Last month, we shared with you that Lincoln Webb LLC + the Lexington Center Corporation have agreed to terms for the High Street Redevelopment project, aka the 17-acre parking lot across from Rupp Arena. Now we have a little more insight into what exactly we'll see.

Dudley Webb, Chairman of Webb Companies, said the total cost for the project would cost ~$350 million and will include —

A 400-500 room hotel
An entertainment venue with seating for up to 4,000-5,000 people for concerts
Around 800 apartments, with some of them being considered affordable housing
Retail including "a huge grocery store"
Restaurants
And of course, parking.

Webb said that he expects it to be open within three years.

This agreement means the development group — created through a partnership between Dallas-based Lincoln + Lexington's Webb Properties — has the green light to begin construction.

🏗 What's next?

Lincoln Webb has 180 days to do due diligence for financing, meaning secure investors + lock-in commitments.
The group will have 16 months to get permits + approvals for the property, with the possibility of a six-month extension.
Lincoln Webb will pay $1.6 million per year while the land is being developed (which could be as early as 2024).
Once the project is ready, the lease payment will bump up to $2 million annually.
The lease term is 99 years.

While any updates to the original development plan haven't been released yet, one key aspect of the agreement is parking, parking, and more parking.

🏗 What's being built?

The initial plans for the multi-use development called for —

Apartments
Retail + grocery store
A hotel
Five parking garages

The land will be developed in phases and the parking lot will still be in use during construction.