Groundbreaking of New Legacy Business Park Marks Major Milestone for Lexington Economic Development

​This week marked a significant milestone for Lexington in the pursuit of creating more shovel-ready land for job creation with the ground-breaking ceremony for the new Legacy Business Park.
 
Located near the University of Kentucky’s  Coldstream Research Park, the 200-acre park includes 19 lots totaling 147 acres for job-related development, as well as bike and pedestrian trails that connect to the city’s Legacy Trail, and extensive greenspaces.

The Legacy Business Park is a testament to the power of partnerships between public and private sector leaders.  ​

​“Legacy Business Park is the result of unprecedented collaboration among the University of Kentucky, the business community and government,” said Bob Quick, President and CEO of Commerce Lexington.  “Commerce Lexington is thrilled about the job opportunities the Legacy Business Park provides to support our key strategic industry targets and existing business seeking to grow and expand.”

Prospective rendering from the Legacy Business Park Master Plan. Courtesy of Lexington Economic Partnership.

Once complete the project is expected to bring almost 1,700 jobs to the community with a combined annual payroll estimated at nearly $100 million.
 
Mayor Linda Gorton, University of Kentucky President Eli Capilouto, Kentucky Transportation Secretary Jim Gray, U.S. Congressman Andy Barr, as well as other local community leaders joined in the celebration.
 
Each year, the jobs are expected to produce approximately $6.8 million in local tax revenue, and $4.1 million in state tax revenue. Local tax revenue will be used to fund city services and quality of life investments. 
 
The groundbreaking kicks off a $22.6 million development project to get the park shovel ready for businesses, installing all infrastructure, in approximately 18 months. 

The History of Legacy Business Park Development

In 2017, Commerce Lexington, led by Gina Greathouse, EVP for Economic Development, convened an economic development taskforce consisting of public and private sector leaders to discuss the challenge of identifying  more shovel-ready land for jobs in Lexington. Commerce Lexington’s Bluegrass Business Park, home to companies such as Big Ass Fans, Webasto, Tiffany & Co, had reached its capacity. As a result, the community was extremely limited in its jobs land inventory to market to support attracting new businesses and retention of existing businesses.   
 
The taskforce discussions led to a mutually beneficial partnership between the City of Lexington and University of Kentucky to help with economic development and job creation. 
 
In July 2019, then Mayor Jim Gray and UK President Eli Capilouto agreed to exchange 250 acres of UK-owned economic development land (agriculture farm) with control of some city streets around the main UK campus. 
 
It took more than seven years to work through the land swap details, development process and various official documents, budgeting, grants, studies, plans, engineering and design work. 
 
U.S. Representative Andy Barr also secured $10 million in congressionally directed spending from the U.S. Dept. of Housing and Urban Development to support infrastructure for the project.
 
In addition, $2 million in funding came from the state through a Kentucky Product Development Initiative grant; the city dedicated $2.55 million in American Rescue Plan Act funding and dedicated $7.45 million in capital funds; and Kentucky Utilities provided $200,000 in Kentucky Product Development Initiative matching grant funds.

Learn more about this development:

Lexington Economic Partnership

Master Plan

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