of a downtown Lexington resident is 30.1, more than 6 years younger than the national median age. // #4 in State Entrepreneurship Index -University of Nebraska, Lincoln, 2014 1mile 2 miles 3 milesmile County Population 20,205 59,398 105,846 301,569 Households 8,472 24,318 44,587 122,746 Housing Units 10,001 27,806 50,150 136,197 Avg. Household Size 1.92 2.12 2.18 2.35 Housing Vacancy 15.3% 12.5% 11.1% 9.9% Owner Occupied 23.4% 37.0% 45.6% 57.8% Renter Occupied 76.6% 63.0% 54.4% 42.2% Median Age 24.6 26.9 31.3 33.7 Median Household $23,036 $27,720 $35,544 $47,207 Income Avg. Household $35,300 $42,489 $49,322 $61,015 Income - 2010 U.S. Census
10 I DOWNTOWN LEXINGTON // DEVELOPMENT + INVESTMENT 2014 was a historic milestone in Lexington s downtown development progress. Emerging adaptive reuse projects, including the award winning 21C Museum Hotel, celebrate the city s historic past while embracing a bold future vision. Public Investment in planning and infrastructure, including the Downtown Master Plan, Streetscape Master Plan, Newtown Pike Extension, 5/3 Pavilion and streetscapes for South Limestone and Main & Vine, transformed the CBD. The cumulative effect of these projects were catalytic to the downtown s revitalization and stimulated millions of dollars in private development. UK s TRANSFORMATION SYNERGY: The redevelopment of the University of Kentucky Campus is happening in harmony with continued public and private investment downtown. In only 40 months, the university has completed $1.3 billion in project investment, totalling an addition of 4.4 million square feet to their campus facilities, greatly expanding housing options and academic facilities. On the following page are some highlights of projects recently completed, under construction and in predevelopment. // DEVELOPMENT PROJECTS DOWNTOWN 2014 Completion: $195,841,000 Under Construction: $516,785,500 Announced: $386,300,000 All Projects: $1,098,926,500
DOWNTOWN LEXINGTON I 11 // DEVELOPMENT HIGHLIGHTS* PROJECT NAME ADDRESS INVESTMENT TYPE // RECENTLY COMPLETED 505 Main 505 W. Main Street $6,000,000 Residential Davis View Apartments 800-830 DeRood St $2,300,000 Residential Transylvania University 4th Street Athletic Complex 555 W. Fourth St $10,000,000 Institutional Transylvania Brown Science Ctr North Upper St $800,000 Institutional BCTC Phase 1 500 Newtown Pike $35,741,000 Institutional UK Housing Phase 2A UK Campus $138,000,000 Institutional Village at S. Broadway // UNDER CONSTRUCTION 500-508 S. Broadway 501-517 Plunkett $3,000,000 Residential 21C Museum Hotel 167 W. Main St $41,000,000 Hotel LuigART Maker Space North Limestone Corridor $605,000 Mixed-Use The Square 401 W. Main St $2,300,000** Commercial/ Retail Lexington Transit Authority Operations Facility 1899 Courthouse 215 W. Main St $38,000,000 Public Main+Vine E. Main St & Vine St $10,000,000 Mixed-Use/ Residential Community Ventures Midland Project 200 W. Loudon $25,000,000 Public Sector Centrepointe Garage Main & Limestone $48,430,000 Mixed-Use The Midlands 222 Midland Ave $1,050,000** Mixed-Use/ Residential Ethereal Brewing 1224 Manchester St $500,500** Commercial/ Retail UK Housing Phase 2B UK Campus $108,000,000 Residential Kroger redevelopment 704 E. Euclid Ave $19,000,000 Commercial BCTC Phase 2a 500 Newtown Pike $24,000,000 Institutional Commonwealth Stadium UK Campus $120,000,000 Institutional UK Healthcare Expansion UK Campus $150,000,000 Institutional Village at South Broadway // ANNOUNCED 510-512 S. Broadway 511 Plunkett Midland/ Third St/ Winchester Rd $900,000 Residential $15,000,000 Mixed-Use/ Residential J.M. Smuckers Expansion 767 Winchester Rd $43,000,000 Industrial Red Mile Off-track betting 1200 Red Mile Rd $30,000,000 Commercial Alltech Brewing & Distillery 900 W. Maxwell $7,500,000 Industrial UK Student Center UK campus $175,000,000 Institutional LRC Midland and Short Midland & Short St $12,000,000 Mixed-use/ Office/ Residential Thistle Station Newtown Pike & Fourth St $30,000,000 Mixed-Use/ Residential Hilton Renovation 369 W. Vine $1,800,000 Commercial *This is not a complete list, but a representative inventory of various types of development within and near the CBD **Building Permit Valuation
12 I DOWNTOWN LEXINGTON // PRESERVATION HIGHLIGHTS // 21C Museum Hotel Construction is underway for the $41 Million 21C Museum Hotels combination boutique hotel, contemporary art museum and restaurant. This adaptive reuse of the historic Fayette National Bank Building, a McKim, Mead & White building, will welcome both visitors and members of the community to enjoy its curated contemporary exhibitions and cultural programming. //Distillery District Located just West of the Lexington Center and Rupp Arena on Manchester Street, the 15 acre distillery district continues to grow with establishments offering a unique experience in the city s industrial birthplace. From craft brewing and the arts to a working distillery, the Distillery District offers nearly 300,000 s.f. of industrial architecture linked to Lexington s historic past and lively present. New business openings in 2014 include Ethereal Brewing, a craft microbrewery and The Break Room, a local bar with outdoor patio. // The Square Showcasing an mix of retail, dining and entertainment, The Square s 140,000 SF complex encompasses nearly an entire city block adjacent to Rupp Arena and the Convention Center. In the final stages of a $2.3 million dollar renovation, the historic building has already welcomed the opening of regional and national tenants including Pies and Pints, a top 20 pizzeria in the country, and Urban Outfitters, targeting the apparel and accessory needs of the college town.
DOWNTOWN LEXINGTON I 13 // WORKING DOWNTOWN + EMPLOYMENT Lexington, similar to the local bluegrass region, boasts a robust economy and diversified market for health and educational services, government and retail trade. Today more people are employed in Lexington than ever before, and the downtown alone has more than 12,500 employees. The healthcare industry continues to be at the forefront of economic growth for Lexington. All three major hospitals in Lexington are planning or have started major expansions of their current facilities. Complimenting the healthcare industry, a technology sector joined by technology leaders Lexmark International, IBM, Hewlett-Packard, and Xerox are some the regions largest employers. Named one of the top 25 High Tech Hot Spots (Atlantic Cities 2013), Lexington is attracting a high tech and entrepreneurial workforce. The city s strong relationships with the University of Kentucky, Transylvania University and Bluegrass Community and Technical College help make Lexington a hub of talent and innovation. Lexington grew 14.2 % in high-tech information jobs from 2007 to 2012. // Top Employers- Full Time Employees 1 2 3 4 University of Kentucky Employees: 12,430 Fayette Co. Public Schools Employees: 5,427 Kentucky One Health Employees: 3,000 Xerox Employees: 3,000 5 6 7 8 Lexington-Fayette Urban County Government Employees: 2,821 Lexmark Internationl Inc Employees: 2,154 Wal-Mart Employees: 2,027 Baptist Healthcare Systems Employees: 1,924 9 10 11 12 Veterans Medical Center Employees: 1,565 Lockheed Martin Manufacturing Employees: 1,470 Amazon. com Employees: 1,200 Cardinal Hill Rehab Hospital Employees: 1,000 - Commerce Lexington, KBIIS, Dunn & Bradstreet, 2015 // HIGHEST PERCENTAGE IN CREATIVE CLASS INDUSTRY // CREATIVE CLASS AS % OF WORKING POPULATION The quality, vibrancy, and diversity of the arts elevates Lexington s status to a creative class city that is attracting the best and most creative talent. Lexington has the highest percentage of its working class in the creative class industry compared to larger regional cities. LOUISVILLE 25.4% CINCINNATI 27.2% NASHVILLE 28.2% LEXINGTON 29.9% - Renew Appalachia, The Creative Class in Appalachia
14 I DOWNTOWN LEXINGTON // TOP SECTORS OF EMPLOYMENT Lexington s diverse economy, highly educated workforce and collaborative economic development efforts will continue to give us an advantage when promoting our region to clients and site selection consultants in 2015. -Bob Quick, President/CEO Commerce Lexington 21% Government 14% Professional & Business Services 13% Educational & Health Services 11% Manufacturing 11% Retail Trade 10% Leisure & Hospitality 4% Mining, Logging, & Construction 4% Wholesale Trade 4% Finance 3% Transportation, Warehousing, & Utilities 3% Other Services 2% Information -Commerce Lexington, US Census, 2014 Creating jobs is our top priority. When a local company grows, it s always a sign that we re doing our job creating the environment that attracts new companies and encourages local companies to grow. -Jim Gray, Mayor of Lexington // #7 Best Mid-sized Cities for jobs - Forbes 2011 // #4 Best City in Business Costs - KMPG Competitive Alternatives 2011
DOWNTOWN LEXINGTON I 15 // EDUCATED WORKFORCE Higher Education enrollment is growing and all three campuses surrounding downtown including University of Kentucky, Transylvania University and Bluegrass Technical College are undergoing capital expansions. The University of Kentucky reported 1,228 baccalaureate recipients with degrees in the STEM + H (includes health related disciplines) in 2014 which amounted to over 30 % of all undergraduate degrees. // RANKED #6 CITY WITH MOST ADVANCED DEGREES Lexington ranked #6, among cities of 250,000 people or more, for highest percent of population over age 25 with an advanced degree. -US Census Bureau, 2011 American Community Survey // ENROLLMENT University of Kentucky: 30,100 students Transylvania University: 1,015 students Bluegrass Community Technical College: 12,367 students county-wide TOTAL Higher Ed Enrollment: 43,482 // LEXINGTON IS A BRAIN MAGNET Educational attainment of ages 25+ with college degree or higher Lexington Kentucky 21.6% 40.1% United States 29.6% -American Community Survey, 2009-2013
16 I DOWNTOWN LEXINGTON // ENTREPRENEURIAL ENVIRONMENT: Innovation is the lifeblood of vibrant market economies. A regional economy s capacity to innovate and create new value is the key to sustaining the wealth-generating process. Over the long run, this capacity is what distinguishes thriving communities from those that struggle just to stay in place. For personal income to increase, for wealth in communities to elevate, for opportunities to multiply, firms earnings and individuals salaries must rise. This happens when more value is introduced into the marketplace when innovation occurs. Supported by a wealth of academic talent and university facilities, the local region is growing a number of incubator facilities fostering innovation-a few highlighted below. // AGRICULTURAL TECHNOLOGIES COMMERCIALIZATION CENTER Housed on the University of Kentucky (UK) campus, the Agricultural Technologies Commercialization Center (AgTeCC) offers a laboratory environment for startups and emerging companies conducting research on crop-based agriculture. AgTeCC is fully equipped for plant biotechnology research and provides access to plant-growth and tissue culture resources and services. // ADVANCED SCIENCE & TECHNOLOGY COMMERCIALIZATION CENTER // Top 25 High Tech Hot Spots - Atlantic Cities 2013 The Advanced Science and Technology Commercialization Center (ASTeCC) is the University of Kentucky s (UK s) incubator for multidisciplinary collaborations and startup ventures. ASTeCC provides research space, as well as a suite of modern research instruments to UK faculty; their students, staff, and postdoctoral associates; and scientists and engineers from new, for-profit, high-tech businesses. // AWESOME INC. Awesome Inc. (www.awesomeinc.org) opened in April 2009 on East Main Street. Co-founder Brian Raney calls it the epicenter for technology, creativity and startup. The company is building a community around entrepreneurship and is home to some of Kentucky s best, brightest and most creative. The company has assisted in the launch of dozens of successful companies.
DOWNTOWN LEXINGTON I 17 // ENTREPRENEURIAL SPOTLIGHT: SPACE TANGO Headquartered in downtown, Space Tango Inc, is an entrepreneurial company that utilizes outer space to discover and design commercial applications on earth. Partnering with Aeolus Aero tech based in Bangalore, the two companies explore and pursue micro-satellite development and R&D opportunities under microgravity on the International Space Station (ISS). // BLUEGRASS START- UPS CREATED 272 JOBS, AND RAISED $57 MILLION IN 2014 - Business Lexington, November 2014 As part of Lexington s Global Entrepreneurship week, 20 start up companies in the Bluegrass region were recognized for excellence in entrepreneurship.
18 I DOWNTOWN LEXINGTON // COMMERCIAL OVERVIEW Downtown Lexington and the adjacent neighborhoods have a variety of commercial offices, restaurants, and a growing retail market that has more than 12,500 employees in the CBD each day. Occupied commercial office space includes: // CBD COMMERCIAL SALES 2012-2014 (Total $25,189,900) Parking 3% Hospitality/ 2% Recreation Retail 21% Office Building 23% Industrial 2% Other 5% Condo 44% // STRENGTH OF THE MARKET The strength of the office market is evidenced by the limited available contiguous office space downtown. At the time of this report, the Chase Tower (201 E. Main St) has a 65,971 s.f. contiguous class A office space available. The next largest location is the Lexington Financial Center (250 W. Main St) with 28,888 s.f. of contiguous space. * // CBD OCCUPIED COMMERCIAL SPACE by square footage Office 38% Event 15% Public Facility 9% Hotel 12% Manufacturing 2% Food & Drink 3% Stats for the CBD: Class A & B Office: approx. 2,938,000 sf Hotel: 773 class A rooms Retail: 48 retail businesses Food & Drink: 54 restaurants & bars Vacancy Rate: 14.6% *Data derived from Commerce Lexington
DOWNTOWN LEXINGTON I 19 The outlook for Lexington s economy is bright, with increased interest from both local and outside developers to choose Lexington as the place to grow their business. To stay competitive in attracting a talented workforce, the City recently launched a jobs fund for highpriority industries. -Jim Gray, Mayor of Lexington // #12 BEST POST- RECESSION RECOVERY -Wallet Hub, 2014 // TOTAL SQUARE FOOTAGE of each office type in the central business district Non-profit 3% Real Estate 2% Business Services 3.5% Utilities 0.5% Accounting 3% Technology 4% // DIVERSITY IN THE OFFICE MARKET The diversity in the downtown office market is solid with the top three sectors being legal services occupying the majority of space (28%), followed by government (26%) and financial services (17%). The CBD office market is stable with a 15.42% vacancy rate. Office lease rates for Class A space ranges from $14-23 psf and Class B ranges from $9.75-20 psf. Architecture/ Engineering 4% Legal Service 28% Insurance 8% Financial Services 17% Government 26%
Elm Tree Lane MLK Limestone Upper Broadway 20 I DOWNTOWN LEXINGTON // LIVING DOWNTOWN Lexington is the place to be simply due to LIVABILITY: Quality of place and a walkable, emerging Great American City. A growing vibrancy in the retail sector with a diverse and stable employment market. But perhaps most appealing is the eclectic mix of housing types and neighborhood character that surround the CBD. From chic urban lofts and dorms to quaint vintage homes, there is housing to fit a broad spectrum of residential living aspirations. $259 million in residential/mixed use development has recently been completed or is underway in the area- a few projects to the right provide a snapshot of urban living options. Fifth St Bluegrass Community & Technical College Fourth St Newtown Pike Transylvania University Georgetown North Side Gratz Park Third St King East End Midland Ave Second St Lexington Cemetery Western Suburb Bell Court Short St Main St Vine St Woodward Heights High St South Hill Central Business District Aylesford Neighborhood Maxwell St Speigle Heights Southend Park University of Kentucky #5 Best Cities for Homebuyers -Movoto Real Estate, October 2013
DOWNTOWN LEXINGTON I 21 // NEW RESIDENTIAL BUILDINGS // The Midlands // 505 Main Just northeast of downtown a 5 acre project is underway by Hanna Construction developing 46 townhouses. Located near the renovated National Avenue, this housing investment is targeting prospective downtown dwellers including empty-nesters, young professionals and those seeking an occasional Lexington home for access to downtown events. A second phase of the five-acre project will include commercial space below and 28 condominiums above. This $6 million mixed use property featuring high end condos above first floor retail is within walking distance to Rupp Arena, Short Street Dining corridor and The Square. The units range from 1,200 s.f to 2,400 s.f. and includes two story penthouses on the top floor. // UK Campus Housing In 2014, the University of Kentucky announced plans for an $84 million residence hall construction project that added 1110 beds to their growing campus. Dormitories such as Limestone Park I and II, Central Halls I and II and five other dormitories will expand housing options to include multiple private single, double and quad living options. Many dorms feature classrooms and study spaces for collaborative work. Expanding student housing choices is also anticipated to increase retention and graduation figures. Together we are a university City that grows best when we grow together- something we have committed to now and the future. With the addition of Limestone I and II, you ll be able to gaze at new retail spaces, perhaps a wellness clinic, new restaurants, that all compliment urban residential spaces in ways that draw together students, alumni and neighbors. -Eli Capilouto, UK President
22 I DOWNTOWN LEXINGTON // 2014 RESIDENTIAL SALES WITHIN 3 MILES OF CBD Total Residential Sales: 1,574 Type of unit: Condos: 183 Townhomes: 68 Single Family: 1,323 Average Total SF: 2,030 Average Selling Price: $184,182 % of total Countywide Sales: 28% - Fayette County PVA, December 2014 // 50% OF UNITS ARE SOLD WITHIN 30 DAYS According the Lexington-Bluegrass Association of Realtors, LBAR, in 2013 and 2014 nearly 50% of all residential sales witin 1,2, and 3 miles radii of the Central Business District are on the market less than 30 days.
DOWNTOWN LEXINGTON I 23 I live/work/play in downtown Lexington because of the convenience of variety. I currently live two blocks from my place of employment, a 10 minute walk to the best restaurants and entertainment options, and have different shops and boutiques nearby. After I leave the office at 5, I can pick up alterations, hit the gym, and walk out my door for date night on a Tuesday without needing to get in my car. Our downtown houses so much richness: history, progress, energy, arts, tradition, culture why would I want to spend my time anywhere else? -Jessica Walker, downtown resident // 53rd MOST AFFORDABLE CITY IN AMERICA - Council for Community and Economic Research, 2013 Annual Report
24 I DOWNTOWN LEXINGTON // RESIDENTIAL SALES AND RESALES IN 3 MILE RADIUS OF THE CBD SALE PRICE $190,000 $185,000 $180,000 $175,000 $170,000 $165,000 $160,000 $155,000 $150,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 AVG. SALE PRICE AVG. PRICE PER SF $110 $105 $100 $95 $90 $85 PRICE PER SF - Fayette County PVA, December 2014
DOWNTOWN LEXINGTON I 25 As noted from the graphic on the prior page, within 3 miles of the CBD, residential sale prices bottomed out in 2011 and have made steady gains in the post great recession period. The average sale price in 2014 was $184,122 and average price per s.f. was $106. Since 2011, the average sales price is this area has increased 14% with a corresponding 11% increase in the average price per square foot (Fayette County PVA, 2014). Additionally the condo sales market within one mile of CBD had one of it s best increases in one year, escalating from 70 sales in 2013 to 101 sales in 2014 (LBAR, 2014). // WITHIN 3 MILE RADIUS OF THE CBD $106.83 average price per SF, 2014 $184,122 average sale price, 2014 1,579 SF average size, 2014
26 I DOWNTOWN LEXINGTON // RESIDENTIAL DRIVEN BY UNIVERSITIES The three universities play a major role in downtown, and a number of employees and students live within walking distance of the central business district, as illustrated in the map below. Off campus student housing is particularly concentrated in the sector between Broadway and Versailles Road. Red Mile Rd Versailles Rd Leestown Rd Maxwell St Newtown Pike High St BCTC Fourth St Short St Main St Vine St Transy N. Limestone Third St The University of // WHAT IS OUR MISSION? Kentucky added 2,381 beds on campus in 2014. Additional residence halls are planned to add approximately 1,610 beds in 2015- all within a 10-20 minute Git entota dellestes a apit walk eum of the quibeaque central business necto blab istrum autecum fugiae district. eum As eos of sendi fall 2014, rendam UK has soluptae volecep udissunt. 14,000 Que employees doluptas and sintem over ipis arum ratet perit moluptatur, 30,000 students. quate solor aut et quam reped ut reicipsum con nis conem et antiora num elitis et as minum est, utem fugitiam culla Broadway S. Limestone University of Kentucky Euclid Ave The Bluegrass Community and Technical College completed the first phase of the new campus located at Newtown Pike and Fourth Street. More than 900 students and employees visit this classroom and admin facility daily and it is anticipated up to accommodate up to 11,000 students and faculty on campus by 2030. No on campus housing is provided but students typically live throughout the County. Employee Residences* (detached home) Student Residences* (detached home) Campus Boundaries Central Business District Tates Creek Rd Student Housing (multi-unit) New Projects 2015 (completed & proposed) Transylvania University registered 1,015 students in 2014 and plans to invest in an additional 497 beds as part of it s 2020 Vision strategy. Over 75% of the student body lives on campus within 8 different student residence halls. *Detached Housing Data gathered from Anchor Institution Study, April 2012
DOWNTOWN LEXINGTON I 27 // SCHOOLS Enhancing the appeal of Lexington s livability is the accessibility to quality education. There are 16 private schools (K-12) within 3 miles of the CBD. Additionally, 30 public schools operate within this same radius area that are under the administration of Fayette County. The District offers a diverse profile of educational programming including magnet schools, specialized programming such as pre-engineering and an array of gifted and talented programs to foster higher achievement. The district earned a Blue Ribbon in Expansion Management s 2006 Educational Quotient ratings, the only school district in Kentucky to achieve the ranking. The average graduation rate of the five public high schools is 90%. 3 miles 2 miles Leestown Rd Richmond Rd 1 mile Newtown Pike Lexington also participates in the States academically distinguished program for outstanding high school students in Kentucky known as Governors Scholars. The Program s mission is to enhance Kentucky s next generation of civic and economic leaders. Lexington overall has continued to increase the number of participants since 2010, another factor supporting the trend of high academic achievement. Versailles Rd Winchester Rd Broadway Nicholasville Rd Central Business District Tates Creek Rd Public School Private School
28 I DOWNTOWN LEXINGTON // DINING + SHOPPING The Central Business District s restaurants, bars and entertainment venues are key factors in the downtown renaissance. A growing movement of farm to fork food entrepreneurs make the downtown a trendsetter in the culinary arts. Fine dining, bourbon bars and an array of global fare comprise just a snapshot of the diverse dining options that downtown offers. The local retail market is diverse, supporting both a growing young, college population as well as the needs of residents and office workers. 118 shopping locations are in the CBD and surrounding neighborhoods. These retail businesses were identified as one of the following types: General Merchandise, Apparel, Furnishings & Other (GAFO) or Neighborhood Goods and Services (NG&S). The chart below indicates the distribution of each type in downtown. Distribution of Retail Types GAFO 60% NG&S 40% both 10% GAFO: General Merchandise, Apparel, Furnishings, & Other These stores generally include establishments such as clothing stores, tourist shops, jewelry stores, antique shops, electronic stores and the like. NG&S: Neighborhood Goods and Services These stores depend upon patronage of local residents and workers. They include hair salons, gyms, hardware stores, speciality food stores and similar.
DOWNTOWN LEXINGTON I 29 Urban Outfitters is incredibly excited to debut into the Lexington Market. The Square offer us a unique opportunity to connect with the heart of the Lexington community, as well as the University of Kentucky and others whose students make up our core customer base and help shape our brand identity. -Justin Troxell, District Manager, Urban Outfitters // $2.3 MILLION RETAIL CENTER RENOVATION A $2.3 million facelift is underway on The Square, which contains over 60,000 square feet of restaurant and retail space, anchored by Urban Outfitters in the heart of the Central Business District. 172 Bars and restaurants are in the CBD and surrounding neighborhoods 36 Standalone Bars 136 Restaurants 37 with bars 27 with patio seating 10 with live music 9% fine dining 47% casual dining 44% quick service
S. Limestone Euclid Ave. Chevy Chase Civic Center Old Vine Woodland E. Main Short St Jefferson St N. Limestone National Ave 30 I DOWNTOWN LEXINGTON // DISTRICT HIGHLIGHTS Downtown has numerous dining, nightlife, and shopping options in the CBD and the adjacent neighborhoods. The map below diagrams the districts and identifies the number of restaurants, bars, and retail options in each. The expansion in the past year of new commercial nodes such as National Avenue are signs that niche markets in Lexington are continuing to grow. Jefferson St Broadway Upper St Limestone Elm Tree 3 National Ave 1 Newtown Pike 9 8 1 17 17 14 18 12 11 Third St Short St Midland Ave 4 Walton Main St 9 10 8 14 Vine St High St 2 11 6 2 9 4 1 10 Maxwell St Restaurant Bar 31 11 19 10 1 2 Woodland Euclid Ave High St 19 10 23 Retail I centered not only my business but my home in downtown Lexington for several reasons. I love the historical elements and the lifestyle created by our latest renaissance of redevelopment. The history of our city blends well with that of the excitement created by new and unique venues. Downtown Lexington has become a place for more and more folks to visit and enjoy. I m excited for our future. -Bob Estes, Owner, Parlay Social and Shorty s Market and Tap Room
// SHORT ST DOWNTOWN LEXINGTON I 31 With nearly 20 restaurants in a three-block radius, Short Street has evolved quickly into a downtown dining and nightlife hotspot. In addition to the blossoming dining scene, the remodeling and opening of The Square has added a younger downtown shopping culture with national retailer Urban Outfitters opening in 2014. The proximity to the Short Street restaurant district and also Rupp Arena makes this location a convenient hub for retail establishments. // JEFFERSON ST Exciting changes have happened on historic Jefferson Street, located on downtown s west side. Charming restaurants, watering holes and a European deli are among some of the offerings in this district which has grown 15% in commercial activity in the past 3 years. Anchored by the historic Breadbox building at the North end of the Jefferson Street dining scene, the adaptive re-use facility features a craft beer distillery/tap room, indoor hydroponics food production and an office hub for non-profits all under one roof. // N. LIMESTONE This historic neighborhood just north of the CBD is home to art studios, restaurants and a signature Friday Night street fair, NoLi Night Market. The Night Market is a monthly pop-up street festival that occurs on the corner of North Limestone St. and Loudon Ave. A publicity platform for neighborhood businesses, the Night Market also highlights the neighborhood s creativity and brings people from all over Lexington together. The neighborhood also offers an array of locally owned businesses, such as North Lime Coffee & Donuts, Al s Bar, and specialty apparel. // S. LIMESTONE The newly improved streetscape on the South Limestone corridor has set the stage for the growth of new dining and shopping options for this collegetown district adjacent to the University of Kentucky. A concentrated mix of international cuisine dining options including African, Korean, Indian, and Mexican are offered in this walkable district. With the concurrent growth at the university, South Limestone in the past 3 years has a net increase in commercial businesses by 13%, most notably in the restaurant and bar market. // NATIONAL AVE. Featured recently in the New York Times, this warehouse district is being reinvented as a vibrant corridor east of the CBD that is home to a 16,000-square-foot food emporium with a boulangerie, beer hall and brasserie. The area also has a barbecue spot, a gluten-free juice bar, and 10 fitness studios that add to the diversity of this district.
32 I DOWNTOWN LEXINGTON // ARTS + CULTURE Downtown contributes to the CREATIVE ECONOMY with over 20 studios and galleries, 6 theaters, 18 live music venues and more than 70 outdoor festivals. In addition to boosting economic revenue, the arts bring thousands of patrons into the City Center. The arts and culture industry in Lexington generates an annual economic impact of $18.6 million, supports 709 full time equivalent jobs with $17.1 million in direct wages. The arts mean business for Lexington. VENUE EVENTS ATTENDANCE Lexington Children s Theater 295 31,000 Lyric Theater 132 28,000 Lexington Opera House 54 82,000 Singletary Center 90 49,000 -Americans for the Arts, Arts Economic Prosperity, 2012
DOWNTOWN LEXINGTON I 33 The arts community downtown offers a wide selection of dance, theater and musical opportunities in addition to: // THEATERS & PERFORMING ARTS A city that is creatively focused must have the infrastructure to support and grow talent. There are 15 local performing arts groups in the seven theater venues that contribute to the quality of the local culture downtown. The performance facilities include but are not limited to the Lexington Children s Theater, the Lexington Opera House, UK Opera Theater, Kentucky Theater, the Singletary Center for the Arts and the Lyric Theater. The ArtsPlace building theater further supports the downtown culture by providing many free concerts and exhibitions to the public. Lexington hosts the largest professional performing arts organization in Central Kentucky, the Lexington Philharmonic (LexPhil), which plays a key role in the region s culture and economy. Collaborating with up to 400 established and new artistic partners per year, LexPhil fulfills it s mission through engagement and instruction. With an annual operating budget of $1.2 million, it reaches an audience of over 650,000 per year through live concerts and free broadcasts. Lexington s music culture is strengthened by a volunteer based concert series known as Troubadour, and also the Woodsongs Old Time Radio Hour, a live audience radio and television show filmed at the historic Kentucky Theater.
34 I DOWNTOWN LEXINGTON // MUSEUMS The downtown offers a collection of nine local museums including the historic Hunt Morgan House, Mary Todd Lincoln House, Explorium Children s Science Center, University Art Museum and the Lyric Theater Cultural Center. In addition to offering educational and historical value, the museums also support the community by often hosting a variety of local fundraising events. // VISUAL ARTS The Lexington art scene is supported and promoted by two major arts organizations: LexArts organizes five gallery hops downtown attracting 5000 visits throughout the year. The Lexington Art League hosts 22 events annually with over 63,000 annual visitors including the popular Woodland Art Fair. The 34 venues in the CBD support a variety of cultural programming events throughout the year. Just outside the CBD, the UK College of Fine Arts operates the UK Art Museum which houses a number of collections and exhibitions. Additionally, PRHBTN has organized and continues to lead many community art events raising awareness and excitement about street art in Lexington. // FACT: CULTURAL EVENTS ATTRACT NEW DOLLARS AND RETAIN LOCAL DOLLARS In a study produced by the Americas for the Arts, 58.3 % of Lexington s countywide arts attendees report that they actively participate in the creation of the arts. // MEDIA Kentucky Educational Television, KET, the largest statewide public television network in the United States, operates a public television studio near downtown. Producing 19 educational programs and providing programming to 39 states and 60 prisons, KET is Kentucky s highest-quality source for public affairs and arts programming on television and digital platforms.
DOWNTOWN LEXINGTON I 35 // ATTRACTIONS Lexington is at the heart of the horse industry, the start of the Bourbon Trail and the home of the University of Kentucky. Visitors and residents are drawn to Lexington for events and conferences at the Lexington Convention Center which contains Rupp Arena and the Lexington Opera House. In addition, Lexington has attracted visitors through both national and international events such as Creative Cities Summit and the Alltech FEI World Equestrian Games (WEG). The WEG event, held at the Kentucky Horse Park, generated an infusion of over $201.5 million to the Kentucky economy. In Lexington s central business district you can find a number of attractions, special events, and sporting events. The Fifth Third Pavilion at Cheapside Park is home to the Farmer s Market attracting an average of 3,000 visitors on Saturday mornings, and Thursday Night Live which attracts an average of 2,300 visitors. The pavilion anchors the Cheapside entertainment district with Rupp Arena and the Lexington Center located a block away. Downtown Lexington has seen tremendous growth over the past several years with the addition of five new breweries, a variety of new, locally owned restaurants along the Jefferson and Short Street corridors, and exciting retail, such as Urban Outfitters. Work is underway on the restoration of the First National Bank Building, which will house the award-winning 21c Museum Hotel, and signature events keep people coming into the heart of the city. This creative approach to activating our downtown core is a great win for our visitors and locals alike. -Mary Quinn Ramer, President VisitLEX
36 I DOWNTOWN LEXINGTON The map below indicates the location of the largest attractions (blue) and special events (red) and the size of the bubble indicates the estimated yearly attendees to each. ATTRACTIONS Below 16,100 16,101-70,000 70,001-162,000 162,001-450,000 450,001-1,000,000 EVENTS & PROGRAMMING Below 16,100 16,101-70,000 70,001-162,000 162,001-200,000 Public Park Fourth St Living Arts & Science Center Jefferson Broadway Third St Lyric Theatre Newtown Pike Second St Gratz Park Artsplace Upper Limestone Elm Tree Midland Main St Short St Mary Todd Lincoln House Explorium Opera House Children s Theatre Visitor s Center Courthouse Plaza Downtown Arts Center Short St Main St Rupp Arena & Convention Center High St Triangle Park Fifth Third Bank Pavilion Public Library Kentucky Theatre Vine St High St Rose Central Business District It feels like Lexington is giving birth to itself. We are presented with the possibility of carefully considering what our city could be and how we each can play a part in its careful creation. What a lovely opportunity. -Marjorie Guyon, National and local Lexington artist
DOWNTOWN LEXINGTON I 37 // 7,639 Pedestrians through the Pavilion on average during a Saturday Night - Sept.-Oct., 7pm-3am // VISITOR STATISTICS Downtown hotel rooms: 773 Occupancy Rates: 65% Avg. Daily Rates: $121.75/night Avg. Overnight Guests: 2.5 million/ year in Fayette County Avg. Stay: 2.7 nights 70,000 concert attendees Convention Center Annual revenue: $42 Million // 3,091 Avg. Weekly Visitors to Saturday s Farmer s Market at the Pavilion - Sept.-Oct., 7am-3pm - VisitLex (2015) and Lexington Center Corporation (2014) // SPORTS AT RUPP ARENA Recognized as a center of sports excellence, Rupp Arena is renowned for its history, marquee matchups, and year-round events and entertainment. Home of the eight time NCAA Champions, the Kentucky Wildcats, Rupp Arena hosted 20 games in 2014. It also hosts the annual Kentucky High School Athletic Association State Basketball Championship, or Sweet Sixteen tournament. The unique nature of the tournament and NBA-style ceremonies and celebrations at the finals draws fans throughout the state.
38 I DOWNTOWN LEXINGTON // EQUINE INDUSTRY It is fitting that the Horse Capital of the World would also be home to a number of equine attractions. A premier international destination for equine sport and leisure, the Kentucky Horse Park is located on 1,200 acres just 15 minutes north of downtown. The park hosts 660,000 visitors and over 90 equine sport events a year, including the Rolex Three-Day event, High Hope Steeplechase and the National Horse Show. The Rolex Three Day event occurs annually in the spring and generates $1.3 million in ticket sales with over 75,000 attending. Noted as one of the three most attractive racetracks in the USA (Forbes, May 2013), Keeneland Racecourse hosted over 521,000 patrons in 2014 and it continues to be ranked #1 of 49 popular attractions in Lexington. Lexington is also is known for it s prestigious Thoroughbred sales hosted by two local venues: Keeneland s sales amounted to $562,978,000 in 2014, followed by Fasig Tipton s reported sales of over $132,4000,000.* In the Fall of 2015, all eyes of the world will be on Lexington as the 2015 Breeders Cup World Thoroughbred Racing Championship will be held for the first time at Keeneland Racecourse, with over 50,000 in attendance estimated. // EQUINE ECONOMIC IMPACT The presence of Keeneland, the Red Mile racetrack and their accessory activities creates $88 million in additional payroll from hospitality, recreation and retail industries. It boosts recreation industry sales 45%; translating to $74 million in economic activity. Visitors to the Kentucky Horse Park and sport horse events generate $180 million in economic activity for local businesses. -Kentucky Horse Park, 2014 In addition to Thoroughbred racing, harness racing fans have the historic Red Mile Track in Lexington conveniently located within minutes of downtown *Keeneland and Fasig Tipton, 2014
DOWNTOWN LEXINGTON I 39 // BOURBON NATION In addition to the broad economic impact of the equine industry, Lexington and the Commonwealth are experiencing a bourbon boom. Kentucky produces 95% of the world s supply of Bourbon and it s distilled spirits exports accounts for one-fifth of the U.S. total. Over 633,000 people visited nine distilleries along the Kentucky bourbon trail in 2014, almost 200,000 more than reported attendance in 2012. In 2014 thirty-one distilleries generated $166 million in tax revenue.* // CRAFT DISTILLERIES Craft distilleries, although small, are growing tremendously with $30 million in investments already and another $30 million expected in the next five years, according to the Kentucky Distillers Association s Impact Report from October 2014. Downtown Lexington is home to both well established bourbon distilleries such as Alltech s Town Branch, a $10 million dollar distillery and visitors center, and also newer craft bourbon distilleries in the emerging Distillery District, such as Barrel House, an innovative leader founded in 2010 to bring back the tradition of distilling to Lexington. The downtown nightlife scene is growing with over 9 bourbon bar destinations and is within 30 minutes of seven bourbon trail distilleries, including Wild Turkey, Four Roses, Buffalo Trace, Woodford Reserve, Wilderness Trace, Gentleman s Distillery and the Bluegrass Distilling Company. Kentucky is proud of its bourbon heritage and downtown Lexington is poised to continue to expand in its offerings of the Kentucky bourbon experience. *Kentucky Distillers Association, October 21, 2014
40 I DOWNTOWN LEXINGTON // ON THE GO Downtown Lexington is a transportation hub of Fayette County with improved multi-modal accessibility for pedestrian, bicyclists, transit riders and motorists to add to the vibrancy of our CBD. The City s commitment to multi-modal transportation is led by the Lexington Area Metropolitan Planning Organization. The transportation planning team develops both long and short term transportation plans for the county. In advance of hosting the 2010 World Equestrian Games, Lexington completed a 13 mile comprehensive streetscape revitalization project to enhance pedestrian and bicycle mobility throughout the downtown and significantly enhance the aesthetic street experience. Downtown Streetscape Improvements Phase I project was an investment of $28 million in infrastructure improvements and has been hailed for redefining the future direction of downtown Lexington. - Strand Engineers, ACEC-Ky Grand Award
Elm Tree Lane Jefferson St Limestone Broadway MLK Upper DOWNTOWN LEXINGTON I 41 // MOBILITY COUNTS Below is an illustrated map indicating the annual average daily traffic counts for the downtown core and estimated walk times. 25,600 Fourth St 6,640 Third St 25,800 Second St 1,680 4,500 Midland Ave 15,400 Newtown Pike 2,510 Short St Main St 26,900 15,500 16,100 17,100 32,600 Main St Central Business District 8,230 39,200 High St 11,300 Vine St 12,000 13,000 14,300 13,700 Maxwell St Avenue of Champions Annual Average Daily Traffic Counts ### Estimated Walk Times 5 min. walk (.25 mi) 10 min. walk (.50 mi)
42 I DOWNTOWN LEXINGTON // WHAT IS OUR COMMUNITY MISSION? // BIKE-FRIENDLY On September 21, 2007 the League of American Bicyclists announced Git entota that dellestes Lexington a apit achieved eum quibeaque a Bronze necto Level Bike-Friendly blab istrum Community autecum fugiae award. eum Complimented eos sendi rendam by the vibrant soluptae and volecep growing udissunt. bike culture Que with doluptas events, sintem programs and ipis financial arum ratet commitments, perit moluptatur, Lexington quate is solor on aut par et with other quam bike-friendly reped ut reicipsum cities. The con bronze nis conem award et is recognition antiora for num the progress elitis et as that minum has been est, utem made fugitiam and encouragement culla to continue reaching for silver, gold and platinum status. // WALKABLE DOWNTOWN: Walkscore 90 Downtown has earned a Walkscore of 90 (Walkscore.com) Within a just short 10 minute walk from the downtown center, a pedestrian can be on two different university campuses, inside Rupp Arena or walking through a number of elegant historic neighborhoods. The walkability of Lexington adds to the livability and appeal of its urban space.
DOWNTOWN LEXINGTON I 43 // PEDESTRIAN Pedestrian counts were held on the third Thursday and fourth Friday of September in 2012 and 2013 at the Fifth Third Pavilion at Cheapside Park and in 2013 at the Central Library downtown. The following graphs illustrate the counts taken during those times. During both years the weather was warm and sunny. The positive impact of having evening outdoor entertainment such as Thursday Night Live is evident with the high count of 2,500 pedestrians from 7 to 9 pm. The Thursday evening counts yielded twice as many pedestrian compared to morning pedestrian counts and for the same time period on a Friday evening. Upper Mill St Broadway Short St Pavilion Main St Vine St High St Limestone Library MLK Blvd p. 43 Fifth Third Bank Pavilion Pedestrian Counts Thursday Friday 3,000 2,500 2,000 1,500 1,000 500 7a-9a 11a-1p 4p-6p 7p-9p 7a-9a 11a-1p 4p-6p 7p-9p 2012 2013 Note: Thursday Night Live 5p-8p Central Library Pedestrian Counts 600 Thursday Friday 500 400 300 7a-9a 11a-1p 4p-6p 7p-9p 7a-9a 11a-1p 4p-6p 7p-9p 2013 -Reconomy, 2013
44 I DOWNTOWN LEXINGTON // PUBLIC TRANSIT: LEXTRAN Lextran, the Transit Authority of Lexington, connects the downtown to neighborhoods around the City through a network of buses, trolleys, UK Campus shuttle service and paratransit. Lextran covers a service area of 67 square miles with 980 bus stops.* The main transit center facility located downtown on E. Vine Street is the epicenter for all transit connections in the County. In a demonstration of Lextran s commitment to investing in a sustainable and multi-modal future, plans are underway to break ground on an infill project for a new $25 million Energy and Environmental Design (LEED) certified headquarters facility. // LEXTRAN TRIP PURPOSE *RLS & Associates, Inc. Surveys: July-August 2012 Shopping 12% Other 12% School 4% Social Service 3% Work 51% Doctor Visit 6% College 2% Social Visit 12% *Lextran Annual Report, FY 2012-2013
DOWNTOWN LEXINGTON I 45 // DOWNTOWN TROLLEY The Downtown Trolley is Lexington s free downtown circulator service, operated by Lextran. Two routes serve downtown, adjacent neighborhoods, and connect the University of Kentucky to Transylvania University through the central business district. C D Lexington Center Rupp Arena Opera House B B // TRANSIT BY THE NUMBERS 73 Buses 17 bus routes connecting in downtown $1 regular bus fare 5 million Annual Bus Riders 2 downtown Trolley routes Free trolley fare 40,000 Annual Trolley riders -Lextran, 2014 A A A
46 I DOWNTOWN LEXINGTON // PARKING Part of planning for a world class city is in the details. Under the leadership of Lexpark, the local parking authority, high quality, customer-focused public parking is maintained through on-street meters, public parking garages and lots. Innovative and customer friendly adaptations such as the recent roll out of the free mobile app ParkMe provides real time parking availability information for off-street facilities to its users. As part of the downtown s commitment to ensuring adequate parking supply for all of it s users, LexPark has commenced a comprehensive parking study to better manage parking demand in concert with a growing demand for multi-modal transportation options. 9,915 parking spaces in the CBD facilitates the business and visitor friendly environment. 682 Metered Spaces 13 Parking Garages 5,473 Garage Spaces 15 Surface Parking Lots 3,760 Surface Lot Spaces 1,112 Surface Lot Spaces 2,700 Arena Lot Spaces $58 Avg. monthly Parking -LEXPARK, 2014
DOWNTOWN LEXINGTON I 47 Newtown Pike Jefferson Second St Broadway Mill St Upper Limestone MLK Elm Tree Midland Short St Short St Main St Main St Vine St High St Central Business District High St Rose Surface Parking Parking Garage Maxwell St // GARAGE PARKING There are a number of public and privately owned parking garages located in the CBD. Rates are reasonably priced, and garages are conveniently located throughout the downtown. // VALET PARKING SERVICES Valet parking downtown is offered along W. Short Street at Mill St. Service is provided every Thursday 5:00pm until 1:00am, and every Friday and Saturday 5:00pm until 3:00am. // METERED PARKING LEXPARK meters are only $.25 cents for 15 minutes. There are 1, 2, and 4 hour meters strategically located throughout the area. Meters are in effect from 8:00am until 5:00pm Monday thru Friday. And parking is free after 5:00pm and on weekends. -LEXPARK, 2014 // MONTHLY PARKING As of July 2014, 1,115 parking spots were available in the downtown for monthly rental. Rupp Arena on average has 700 spots available.
48 I DOWNTOWN LEXINGTON // THANK YOU The Lexington Downtown Development Authority would like to thank the following for their contributions towards this report: Contributors: Coleman Group Central Business District Survey Commerce Lexington Downtown Lexington Corporation LBAR John Miller Visit Lex Lexington Area MPO Lexington Parking Authority LFUCG Division of Planning LFUCG Mayor s Office Phil Holoubek Reconomy Inc. Robert Wagoner University of Kentucky US Census Bureau Lexington Parking Authority Bob Estes LexPhil Lexington Children s Theater LexArts KET Lexington Art League Lyric Theater Marjorie Guyon Kentucky Distillers Association Kentucky Horse Park Keeneland Fayette County Schools Mike Woolum, Strand Engineering Chris Crumrine, University of Kentucky Jessica Walker Americans for the Arts Lexington Legends Lexington Center Corporation Transylvania University Blue Grass Community Technical College LexTran Governor s Scholars Program Lane Report Property Valuation Administrator s Office Photos courtesy of: Ken Silvestri Heath Stiltner Awesome Inc. EOP Architects Block + Lot Lane Report Lexington Real Estate Co. LFUCG Visit Lex Living Arts and Science Center LexArts Lexington Legends Kentucky Horse Park Keeneland Kentucky Bourbon Distillers Association Lexington Children s Theater Lexington Parking Authority Lee Thomas Eugene Williams Commerce Lexington UK Public Relations Hanna Construction
DOWNTOWN LEXINGTON I 49 Lexington Downtown Development Authority LDDA Staff Jeff Fugate jfugate@lexingtondda.com Brandi Berryman bberryman@lexingtondda.com Maya DeRosa mderosa@lexingtondda.com LDDA Board David Freibert Bob Estes Mayor Jim Gray Tom Harris Allison Lankford John Gohmann Lynda Thomas Mary Beth Wright