Lincoln Property Company and the Webb Companies Sign Long-term Ground Lease for Prime 18-acre Site in Lexington, Ky

2023-05-22 21:18

LEXINGTON, Ky.--(BUSINESS WIRE)--May 22, 2023--

Lincoln Property Company (“LPC”) and The Webb Companies (“Webb”) are pleased to announce a long-term ground lease has been executed with Lexington Center Corporation on an 18-acre site across from Rupp Arena in Downtown Lexington. LPC and Webb were awarded the project after a competitive Request for Proposal process. LPC and Webb have plans for a mixed-use development encompassing multifamily, retail, hospitality, office, and a grocer, among other potential uses.

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“The High Street mixed-use development is an extraordinary opportunity to provide a vibrant, community-centric environment unlike any that exist in Lexington today, a place for Lexingtonians to live, work, and play for years to come. We are truly honored to have this opportunity,” said Tyler Jones, Executive Vice President at Lincoln Property Company.

“We look forward to further improving our city’s urban core, building upon the tremendous momentum that the renovated Rupp Area, the Convention Center, and the highly anticipated Town Branch Park have given this part of town. This project will be a gamechanger for our great city,” said Dudley Webb, Chairman of the Board and Co-Founder of the Webb Companies, who have had a large presence in Central Kentucky for more than 50 years.

About Lincoln Property Company

Lincoln Property Company (“LPC”) is one of the nation’s largest diversified real estate companies. Founded in 1965, LPC manages a portfolio of over $94 billion in assets under management and more than 275 million square feet of commercial space on behalf of third-party institutional clients. The company manages, leases, develops and invests in commercial properties throughout the United States, United Kingdom and Europe. Since 2018, LPC has acquired and developed more than $22 billion in commercial projects. For more information, visit: https://www.lpc.com.

About Webb Companies

The Webb Companies is Central Kentucky’s oldest and largest commercial real estate firm, specializing in commercial development, finance, leasing, brokerage, tenant representation and asset management. Since its inception, The Webb Companies have completed millions of square feet of commercial real estate space in Lexington Kentucky and Fayette County. This includes a wide selection of downtown and suburban office space, mixed-use developments, retail shopping centers, apartments and residential developments, warehouses and other industrial facilities.”

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pro-LPC@prosek.com

KEYWORD: UNITED STATES NORTH AMERICA KENTUCKY

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: Lincoln Property Company

PUB: 05/22/2023 09:00 AM/DISC: 05/22/2023 09:00 AM

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