8:44pm

Wed April 18, 2012
Business and the Economy

Eight Construction Managers to Bid on Centre Point

Eight construction firms are about to bid for the job of building the Centre Pointe project in downtown Lexington.  It might be considered an indication the revitalization effort is building momentum.  Last week, plans were unveiled that convert the old Fayette National Bank Building into a 21-C Museum Hotel.  Just a block away sits the proposed site of the high-rise Centre Pointe project.  Developer Dudley Webb expects eight construction managers to submit bids for the work within the next three weeks.

“Well I think the deal is more financeable than it’s ever been..the contractors  are obviously gonna give us the prices and they’ll go into the final mortgage package that the lenders will review…and they’ll issue a commitment based on those prices,” said Webb.

Webb says the current economic situation is improved and believes ‘financing is imminent.’  However, Jeff Fugate, who directs the Downtown Development Authority, is not as optimistic as Webb.

“Financing is still the issue… in this economy financing is still the issue for this and many other projects,” said Fugate.

Webb, meanwhile, says the construction budget for the hotel, condo, retail, and office complex comes to about 125 million dollars.   If all goes well, Webb says work could begin the end of this year or early in 2013.