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Plans for $250 million Lexington skyscraper unveiled

March 05, 2008 @ 11:01 AM

Herald-Dispatch.com

LEXINGTON, Ky. (AP) — Lexington officials have announced a proposed $250 million construction project that would add a 40-story tower to downtown.

Developers say the project would include a major four-star, 243-room hotel, 77 residential condominium units and 26,000 square feet of retail space.

The tower’s plan was introduced Tuesday by The Webb Companies. The company said the project could be completed in time for the 2010 Alltech FEI World Equestrian Games.

The 406-foot, glass-and-steel structure will be roughly as tall as the 30-story Lexington Financial Center.

Success of the project relies on Tax Increment Financing, which has been used to finance other developments in the state.

The financing requires approval by the Urban County Council and the state.