Work begins on ‘luxury’ apartment complex to lure companies to UK’s Coldstream campus
Construction has started on a 260-unit residential complex on 13 acres in the University of Kentucky’s Coldstream Research Park off of Newtown Pike.
Wednesday’s groundbreaking was more than five years in the making. UK officials hope the addition of residential apartments, townhomes and other amenities will help attract more businesses to the research campus, which has struggled to attract new tenants.
“The goal at many research parks nationwide is to create a dynamic live-work-play-innovate environment, and this residential development helps us accomplish this at Coldstream,” said George Ward, executive director of the Coldstream campus. “I like to use the term ‘social infrastructure’ to describe the amenities necessary to attract young professionals and an innovative workforce. This development will activate Coldstream 24/7 and make it an even more attractive location for high-tech organizations.”
Fifteen51, located on 13 acres inside the park, will open in 2022. The complex will be built and managed by Indianapolis-based Cityscape, which has a lease with UK. The project will be located at 1551 Astrides Boulevard.
The city, university and developer described the project with terms like luxury and high-end.
In 2017, the city agreed to change the zoning for Coldstream Research Park to allow for up to 15 percent of its land for multifamily housing or retail, apartments or townhomes. Prior to the zone change, residential apartments were not allowed in the park.
Isolated industrial and research parks are outdated because people want to live, work and shop in the same area, UK officials have argued. Much of Coldstream’s available land is still vacant.
In addition, city and state officials agreed in 2018 to the creation of a tax increment financing district for parts of the UK Coldstream campus. Tax increment financing districts let developers use new taxes generated by the project to repay themselves for public infrastructure improvements associated with the project, such as roads, sidewalks, water and sewer lines, shared meeting spaces, and parks.
That tax increment financing was needed to help developers build apartments and townhomes on the property, UK officials argued at the time the TIF district was approved.
The city recently acquired 250 acres adjacent or in Coldstream through a swap with UK. Those 250 acres will be marketed for high-tech jobs, said Lexington Mayor Linda Gorton.
“The city has 250 acres open for economic development on or near Coldstream, and we are focusing on attracting high-tech companies,” said Gorton. “This new residential village will make Coldstream even more attractive to these companies.”
Brian Evans, vice president for Cityscape Residential, said the first residents would likely move in during the spring of 2022, with the full complex open later in 2022.
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