LEXINGTON, Ky., Apr. 30, 2019 — Lexington’s underdeveloped East End took a major leap towards its commercial roots today as Mayor Linda Gordon and city dignitaries lifted golden shovels to break ground for EOP’s latest project, The MET. This mixed-use development will include a new grocery store, apartments, restaurant, fitness center, retail outlets and parking. The Community Ventures-owned development will be managed and leased by LRC (Lexington’s Real Estate Company).
The 75,000-square-foot building at the corner of Third Street and Midland Avenue will feature retail on the first floor, including the much-needed grocery store, with two levels of apartments above. Approximately 30% of the 44 one- and two-bedroom apartments are set aside for low-income renters; the remaining apartments will be market rate.
Called The MET, an acronym for Midland and East Third, is the first building in the Midland Avenue redevelopment project. The $22 million, three-story building will be paid for using $10 million in new market tax credits, which are used to finance real estate, commercial, industrial and other projects in lower income neighborhoods. Community Ventures has put in $2 million into the project and the remaining financing comes from community banks.
Community Ventures held extensive, town-hall type meetings prior to construction to gauge what people in the neighborhood needed. Banks involved in the financing include Republic, US Bank, NeighborWorks Capital, Community Hospitality Healthcare Services, Traditional Bank, Limestone Bank and Whitaker Bank.