CentrePointe, Lexington
Encyclopedia
CentrePointe is a high-rise building proposed for construction in Lexington, Kentucky
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The Webb Company has stated that it intends to build a 35-story, 550 feet (167.6 m) high rise which would include a hotel, condominiums, retail and office space. The entire development is estimated to cost $250 million and would be the tallest building in Lexington upon completion.
, which was the main motivation for the project. This was due to the controversy involving the existing buildings dating back as far as the 1820's, which needed to be cleared from the site. The original buildings have been razed, but the construction has yet to begin. Work on the foundation and underground garage was expected to take place before Spring of 2009. As of June 25th, 2009, the process of seeding and filling the CentrePointe construction site has begun. When complete, the site will contain six inches of dirt, and in several months will appear to be a grassy lawn. The lawn will not be open to the public, and will continue to be surrounded by chain-link fence. Developer Dudley Webb stated that the lawn may be opened to public use, and the sidewalks repaired closer to the 2010 Equestrian games. New ideas for the tower have been released and Many local architects have agreed to help with the project, showing the first progress since 2009
In addition to the controversy surrounding "The Dame", the use of Tax Increment Financing
for the development was debated. Initially concern centered around the application of tax payer money without the inclusion of ideas from those taxpayers. This opposition arose mostly from a common misunderstanding of TIF, which utilizes the boom property tax value from a redevelopment project to fund improvements locally. The issue went before the city council in September 2008. The council voted in favor of utilizing Tax Increment Financing for the project due to the infrastructure improvements for the surrounding area including sidewalks and underground parking structures.
In September 2008, the owner of the Dame announced it would reopen in a new downtown location. The new Dame closed in 2009. In November 2010, Jim Gray (a vocal opponent of the CentrePointe project) defeated Jim Newberry (an equally vocal supporter) for the office of Mayor of Lexington.
Lexington, Kentucky
Lexington is the second-largest city in Kentucky and the 63rd largest in the US. Known as the "Thoroughbred City" and the "Horse Capital of the World", it is located in the heart of Kentucky's Bluegrass region...
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The Webb Company has stated that it intends to build a 35-story, 550 feet (167.6 m) high rise which would include a hotel, condominiums, retail and office space. The entire development is estimated to cost $250 million and would be the tallest building in Lexington upon completion.
The project
CentrePointe is not yet in the process of being constructed. The estimated time of completion was in the year 2011, missing its original deadline for 2010, originally chosen in order to do business during the 2010 FEI World Equestrian Games2010 FEI World Equestrian Games
The 2010 FEI World Equestrian Games were held at the Kentucky Horse Park in Lexington, Kentucky from September 25 to October 10, 2010. This was the sixth edition of the games, which are held every four years and run by the International Federation for Equestrian Sports...
, which was the main motivation for the project. This was due to the controversy involving the existing buildings dating back as far as the 1820's, which needed to be cleared from the site. The original buildings have been razed, but the construction has yet to begin. Work on the foundation and underground garage was expected to take place before Spring of 2009. As of June 25th, 2009, the process of seeding and filling the CentrePointe construction site has begun. When complete, the site will contain six inches of dirt, and in several months will appear to be a grassy lawn. The lawn will not be open to the public, and will continue to be surrounded by chain-link fence. Developer Dudley Webb stated that the lawn may be opened to public use, and the sidewalks repaired closer to the 2010 Equestrian games. New ideas for the tower have been released and Many local architects have agreed to help with the project, showing the first progress since 2009
Controversy
Before the construction of CentrePointe began, many local residents objected as it meant the destruction of Morton's Row, the city's second-oldest commercial building, and a local hotspot called "The Dame". In July 2008, the Fayette Alliance — a coalition of developers, neighborhood associations and farmers — revoked its support for the building, due to an apparent reluctance on the part of the developer to work with concerned parties in addressing various issues concerning the development.In addition to the controversy surrounding "The Dame", the use of Tax Increment Financing
Tax increment financing
Tax Increment Financing, or TIF, is a public financing method which has been used as a subsidy for redevelopment and community improvement projects in many countries including the United States for more than 50 years...
for the development was debated. Initially concern centered around the application of tax payer money without the inclusion of ideas from those taxpayers. This opposition arose mostly from a common misunderstanding of TIF, which utilizes the boom property tax value from a redevelopment project to fund improvements locally. The issue went before the city council in September 2008. The council voted in favor of utilizing Tax Increment Financing for the project due to the infrastructure improvements for the surrounding area including sidewalks and underground parking structures.
In September 2008, the owner of the Dame announced it would reopen in a new downtown location. The new Dame closed in 2009. In November 2010, Jim Gray (a vocal opponent of the CentrePointe project) defeated Jim Newberry (an equally vocal supporter) for the office of Mayor of Lexington.
External links
- Centrepointe at UrbanUp