Former Transy baseball complex will soon become affordable housing development

Transylvania University, a consortium of local banks and multiple nonprofits announced Wednesday a new 12-acre affordable housing development off of North Broadway.

The property off of Radcliffe Road and Haggard Lane is the former Transylvania University baseball field. A banking group — consisting of Central Bank, Community Trust Bank, Republic Bank and Trust, Stock Yards Bank and Traditional Bank — has pooled $2.8 million toward the purchase of the property.

Developers AU Associates, Habitat for Humanity, Urban League of Lexington and Winterwood have tentatively agreed to develop homes, apartments and possibly townhouses on the 12.5 acre property.

The property is worth approximately $3.2 million but Transylvania University ultimately decided to sell the property for $2.8 million, in an effort to give back to the Lexington community, said Transylvania President Brien Lewis. Lewis spoke at a press conference Wednesday at Transy announcing the new affordable housing partnership.

“We are proud of the role Transylvania plays as a part of the Lexington community and how this project gives us the opportunity to be part of a visionary solution,” Lewis said.

One of the biggest costs and deterrents to providing affordable housing is the cost of land in Fayette County. With Transylvania and the bank consortium’s help, those cost barriers will be removed.

Moreover, the affordable housing developers will repay the banks and that will go into a revolving fund which will help fund future affordable housing projects, said Jonah Graham, development director of AU Associates. Graham said a collaboration between banks, the land seller and affordable housing developers makes it much, much easier to develop affordable housing.

The sale of the land is anticipated to close in late summer. The property will then have to be re-zoned for the affordable housing project. That means it will take some time before construction can begin, said Lexington Habitat for Humanity CEO Darryl Neher.

Neher said a few years ago, Habitat for Humanity spent between $17,000 and $25,000 to acquire smaller lots for single-family homes. Now that cost is $50,000.

The goal is to have single-family homes for purchase, which is Habitat for Humanity’s specialty, and affordable rental properties, Neher said. Details about what types of housing will be available will be announced later this year after the property is sold and the master planning process begins.

Transy’s Marquard Field was the home of the Pioneers baseball team for 20 years, starting in the 1999-2000 season. In October 2019, Transy moved its baseball team to the former Lexington Legends, now Counter Clocks, field. The Pioneers continue to play at the stadium on North Broadway.