"Downtown Lexington is beginning to sizzle. In the past two years, over 600 new residential units have been constructed and delivered to buyers, are under construction, or are in the planning stage. All together, this represents new investment in downtown Lexington of more than $300 million. These projects will transform downtown Lexington into a hip, progressive, 24-hour downtown that is necessary as part of any economic development strategy aimed at recruiting knowledge-based young professionals to our city.
One of the primary catalysts for all this activity has been the Downtown Development Authority. Now, the DDA is demonstrating its understanding of downtown and its leadership in improving it by recommending a return to two-way streets. As developers with a significant investment in the future of downtown Lexington, we wholeheartedly endorse this effort.
Two-way streets make downtowns safer and more livable. They are better for pedestrians, better for downtown workers, better for downtown residents and better for retailers. We need more retail in downtown Lexington, and we know of several specific instances where retailers have rejected locations in downtown Lexington solely because they were on one-way streets.
As an example of the importance of two-way streets to retailers, in downtown Cincinnati, 40 percent of retailers on this street closed after Vine Street was converted from two-way to one-way! As many national chains are beginning to develop downtown locations, with an emphasis on service industries such as office supplies, bookstores, and coffeehouses, most of these retailers prefer the exposure and accessibility offered by a location on a two-way street.
One-way streets are designed for only one thing - to carry the highest volume of cars at the greatest speed. They encourage the kind of cut-through traffic that no other neighborhood would ever accept. If you don't believe it, try navigating Vine Street between Limestone and East Main during the evening rush hour.
One-way streets were an experiment of the 1960s and 1970s in Lexington. Two-way streets are the paths to the future. They will help downtown Lexington to realize its potential to be the bustling, interesting 24/7 environment we all want it to be. Thanks to the leadership of the Downtown Development Authority, they may become a reality.
William M. Lear, Jr., is the developer of City Court and Centre Court. Phil Holoubek is the developer of Main & Rose and Nunn Building Lofts. Robin Schneider is the developer of 500s on Main.