Ashland Inc., a Covington-based chemical company, plans to build a $35 million office building on Lexington’s southeast side.
The company said the 145,000-square-foot building will house its Valvoline oil unit, which has been centered in the city for decades.
The building will be constructed by a pair of Chicago-based companies on land Ashland already owns, with completion expected in early 2017.
“This campus has been home to Valvoline for more than three decades and we’re delighted to renew our commitment to Lexington through this exciting development,” Sam Mitchell, Ashland senior vice president and Valvoline president, said in a news release.
The company said it has been offered up to $1 million in support of the project by the Kentucky Cabinet for Economic Development and the Lexington-Fayette Urban County Government. The incentives would need approval council and by the Kentucky Economic Development Finance Authority.