New Firm Steps Up to Take Over CentrePoint Project in Lexington

Aug 11, 2015

Credit kentucky.com

    

A New York based commercial real estate firm appears ready to take over downtown Lexington's high profile CentrePointe project.  But, it’s not a done deal.

Bridgeton Holdings is poised to invest millions to pump new life into the CentrePoint project.  The New York firm is listed as an owner, operator, and developer of commercial and residential real estate.  The new plan calls for $166 million to complete the high rise development, beyond what has already been spent.

Questions are being raised about the possibility of building a new city hall on the site.  Lexington Mayor Jim Gray says no such agreement is in place.  “The developers are free to make a proposal to the city, but there’s been absolutely no commitment made by the city and there will be no commitment made by the city until we examine all options,” said Gray.

Under the new plan, the Webb Companies would become minority partners in the project.  

Council Member Shevawn Akers says there's more confidence about sufficient financial support for the project, but a bit of anxiety remains.  “What would really be awful is that in the end of this extension period, they come back and say 'this doesn’t make sense to us financially' and we’re back to the drawing board again looking for someone else with this kind of capital,” said Akers.

In a news release, the city said the developer is interested in mixed use which could include a hotel, condos, apartments, and other retail.  A construction timetable is expected to be announced at a later date. ​