On June 25, 2015, the Kentucky Economic Development Finance Authority granted preliminary approval to tax increment financing for a $72 million project that includes a 31.7 acre site around Lexington‘s Midland Avenue corridor.
That’s a first step in a redevelopment that will narrow the corridor’s car lanes, add bike lanes and slow down its traffic flow. The project will also add retail and business and residential development.
“Midland Avenue is now a wall between the East End and neighborhoods such as Walton Avenue and Bell Court“, developer Phil Holoubek said. “Midland Avenue now … is not pedestrian friendly, and as a result of that … there hasn’t been development there for years,” he continued.
When renovated, the area is estimated to support 800 jobs and result in new state and local taxes over a 20-year period in excess of $34.9 million.
Infrastructure costs are approximately $17 million and include land preparation, curbs, sidewalks, road improvements, utilities, street lighting, public parking, storm and sanitary sewer improvements, and public spaces and parks.