LEXINGTON, Ky. (FOX 56) – The company that manages several of Lexington’s downtown venues, including Rupp Arena, announced its preliminary plan for developing a major slice of downtown.

Lexington Center Corporation was considering multiple bids for developing the High Street property. What’s there now is just a large parking lot, but in a year Lexingtonians could see a groundbreaking on a major new property with several different types of businesses.

Negotiations are continuing with Lincoln Webb LLC, a partnership with Lexington-based Webb Companies, a private developer most recently known for the City Center project, and Dallas-based Lincoln Property Company. Webb Companies chairman of the board, Dudley Webb, said the vision for the project began around 2005. He estimates the development will cost around $300-350 million.

“It’s up to date based upon what we know to be the market demand for component parts in downtown Lexington. Those basically include restaurant, entertainment, residential, an entertainment venue, a grocery, and about 800 apartment residential units on that site. So 17 and a half acres of prime land, it’s time it was utilized,” Webb told FOX 56.

Webb said the next steps are to finalize negotiations on the development agreement and then spend about nine to 12 months on the design before groundbreaking in a year.

A soccer stadium development for the site was the only project that had gone public with their bid. That is now off the table. In a statement, a spokesperson for Lexington Sporting Club said:

“Lexington Sporting Club owes it to its fans to build a top-level venue that we are all proud to call our own. While a downtown location was appealing to many – and was indeed one of our targeted areas of exploration – it proved to be an imperfect fit with our vision and timeline. Therefore, we removed ourselves from the conversations surrounding any downtown development. 

Other locations will allow us to build sooner and meet our commitment to the USL. Not only will our supporters be able to congregate and cheer on our club in the new home sooner than originally planned, but the new location will also focus on providing a venue that offers fans a safe, fun, family-friendly experience as shared in the many focus groups held over the last several months.”

There are no concrete details on a potential new location for the team.