Economic Enhancement Strategy for the Euclid and South Limestone Corridors
In Lexington, two vastly different corridors are united in that achievement of their economic potential will catalyze a revitalization of the neighborhood that lies between the city’s economic engines—its downtown and the University of Kentucky. For the Limestone corridor, this means capitalizing on existing momentum to make it a regional destination for urban retail, leisure, and hospitality. For the Euclid corridor, this requires jump-starting ailing portions of the street by linking anchors at either end with a more meaningful, main street experience.
To understand the scale and scope of opportunity for each corridor, Development Strategies conducted market studies for housing and retail, and then molded these into market strategies with specific development products that would appeal to targeted consumer groups, including post-graduates and young professionals, at particular segments identified along each of the corridors.
Working with MKSK, which provided building massing and conceptual site layouts, the team provided development planning at several sites, with Development Strategies doing feasibility testing to determine if, where, and under what conditions different catalyst projects would be economically viable.
The team then worked together to provide an implementation framework, including establishment of a new CDC. With adoption slated for Winter 2015, the plan will move into the implementation phase, with several marketable catalyst projects already identified.