An iconic downtown Lexington building sold, getting a make over. Here are the plans
When Festival Market opened on the corner of Main Street and Broadway in 1986, the street was packed.
There was a balloon launch and multiple-day festivities to celebrate the opening of the downtown mall.
By 1991, nearly half of the spaces in the three-story building were vacant.
By the late 1990s, the concept had failed. The building was sold at auction for $600,000 in 1999 and re-branded Triangle Center.
The top floors of the building were converted to office space. The street level, or first floor, had a succession of restaurants and retailers.
To many, the more than 100,000 square foot building across from Central Bank Center and Rupp Arena has under-performed.
To Kathryn Kaufman of Card Development and Matthews Southwest, a Dallas-based developer, the building has untapped potential.
The two groups bought the Triangle Center in November 2022. It will soon be re-branded as 325 Main Street.
“It’s right in the center of downtown,” Kaufman said. “This should be the focal point of Lexington.”
Kaufman, a Washington D.C. native, moved to Lexington at the beginning of the coronavirus pandemic. Her husband, Will Coffman, is a native of Lexington and a partner in Bullhorn Creative, a local marketing and branding firm.
Not long after moving back to Kentucky, Kaufman, who has a background in investing in emerging markets, saw a for sale sign in the window of the building and called the real estate brokers. There had been another offer for the building. It fell through, and she and Matthews Southwest teamed up to buy and develop the building.
According to its website, Matthews Southwest has development projects in other areas of the United States, Canada and Dubai.
It will be its first venture in Kentucky.
Jack Matthews, CEO of Matthews Southwest, came to Lexington to visit Kaufman and her family. They took him to Keeneland and a University of Kentucky football game. He was sold on Lexington and the 325 building.
“He loved Lexington,” Kaufman said.
The plans call for an overhaul of the front of the building, including removing the green awnings. Some of the windows will be replaced. There are also plans for more balconies on the second floor, outdoor eating on the first floor and re-doing some of the entrances.
“Right now, it can be confusing to figure out how to get into the building,” Kaufman said.
The first floor will include a restaurant fronting Main Street, other restaurant and bar space, and retail. Details about the new tenants will be released in coming months, she said.
They are aiming to create a safer and welcoming space that will be family friendly, Kaufman said.
“There’s so much potential for retail in downtown Lexington,” Kaufman said.
The second and third floors will be remade into top-of-the-line office space, Kaufman said.
The renovation of the former Triangle Center is part of a transformation of West Main Street in Lexington. The Town Branch Park, which is adjacent to Central Bank Center and Rupp Arena, is expected to be completed in 2025. Construction also is expected to begin later this year on the redevelopment of the High Street parking lot across from Central Bank Center.
The groups hope to have a grand reopening of the 325 Main building in September 2024, Kaufman said.
