Lexington City Council to award Request for Proposal recipient for Depot District construction site tonight
The Depot District in Lexington is presently in full planning and construction phases with the addition of new and exciting businesses that are sure to spark interest in the area. The City of Lexington is planning major projects to revitalize the Depot District. There are also plans for a future Railroad Street Market, an Amtrack station, apartments and much more. It is an exciting time to reside in Lexington.
Tonight at the Lexington City Council meeting at City Hall at 6 p.m. one of the two finalists for the Depot construction contract will be recognized by being awarded the Request for Proposal (RFP).
After the biding period was revealed, the proposals of four companies were submitted for consideration to the Planning Board. From those four companies, two prospective companies were identified and presented their ideas publicly at the Lexington City Council meeting held on August 12, 2024.
The first proposal presented by Daniel Smith for the Wafford Team, outlined the company's plans to construct a mixed use commercial and residential site that would include market based properties. After the presentation, Mayor Jason Hayes asked if the residential areas would be rental or owner based units and Smith responded that there would need to be a review of the market to see what would be reasonable. Mayor Hayes also pointed out that the company is currently engaged to complete the Edgewood Lofts which is also in the Depot District and asked how completing the two developments would work. Smith indicated it requiring longer development periods and said, it will be good to have a project with entitlement and will finish Phase II of Edgewood. This proposal sparked concerns from Councilman Garrett Holloway, who inquired about community engagement and directly mentioned a desire to avoid gentrification. Smith indicated not having reached out to anyone and that Conditional Zoning would be engaged through letters. Another concern expressed by Holloway was preserving the integrity of the building to which Smith responded it would be market based and would have to cover the cost of construction.
The second presentation was by Michael Tesh, Matt Leonard and Algenon Cash of Tesh-Leonard. This plan presented 48 apartment units and 44 units for other use including a food hall and commercial entrepreneurial spaces. Mayor Hayes asked of the estimated current impact to the tax base, $30 million tax increase and encompassing the whole project. Tesh’s response indicated a study that he feels will present unique and great opportunities for both locals and outside visitors to the area. He stated too, that his company’s plan would fill all the town homes and complete the construction in a time frame of about an 18-month for this property. Tesh also answered a question from Mayor Pro Tem Wallace about the construction upon completion, presenting equitable opportunities including private labeling by Southern Distilling. Tesh said that this presents many opportunities and hopes everyone will show up.
Upon awarding the RFP the City of Lexington says that it will work with the developer who is selected to craft a Development Agreement. Then that development agreement will be brought back to the Lexington City Council for consideration.
The Depot District will bring a new level of interest and attraction to Lexington, all aboard!
