VIBRANT.VIBRANT. GROWING. ECONOMICALLY-POWERFUL.ECONOMICALLY POWERFUL.
Photo:Photo JeffRogers.com. By: JeffRogers.com VIBRANT. GROWING. ECONOMICALLY POWERFUL.
The State of Downtown Report is prepared by the Downtown Lexington Partnership with support from the Downtown Lexington Management District. The report presents benchmarks of key economic indicators on the health of downtown and includes trends and comparisons.
The report documents that Downtown Lexington is a vibrant, growing, economically-powerful urban core. It is a center of employment, a hub of tourism and hospitality venues and the region’s premier destination for local cuisine, arts, night life, shopping and entertainment. It is wrapped with thriving historic neighborhoods and anchored by parks and trails and institutions of higher learning.
We would like to thank the individuals and organizations that contributed to this report and the sponsors of the State of Downtown event: Republic Bank, Downtown Lexington Management District, The Webb Companies, Stoll Keenon Ogden, Marriott Lexington City Center, Kentucky Eagle, Business Lexington, and LEXPARK. Special thanks to Hilliard Lyons Baird as the brochure and video sponsor.
Sincerely,
Terry Sweeney Paula Hanson Jim Frazier
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P E C R E H E S KEN _ R EAD D EN V L H D K O F S I D D H D W R A µ R N I F E © 2018 LFUCG GE L AR N R W D L I N AR ID P L E X R L E E I AF A L R N I G O X J 0 500 1,000 R H R Y E M A L L D AD O Y \ M A T BO IL D E : Downtown DN esign Area O A E A GH C K M D N C RIN A T D Feet K A C D M C G T Y SP AR C D R S Y AR H D B : AR L P R IA U E AL T R ET AR D S R L h E G A P A E t ER O D C T YS A D a C D KEE I V D SO R BE R N R D N VI T LN T O N A T R P R LLAG R R AL D T E YS IA AS EE E O R D D ER W t R L N S EL A T T D I N N R C M M H L A R n K R C C I L B
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R A R D OH BL AN I D V F J L ECONOMIC INDICATORS SNAPSHOT
CUSTOMERS REAL ESTATE HOSPITALITY AMENITIES
31,266 $2.4 BILLION 146,000 88 number of students in completed, underway and square feet of walk score planned projects since 2005 Lexington Center
27,633 2.38 MILLION 82,095 51 number of office square feet of downtown convention delegates in 2018 restaurants/ workers multi-tenant office space bars in downtown core
24,318 373,470 862 23 number of residents square feet of street level space downtown hotel rooms cultural venues in urban core
$69.64 $187,080 $96.79 22 average spent per downtown average residential sale average downtown hotel parks and park space visit by local residents room rate CUSTOMER BASE Having a large, year-round customer base and diverse users that spend dollars and FAST FACTS time is key to a downtown’s success and vitality. Fortunately, downtown Lexington attracts customers from all over the region to work, live, and play. Visitors from outside 1.5 MILLION the region and higher education students play a pivotal role in downtown Visited downtown Lexington’s success. ticketed and gated attractions Additional customers can be found from those who visit downtown from within and outside the region who come to conventions, attractions and special events. 500,000 Attended special CONVENTION AND ATTRACTIONS events and festivals Workers, residents and students form the foundation of downtown’s customer base by providing a 24-hour presence. Downtown’s customer base groups are generally younger and have higher incomes to support our businesses than the rest of Fayette County. 31,266 Number of college OFFICE WORKERS RESIDENTS students Downtown Number 27,633 24,318 % of County 14% 7.6% 27,633 Under 39 50.2% 69.5% Number of office Average Wage N/A $49,754 workers
STUDENT POPULATION 24,318 University students are an increasing pop- Number of residents ulation that is an important customer base for downtown. Likewise, universities see the advantage of having a downtown that is so 80% accessible to students. Of seven-county metro area residents who visited downtown in a six-month period STUDENT ENROLLMENT (FTE FALL SEMESTER) 2016 2017 2018 UK 29,781 29,465 30,277 Transy 963 966 989
DEGREES AND CERTIFICATES AWARDED 2016 2017 2018 UK 6,638 6,715 7,099 Transy 270 215 218
Our location in downtown Lexington sets us apart from most other liberal arts schools. It’s a large and exciting city with thousands of jobs, internships and “ entertainment opportunities just steps away from campus. -Megan Moloney, Vice President, Marketing and Communications, Transylvania University” CUSTOMER BASE
CONVENTIONS AND ATTRACTIONS Downtown is the center of the Bluegrass Region’s convention market, attracting more than 80,000 delegates in 2018 for meetings, conventions, and expos. Though the number of delegates decreased over the past two years, the $250 million renovation and expansion of the Lexington Center, which began in 2018, will position Lexington to better compete in the convention market. When completed in 2021, the Lexington Center will have 51% more exhibit space and 40% more ballroom space.
YEAR CONVENTION DELEGATES 2018 82,095 We are well positioned to grow our convention business when the Lexington Center expansion is completed. 2017 109,968 “Already we are seeing increased interest for bookings. 2016 124,077 2015 113,884 -Mary Quinn Ramer” 2014 128,760 President, VisitLex
LEXINGTON CENTER STATISTICS
CURRENT SPACE POST RENOVATION Exhibit 66,000 100,000 Meeting 40,000 29,000 Ballroom 17,000 24,330 Club and Flexible 0 44,000 Total 146,000 197,330 CUSTOMER BASE
ATTRACTIONS Ticketed and gated hospitality and cultural attractions drew more than 1.5 million in 2018. Top attractions include:
• Lexington Center and Rupp Arena • Red Mile • Lexington Opera House • Mary Todd Lincoln House • Lexington Visitors Center • Ticketed/gated attendance
We are proud of the hard work by the Lexington Center staff resulting in Rupp Arena event attendance increasing 12% from 2017 to 2018.
“ -Bill Owen President, Lexington Center” LOCAL DOWNTOWN CUSTOMER DEMOGRAPHICS AND PATRONAGE In January 2018 Gentleman McCarty conducted a consumer perception survey of the Lexington seven-county metro area documenting the local customers’ patronage and perceptions of downtown. The results showed that downtown attracts a significant number of residents from throughout the region. In fact, 80% had visited downtown in a six-month period and spent on average $69.64 per trip.
DEMOGRAPHIC Average Household Income $81,200 Average Age 43.3 Married 54% Family with Children 32%
PATRONAGE Visited the past 6 months 80% # of Leisure Visits 29.7 Length of Stay 145 minutes Average Spending $69.64 CUSTOMER BASE
SPECIAL EVENTS AND FESTIVALS Downtown Lexington Partnership and other event organizers host more than 130 days of events, attracting more than 500,000 to downtown.
DLP EVENTS DLP/DLMD Annual Meeting 400 Thursday Night Live 40,000 Mayfest Arts Fair 20,000 State of Downtown 250 American Pie and Ice Cream Social 200 Patriotic Concert 5,000 Bluegrass 10K 3,500 Fourth of July Parade 10,000 Fourth of July Street Festival 15,000 Fourth of July Fireworks 35,000 Fountain Films 1,000 Bike Lex Family Fun Ride 500 Holiday Parade 12,000 Tree Lighting 2,500 Ice Rink 45,000 Triangle Park Programming 500 DOWNTOWN EVENTS Farmers Market 117,500 Woodland Art Fair 75,000 Night Market 32,000 Festival Latino de Lexington 30,000 PRIDE 15,000 Japan America Festival 12,000 Bluegrass BBQ Fest 10,000 St. Patrick’s Day Festival 10,000 Jefferson Street Soriee 8,000 Bourbon Chase Finish Line Celebration 6,500 TOTAL 506,850
Events like Thursday Night Live and the Farmers Market bring thousands of customers to downtown. They are a key part of Centro’s success and significantly help businesses throughout downtown. We are so “ excited about the momentum that we are working to open a new downtown business .
-Aimee Lanza Owner, Centro ” COMMERCIAL REAL ESTATE Downtown Lexington’s commercial real estate is performing at a high level generating FAST FACTS $1.4 million in economic activity per acre versus $190,000 in the rest of the county. It has an active real estate sales market, expanding office and retail markets $2.4 with relatively low vacancies and a surging pipeline of completed, underway, and planned projects that have grown to $2.4 billion. The downtown core, generally defined BILLION In projects completed by the Downtown Lexington Management District, has experienced significant growth since 2015 and projects in property tax valuation and has a vibrant, active mix of street level uses that attract currently underway or many customers. planned
2018 COMMERCIAL SALES Downtown has an active real estate market with the top fifty transactions accounting for nearly 2.38 $38 million in sales of commercial office properties, multifamily housing, new university investments, and expansions of retail/restaurant businesses. MILLION Square feet of downtown multi-tenant PROPERTY SALE PRICE BUILDING SQ FT TYPE office space 135 Maxwell $11,515,113 37,601 Medical Office 200 Vine St. $7,300,000 91,500 Office 375 Mill St. $3,350,000 28,886 Office 101 Loudon Ave. $1,350,000 71,700 Mixed Use 373,470 120-140 W. Short $1,200,000 N/A Lots Square feet of retail, 113 Cheapside $910,000 3,750 Restaurant/Bar restaurant, retail space 136 Rose $800,000 N/A Lots in urban core 161 N. Lime St. $790,000 4,874 Restaurant/Bar 150 Jefferson $725,000 6,030 Office 556 S. Upper St. $641,000 N/A Lot 151,117 Square feet of new Class A office space OFFICE MARKET Since 2016, the downtown office market modestly improved. At the end of 2018 the vacancy rate for 29 downtown Class A and B buildings had decreased to 12.50%. This compares favorably to 37 the nearly 14% vacancy rate for the suburban market. A number of trends will affect the down- New street level town office market in the near future. In the summer of 2019, the new $200 million City Center businesses project will add an additional 157,117 square feet of high end class A space.
Additionally, existing space is being used in new ways. Base110 has taken traditional office space at 110 W. Vine St. and created a co-working space that provides a variety of workspace and 12.50% Office Vacancy Rate event space options to individuals and small companies. Downtown has become an epicenter of the region’s co-working environment with options at five different spaces offering a variety of amenities and services to traditional and new companies alike.
DOWNTOWN OFFICE MARKET TREND 2016 2017 2018 Overall Vacancy Rate 14.06% 12.80% 12.50% Total Vacant Square Feet 323,033 298,604 298,216 Class A Rates (PSF) $18.70 $18.13 $18.25 Class B Rates (PSF) $17.56 $16.82 $16.86 COMMERCIAL REAL ESTATE
2018 DOWNTOWN AND SUBURBAN OFFICE MARKET COMBINED CLASS A AND B COMPARISON DOWNTOWN SUBURBAN Total Square Feet 2,382,905 2,982,812 Total Vacant Square Feet 298,216 415,816 Overall Vacancy Rate 12.50% 13.94%
2018 DOWNTOWN BUSINESS OPENINGS AND CLOSINGS Downtown continues to be a place where entrepreneurs and restauranteurs open new businesses and launch new concepts. There were 37 new restaurants, bar, retail, service, and entertainment businesses that opened in 2018 while 11 closed, providing a net of 26 new, primarily ground floor businesses launched in 2018.
2018 BUSINESS OPENINGS Battle Axes On The Rocks Ranada’s Crumzz Bar and Grill Make-A-Cake Cupcake Bar Relic El Espalon Mane on Main Shine Pilates Studio Fooji Maple & Murphy Quiet Please Girlsgirlsgirls Burritos Martine’s Pastries Story Glamour Nails Massage Therapy Greenbox Heating and Air Napa Prime The Thirsty Fox Gus’s Fried Chicken Old National Bank Varnish Nail Shoppe The Hub Sales Center Oracle Tattoo Guild Walkers Jimmy Johns Oscar Diggs The White Dress Justin’s House of Bourbon Tandoor Fine Indian Cuisine Zim’s Cafe James Pepper Distillery Lexington Locksmith Popcorn Paradise Limestone Hall Smokin’ Aces Coffee Company COMMERCIAL REAL ESTATE DOWNTOWN PROJECT PIPELINE Downtown’s project pipeline has grown to more than $2.4 billion since 2015, including completed, underway and announced projects. These investments represent a broad range of institutional developers, such as the downtown universities, private development proj- ects, and public investment in infrastructure and parks. This includes the addition of over 400 new hotel rooms and nearly 1,000 new residential units.
COMPLETED UNDERWAY ANNOUNCED $1.1 billion $1.3 billion $60 million
We have been bullish about downtown for many years that’s why we have “purchased, renovated and managed many properties from office to mixed-use. The City Center project takes our vision for downtown to the next level. We are proud to have created such an amazing project for our city.
-Dudley Webb ” President, The Webb Companies
COMPLETED PROJECTS SINCE 2015 PROJECT USE TOTAL INVESTMENT ($ MILLIONS) B&B Hotel N/A 21C Hotel and Museum Hotel 41.00 Alltech Distillery-Brewery Commercial 2.00 Carson’s Food and Drink Restaurant 1.50 James Pepper Distillery Commercial 1.29 Kroger - Euclid Ave Retail 19.00 Lexington Transit Center HQ Transit 25.00 Living Arts and Science Center Attraction 5.50 Red Mile Expansion Entertainment 42.00 Rupp Arena Entertainment 15.00 Smith Town Homes Residential N/A The Lex Residential 2.50 UK Limestone Park I and II Residential 348.50 UK Woodland Glenn Residential 108.00 Wilgus Flats Residential N/A Base110 Expansion Office N/A Gratz Park Inn/The Sire Hotel 3.00 Flats at 345 Apartments 10.00 Research Building 2 Research 265.00 UK Student Center Mixed 220.00 Old Fayette Courthouse Mixed 30.00 Old National Bank Retail N/A Broadway Commercial N/A Subtotal $1,139.29 COMMERCIAL REAL ESTATE PROJECTS UNDERWAY
PROJECT USE TOTAL INVESTMENT ($ MILLIONS) City Center Mixed 200.00 Town Branch Commons Public Space 35.50 Lexington Civic Center Convention 250.00 The Midlands Residential 1.10 Sayre Educational 10.00 Townhomes at Jefferson St. Residential 8.50 Distillery Heights Residential N/A The Hub at Lexington II Residential N/A The Hub I Mixed 31.00 Greyhound Station Mixed N/A National Ave. Buildings Mixed N/A The Met Mixed 24.50 UK College of Law Educational 56.00 Field and Main Retail/Condo 7.50 Krikorian Theater Entertainment N/A Commonwealth Building Mixed N/A Storm Water and Sewer Overhaul Utility 600.00 Artist Village Residential 2.00 107 W Short St Restaurant 0.75 UK Innovation Center/Kennedys Mixed N/A Transy Student Center Educational N/A Subtotal $1,226.85
Town Branch Park will be an inviting, dynamic, fun and beautiful green space in the heart of downtown that reflects the culture and spirit of Lexington. Our fundraising efforts are going very “well and we will begin construction of the world-class park as soon as the new convention center is complete, with Park opening about two years thereafter.
-Allison Lankford Executive Director, Town Branch ”Park
View from Oliver Lewis Way COMMERCIAL REAL ESTATE
ANNOUNCED PROJECTS
PROJECTS ANNOUNCED TYPE SECTOR USE TOTAL INVESTMENT ($ MILLIONS) Town Branch Park Infrastructure Public/Private Public Space 30.00 CV Third Street New Construction Private Mixed 3.20 Midland and Shropshire New Construction Private Residential N/A Main and Vine New Construction Private Mixed 15.00 Connie Griffith Manor Renovation Public Residential 10.30 Pepper Distillery Housing Renovation Private Mixed N/A Reynolds Building Renovation Institution University N/A UK Chemistry and Physics Building Renovation Institution University N/A McDonalds New Construction Private Restaurant 1.50 Opera House Marquee Renovation Institution Facade N/A Subtotal 60.00
CORE DOWNTOWN-DOWNTOWN LEXINGTON MANAGEMENT DISTRICT The Downtown Lexington Management District anchors the downtown and through an annual property owner assessment, provides enhanced cleaning and safety services and invests in economic, business support and art programs. Its investments and programs have provided a significant return on investment to property owners as seen in increasing property evaluations and vibrant street level mix. The total property values in the district have increased by more than 11% since 2015 when the district was first formed.
TOTAL PROPERTY VALUE
$452,729,800 $450,000
$440,000 $433,350,300 $430,000 $423,612,700 $420,000 $406,522,100 $400,000
2015 2016 2017 2018 COMMERCIAL REAL ESTATE
The core area of Downtown Lexington Management District contains 373,470 square feet of street level space with only a 5.2% vacancy rate and rental rates ranging from $12 to $31 per square foot.
DOWNTOWN LEXINGTON MANAGEMENT DISTRICT STREET LEVEL Type Number Square Feet Bar/Restaurant 51 180,450 Retail 19 68,593 Service 15 67,941 Office 10 37,042 Vacant 9 19,444 Total 104 373,470 Vine to Short: Broadway to Midland
You can see the impact our programs and services are making in the management district. Our work is keeping the downtown core safer and cleaner and street level occupancy high “ and property values increasing. We are providing a significant return on investment to our property owners.
-Jim Frazier Chair, ” Downtown Lexington Management District
PROJECT MADE POSSIBLE BY THE DLMD PROPERTY IMPROVEMENT GRANT BEFORE AFTER MOBILITY AND TRANSIT FAST FACTS The success and vitality of downtowns are defined not only by businesses and build- ings, amenities, venues and attractions and public spaces, but also the ease by which workers, customers, residents and visitors can get to and around downtown. Fortu- $1.1 MILLION Amount of parking nately, downtown Lexington excels in measures of the ease of access and mobility. improvements Planned investments, new projects and programs that are in the pipeline will greatly LEXPARK will be improve downtown’s access and mobility over the next 3+ years. making to their garages in 2019. WALKABLE, BIKEABLE DOWNTOWN Downtown Lexington is the most walkable area in Fayette County and is very bikeable with good public transportation according to walkscore.com. Downtown Lexington also outperforms most #1 of its peer cities in walking and bike measures. These scores will likely increase significantly UK ranked as most as the $30 million Town Branch Commons and Trail come on line in 2021 adding miles of new Bicycle Friendly college multi-model paths to Downtown connecting downtown with the Legacy Trail and making it easi- in America by Bicycle er to walk or bike from the Distillery District to the eastside of downtown. Magazine.
WALK SCORE WALK SCORE BIKE SCORE TRANSIT Downtown Lexington 88 83 55 88 Walk Score Lexington/Fayette County 34.2 40.9 23.8 Downtown Greensboro 82 55 N/A Downtown Nashville 82 55 68 35,000 Downtown Chattanooga 70 79 60 Miles logged in first year of Spin bikeshare Downtown Durham 89 54 60 Downtown Cincinnati 98 65 54 Downtown Knoxville 80 58 64 16.7 Downtown Memphis 85 72 N/A Miles of bike lanes and trails Downtown Louisville 96 76 65
Source: Walk Score.com 9,130 off-street and on-street We have been very strategic and intentional as we have pursued policies parking spaces and programs, like the SPIN bike share, to make our campus less reliant on “ cars leading to our #1 ranking of bike-friendly campuses.
-Melody Flowers 68% Executive Director for Strategic Analysis and Policy, Believe it is convenient University of Kentucky ” to take a bus, bike or walk downtown In 2018, Lexington piloted a dockless bike share program with SPIN BIKESHARE 500 Spin shareable bikes making it easier to explore downtown # of bikes 500 and other Lexington neighborhoods by bike. The first year was # of members 14,500 very successful and planning is underway to determine how to # of miles 51,000 add e-scooters to Lexington. Together these programs make it # of Trips 35,000 easier to connect the first and last mile for public transit com- muters and for residents, workers, visitors and students to get Average trip time 6.7 minutes to their destinations without a car or needing to find parking. Average trip distance 1.45 miles Est. calories burned 1,009,928 MOBILITY AND TRANSIT
BIKE LANES AND TRAILS Contributing to Lexington’s high ranking as a very bikeable area is the significant miles of current bike lanes and trails with more on the way to make it even more bikeable!
25 22.16 We learned a lot from our pilot bike share program. 20 16.77 “ If e-scooters come into our 16.62 15 14.82 market, we will have new safety initiatives for them. 10 Because of new bike lanes
MILES OF BIKE LANES and trails, downtown and our 2016 2017 2018 2019 whole community is becom- ing less reliant on cars. The long-term goal is to reduce Lexington’s carbon footprint, reduce traffic congestion and enhance mobility.
-Scott Thompson Bicycle and Pedestrian Planner, Lexington Area ” Metropolitan Planning Organization (MPO)
Town Branch Commons is a transformational project of a winding park and trail system that features continuous bike and walking paths, a lush “ green band through downtown which connects new and existing parks, and improves water quality. When completed in 2021, it will connect downtown with 22 miles of uninterrupted trails to our world famous rural landscape.
-Brandi Preacher Director of Project Management, Office of the ”Mayor Lexington Urban County Government (LFUCG) Mark Cornelison | UKphoto MOBILITY AND TRANSIT
TRANSIT Lextran is the public transit provider with a fleet that includes compressed natural gas, battery-electric, hybrid-electric, and diesel buses. Lextran operates 23 fixed routes, a door-to-door paratransit service and a vanpool/ ridesharing program. Regular bus fare is $1.00, and there are a variety of reduced fares and pass programs available to individuals who qualify. All buses are equipped with bike racks and are wheelchair accessible.
Lextran operates 22 bus stops including a transit center in downtown that records more than 110,000 unlinked passenger trips annually.
PARKING There are more than 9,100 on and off street parking spaces downtown. Monthly parking rates range from $40-$115. LEXPARK manages 2,081 garage spaces and 1,273 publicly metered spaces. LEXPARK garage spaces are $3 after 5:00 p.m. and on weekends unless there is a special event. The Rupp Arena High St. lot is free after 7:00 p.m. on non-event days. The remaining 5,776 off street spaces are privately managed.
DOWNTOWN LEXINGTON PUBLIC PARKING INVENTORY FACILITY NAME TOTAL SPACES Rupp Arena - High St. Parking Lot 1,720 Transit Center Garage 777 Central Bank Annex Garage 607 LFC Garage 575 Courthouse Lot 524 Bluegrass Coporate Center Hilton Hotel Garage 465 Library Garage 422 Chase Tower Lot 404 The Helix Garage 389 Victorian Square Garage 381 CentralBank Lower Garage 275 BB&T Garage 242 Short Street Lot 182 Calvery Bpatist Church Lot 130 First Presbyterian Church Lot 104 upper Street Lot 102 Market Lot 91 Strand Lot 84 South Hill LLC Upper Lot 83 Billboard Lot 78 Former Unemployment Bldg. Lot 63 Christ Church Cathedral Lot 57 Carrol Lot 50 First Baptist Church Lot 41 South Hill LLC Lower Lot 23 Government Lot 19 Tucker Lot 16 Total 7,904 MOBILITY AND TRANSIT
LEXPARK OCCUPANCY RATES (M-F, 8:00 A.M. – 5:00 P.M.)
OCCUPANCY PARKING METER On-Street Publicly Metered spaces (Downtown core): 71% USAGE Victorian Square Garage: 79% Use of credit cards by patrons parking at meters Transit Center Garage: 94% has increased Courthouse Garage: 73% since 2016. 27% Helix Garage: 87%
PERCENT OF TRANSACTIONS BY CREDIT CARDS
75 67.9% 61.1% 53.3% 50
25
2016 2017 2018
2018 METER PAYMENT BREAKDOWN Average Transaction Amount by Credit Card $2.16 Average Transaction Amount by Cash $1.39
We are continually working to improve the parking experience for downtown customers by providing credit “ card payment options, a parking app and more than a million dollars of upgrades to our garages.
-Gary Means Executive Director, LEXPARK ” (Lexington & Fayette County Parking Authority) LIVING AND QUALITY OF LIFE FAST FACTS Downtown provides a vibrant, safe quality of life that attracts people to work, play, visit and spend money. The rich collection of amenities also makes the downtown residential 86 market very successful. Residents can enjoy the best restaurants, bars, and boutique Public art installations shops which are just steps, a bike ride, or short drive away. Residents also have easy on LFUCG property access to the impressive number of parks, cultural venues, and public art installations sprinkled throughout Lexington’s walkable downtown and historic neighborhoods. 84 Acres of park space
PARKS 49 Restaurants/Bars in the Downtown Core
I recently opened a downtown restaurant and 38 Art galleries and artist “moved to a downtown condo studios and I love it. I have a beautiful view of the 34 skyline. I enjoy the lifestyle Retail and Boutique and amenities Shops in the Downtown and the convenience of Core GALLERIES AND STUDIOS downtown living. 23 Cultural Venues -Gus Oyler” Owner, Gus’s World 10 Famous Fried Distilleries and Chicken Breweries
8 Coffee Shops
2 COFFEE SHOPS Groceries LIVING AND QUALITY OF LIFE
DOWNTOWN SALES OF SINGLE FAMILY HOMES AND CONDOMINIUMS The downtown residential market is very active, recording more than 130 sales in 2018 with an average sales price of nearly $190,000. Downtown residential real estate is in high demand because it provides residents easy access to restaurants, nightlife and cultural attractions. Furthermore, it offers buyers a variety of options from high rise living, condos and apartments, to historic homes on tree-lined streets. The more than 1,000 new residential units coming online in the next couple of years will provide additional options for the downtown buyer.
2018 Number of Transactions 133 Total Sales $24,881,697 Average Sale $187,080
HISTORIC HOMES
The downtown residential market is very robust. It attracts a lot of interest because of its close “ proximity to restaurants, nightlife and cultural attractions. It offers a variety of options from high rise living, condos and apartments, to historic homes on tree-lined streets. Downtown’s appeal can’t be understated.
-Becky Reinhold Principal Broker and Vice-President, Bluegrass Sotheby’s” International Realty
TREE-LINED STREETS HIGH-RISE APARTMENTS LIVING AND QUALITY OF LIFE
CRIME RATE When documenting quality of life measures, downtown again fares well having a low crime rate, recording fewer than 350 incidents of crime. In spite of downtown’s density and the thousands of people who live, work, play and visit, downtown Lexington enjoys a relatively low crime rate only accounting for 2.9% of the total serious crime in Fayette County.
2018 PART I CRIME CRIME DOWNTOWN FAYETTE COUNTY Murder 0 22 Forcible Rape 44 198 Robbery 24 440 Aggravated Assault 17 362 Breaking and Entering 30 1,547 Larceny-Theft 199 7,825 Auto Theft 27 1,171 Arson 3 44 Total 344 11,609 LIVING AND QUALITY OF LIFE
BREWERIES AND DISTILLERIES
PUBLIC ART
RETAIL SHOPS DOWNTOWN LEXINGTON
A safe, vibrant, growing and economically-powerful urban core. The center of employment, a hub of tourism and hospitality venues and the region’s premier destination for local cuisine, arts, night life, shopping and entertainment. VIBRANT.
GROWING.
ECONOMICALLY-POWERFUL. ACKNOWLEDGEMENTS
The Downtown Lexington Partnership (DLP) is the umbrella Downtown organization formed in the 4th quarter of 2017 to provide a single point of contact and accountability and a coordinated approach to Downtown revitalization and management. The Downtown Lexington Corporation (DLC) and Lexington Downtown Development Authority (LDDA), two long operating organizations, fall directly under the DLP umbrella and are managed by a common board of directors known as the Downtown Lexington Board of Directors. A third organization, the Downtown Lexington Management District (DLMD), has a separate board of directors that contracts with the Downtown Lexington Partnership to manage its programs and services.
Downtown Lexington Management District (DLMD) DLP also manages the program and services of the Downtown Management District on behalf of the Downtown Management District Board of Directors. DLMD is a property tax business improvement district created in May 2015 by the Lexington Fayette Urban County Government (LFUCG) Council through Ordinance No. 52-2015, after a majority of property owners within the proposed District approved a petition to request its establishment. DLMD uses the District property tax levy to enhance and manage the Downtown’s physical environment and to foster economic development and Downtown revitalization by: • Providing enhanced cleaning services to create a foundation for business development. • Providing enhanced safety resources to address worker, visitor and resident safety. • Supporting public art initiatives.
Thanks to the many individuals and Thanks to our sponsors for their support organizations that provided information of this event and report: to make this report possible: Republic Bank Downtown Lexington Partnership Fayette County PVA Hilliard Lyons Baird Gentleman McCarty LEXPARK Business Lexington Lextran LEXPARK Lexington Police Department Lexington Fayette Urban County Government Marriott Lexington City Center Loopnet.com Stoll Keenon Ogden The Coleman Group Transylvania University The Webb Companies VisitLex Thomas P. Miller and Associates University of Kentucky DOWNTOWN LEXINGTON PARTNERSHIP U.S. Census Bureau (859) 335-8640 Walkscore.com 316 W. High Street Lexington, KY 40507