PROJECT OVERVIEW
The Lexington-Fayette Urban County Government (“LFUCG”) engaged Schrader Commercial Properties, LLC to identify all potential building sites and all existing office buildings in the downtown business district that might be utilized for a new LFUCG City Hall. The study focused on the geographic boundary generally bordered by Midland Avenue on the east to Maxwell Street on the south, Jefferson Street on the west, and Second Street as the northern boundary. (See Exhibit A). The examined geographic boundary is irregularly shaped and includes several residential areas, historic properties, churches, parks and public spaces that are not appropriate for redevelopment or suitable for the proposed use.
While we engaged with property owners and their representatives in compiling the information in this report, we did not provide brokerage services or the negotiation of the purchase of property. Schrader Commercial Properties, LLC and James M. Schrader are independent with respect to the properties listed in the report and our representation in this matter is solely for the benefit of LFUCG, its employees and
elected officials (an addendum is attached outlining Schrader Commercial Properties’ past and present representation in the downtown market).
LFUCG did not task Schrader Commercial Properties with submitting a final recommendation as to the preferred location for the LFUCG City Hall, and nor did LFUCG request Schrader Commercial Properties to rank the properties in any specific order. We reviewed many properties that merited consideration but did not meet the defined criteria and therefore were eliminated from consideration. Such eliminated properties are listed in an addendum to the report. We included properties in the report regardless of whether they are listed for sale, not listed for sale and regardless of whether the owner asked us to include the property in the report or did not ask us to list the property in the report.
SCOPE OF WORK
Our goal in preparing the study was to identify all properties that might be suitable for a new city hall. As prescribed by LFUCG, any properties under consideration must be located within the boundaries of the downtown business district and able to accommodate approximately 160,000 to 175,000 square feet of office space with parking.
This project is primarily for information gathering and identifying potential sites and existing buildings within the boundary that generally meet the needs of LFUCG. We gathered as much information as possible about existing buildings that meet LFUCG’s requirements including square footage, age of the facility, parking availability and general conditions to determine viability for this project.
The properties are not ranked as to suitability, value or viability of entering into an agreement with a property owner. The scope does not include an attempt to determine all challenges involved in redeveloping a property. LFUCG and its representatives will be responsible for assessing each site and determining a strategy for the best path forward in obtaining a new city hall.
