News Summary
Lexington officials have officially kicked off construction on the Legacy Business Park, a 200-acre development anticipated to generate about 1,700 jobs and close to $100 million in payroll. Located near the Coldstream Research Campus, this project will feature 19 lots and connect to the existing Legacy Trail. Mayor Linda Gorton emphasized the significant tax revenue this park could bring to the local economy. Funded through various federal, state, and city resources, the park aims to enhance Lexington’s business infrastructure and diversify its economic landscape.
Lexington officials have begun construction on the Legacy Business Park, a sprawling 200-acre development expected to create approximately 1,700 jobs and generate a combined annual payroll nearing $100 million. The groundbreaking ceremony took place on Wednesday, signaling the start of a project that has been nearly seven years in the making.
The business park is situated northwest of the Coldstream Research Campus off Georgetown Road, strategically located near major highways, Interstates 64 and 75. It features 19 lots over a total of 147 acres earmarked for development, alongside greenspaces and trails that will connect to the city’s existing Legacy Trail.
Mayor Linda Gorton announced the job creation potential of the park, highlighting that these positions are projected to bring in around $6.8 million in local tax revenue and approximately $4.1 million in state tax revenue. This influx is anticipated to bolster the local economy significantly.
The land designated for the Legacy Business Park was acquired by the city from the University of Kentucky as part of a 2017 agreement. This deal involved the exchange of 250 acres of university-owned land for city control over surrounding streets at the university’s main campus. Since then, more than 17 acres have been sold with a pending sale for an additional 19 acres, resulting in over $1.65 million in land sale proceeds since October 2019.
To support the park’s infrastructure development, a federal grant worth $10 million was obtained, aided by U.S. Representative Andy Barr. The total investment for this extensive development project is estimated at $22.6 million, with funding sourced from federal, state, and city resources. This includes $2 million from the Kentucky Product Development Initiative, $200,000 from Kentucky Utilities in matching grant funds, and $2.55 million from the city’s allocation under the American Rescue Plan Act.
Kevin Atkins, the Chief Development Officer of Lexington, stated that the park will be ready to accommodate prospective tenants, with lots prepared for immediate construction. The business park is designated primarily for light industrial use, featuring adaptable configurations that cater to various tenant sizes. The city hopes to attract AgTech companies and a range of industries to the park, thus diversifying its economic landscape.
The design of the business park is attributed to Gresham Smith, while Cushman & Wakefield has been entrusted with marketing the properties. Approximately, 17 acres have already been sold, and there is anticipation for further developments as pending sales progress.
The project is under the management of ATS as the primary contractor, coordinating construction efforts to ensure timely completion. Former Mayor Jim Gray, during the announcement phase, highlighted the significance of manufacturing jobs in the community, acknowledging the critical role such developments play in enhancing local economies.
The Legacy Business Park represents a meaningful advancement in enhancing Lexington’s business infrastructure while fostering economic growth through job creation and additional tax revenues. As the construction progresses, city officials and stakeholders remain focused on maximizing the park’s potential to benefit the local community in the years to come.
Deeper Dive: News & Info About This Topic
HERE Resources
Long John Silver’s Returns to Kentucky with New Location
Unraveling the Mystery of Mary Marrs Cawein’s Death
Georgetown Community Hospital Faces Leadership Change Amid Challenges
Lexington Celebrates 250 Years of History with New Exhibit
Kentucky State Parks Celebrate 100 Years of Nature
Lexington Real Estate Market Insights on Affordable Housing
Lexington Breaks Ground on Legacy Business Park
Lexington’s Economic Development Initiatives Boost Job Creation and Infrastructure
Lexington Celebrates 250th Anniversary with Historical Exhibits
Lexington to Pilot Traffic Pattern Changes on East High Street
Additional Resources
- Kentucky: Legacy Business Park Construction
- Wikipedia: Lexington, Kentucky
- LEX18: Lexington Police Community Engagement
- Google Search: Lexington Business Park
- Kentucky: Op-Ed on Local Economy
- Google Scholar: Lexington Business Development
- Amtrak: Infrastructure Investments
- Encyclopedia Britannica: Business Park
- Kentucky: News on State Developments
- Google News: Kentucky Economic Development
Author: STAFF HERE LEXINGTON KY STAFF
The LEXINGTON STAFF WRITER represents the experienced team at HERELexingtonKY.com, your go-to source for actionable local news and information in Lexington, Fayette County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Woodland Art Fair, Crave Food and Music Festival, and Railbird Festival. Our coverage extends to key organizations like Commerce Lexington and Blue Grass Community Foundation, plus leading businesses in education, manufacturing, and technology that power the local economy such as University of Kentucky, Toyota Motor Manufacturing, and Lexmark. As part of the broader HERE network, including HEREBowlingGreen.com and HERELouisville.com, we provide comprehensive, credible insights into Kentucky's dynamic landscape.
