6:47am

Mon July 8, 2013
Lexington/Richmond

Move Afoot to Revive and Refinance CentrePointe Complex in Downtown Lexington

Instead of a high rise residential and commercial complex, the site in downtown Lexington set aside for CentrePointe remains a grassy field.
Instead of a high rise residential and commercial complex, the site in downtown Lexington set aside for CentrePointe remains a grassy field.

Efforts to revive a commercial-residential development in the heart of downtown Lexington continues.  The Centre Point Project was first proposed in 2008, but stalled when sufficient financing couldn’t be obtained.  Since then, the high rise hotel-condo-retail-and-office structure has been scaled down.  Developer Dudley Webb now needs the council’s help as he seeks additional state and local tax breaks.

‘It’s just a step at a time to move the process through,” said Webb.

The initial Centre Point project carried a price tag in excess of 200 million dollars.  Webb says it is now a scaled-down, $166 million endeavor.

‘It will have separate component parts.  It will still have the hotel, still have an office building, still have apartments.  We’re gonna have a large apartment building as well on the project.”

Assuming the project qualifies for the state’s tax increment financing program, Webb says the project could restart this fall.