[LEXINGTON] – A consortium of local banks announced today that it has closed on the purchase of 12.5 acres of land along Radcliffe Road and Haggard Lane from Transylvania University. This clears the way for opportunities for homeownership and rental for Lexington families and seniors.
The banking group — currently including Central Bank, Community Trust Bank, Republic Bank & Trust, Stock Yards Bank and Traditional Bank — has established a $3 million revolving capital fund to support affordable housing development.
“The participating banks are excited to take the next crucial step to address a real need in our community,” said Luther Deaton, chairman/president and CEO of Central Bank & Trust Co. “The vacant land will be transformed into a place where people will be proud to call home.”
The banks purchased the former Transylvania University’s Marquard Field baseball field complex for $2.8 million.
“The closing of the Marquard Field sale marks a significant moment for Transylvania and the Lexington community,” President Brien Lewis said. “We’re so honored to partner with this dedicated group of banks and developers in their mission to provide much-needed affordable housing options. This project aligns so well with our commitment to being a good neighbor and fostering a vibrant, inclusive Lexington. We look forward to seeing how this development unfolds and the positive impact it will have on its residents.”
Lexington affordable housing developers collaborating on the project are AU Associates, Habitat for Humanity, Lexington Housing Authority, Urban League of Lexington and Winterwood.
As the project gets underway, developers will repay the fund interest free, allowing for reinvestment in future affordable housing projects. Overall investment will include private equity as well as public partnerships at the local, state and federal levels.
Groundbreaking is planned for summer 2025 following community meetings, master planning, rezoning and solidifying public-private partnership opportunities. The final development will include a combination of housing types, including both home ownership and rental properties, for families earning 30 to 80 percent of the area’s median income.