Opening in 2016, Lexington is about to play home to what its developers hope is a truly unique retail, dining and living experience — The Summit at Fritz Farm (The Summit). Situated on the corner of Nicholasville Road and Man O’ War Boulevard, the 60-plus acre Fritz Farm will be converted into more than 300 apartments, nearly 340,000 square feet of street-level retail and eventually 50,000 square feet of office space and a 150-room boutique hotel.
“Lexingtonians can expect a unique collection of national brands and local boutiques across the apparel, accessories, outdoor recreation, home goods, beauty, services and dining categories,” said David Silverstein, principal of Bayer Properties, developer of the project. “The goal is to bring additive and complementary retail to Lexington, offerings, which today might require a drive to Cincinnati to find, for example.”
The Summit is aimed to attract a largely more affluent set of both local consumers and those visiting. Promotional materials for the development note a high number of households that make more than $100,000 are within a tight radius of the location. Bayer has developed this formula in other cities, with first-class tenants such as Saks Fifth Avenue. There are Summit developments in Louisville, Kentucky; Reno, Nevada; and Birmingham, Alabama. In those other developments, Silverstein said, retail tenants have a 95 percent retention rate.
The project is being touted as a true first in Lexington, as well.
“The Summit at Fritz Farm will be the first mixed-use development of its kind in Lexington and the surrounding region, hosting a unique collection of street-level retail, condo– quality apartments, a boutique hotel and savory dining experiences,” Silverstein said.
Emphasizing the unique nature of the development further, The Summit at Fritz Farm has received a crucial endorsement from Fayette Alliance. In a position statement to the LFUCG Urban County Council in favor of approving The Summit's Tax Increment Financing application, Executive Director Knox van Nagell wrote, “The Summit proposal is the first of its kind in Lexington — a catalytic mixed use infill project in the suburbs of our city. As a matter of land-use policy, it is important that Lexington innovatively use and improve lands both inside and outside of New Circle Road.”
Fayette Alliance cited that the project is expected to generate 3,000 jobs and have an economic impact on Lexington of $3 billion. It further noted that Bayer is planning on privately making infrastructure improvements that will improve sewer lines and grading that will act in furtherance of Lexington's consent decree with the EPA.
The development is not without controversy, however. Whole Foods, currently located in Lexington Green, will be moving to a new location in The Summit. Langley Properties, which manages The Mall at Lexington Green, filed suit in March against Bayer Properties over what it perceives as interference with existing and prospective leases. That suit is currently pending.