Lexington Kentucky Real Estate Development

The Lexington Herald-Leader wrote an article about a new Lexington Kentucky real estate development on Georgetown Street.  19 single family homes will be built on an approximately 3.1 acre tract that is currently owned by the city.  The housing is classified as affordable and will likely appeal to persons in the lower income bracket.

The city is going to donate the real estate to the development - and is bearing the additional costs of preparing the site for construction which includes building a new road, extension of sewer service as well as demolition of 2 existing buildings on the property.  The Urban County Council has given tentative approval for use of $450000 in money from the federal Urban Development Action Grant to help pay for the site work.

The site is located on Georgetown Street adjacent to Douglass Park (this property was once a part of the Julius Marks Sanatorium).  The land is going to be given to the Lexington Housing Authority.  The 19 homes will help the city achieve its obligations per the federal grant that it received for redeveloping Bluegrass Aspendale at the end of W. 5th Street. As part of its commitments, the city has to provide 48 affordable homes that are not on the Bluegrass Aspendale property.

Site work is projected to be completed by late Summer 2008, with construction on the homes themselves to begin next Fall - and the entire project completed 6 to 8 months following that.  The Housing Authority has 3500 persons on the waiting list that are desiring affordable housing for purchase, or rent.