A&W
The city of Lexington announced that A&W Restaurants Inc. will likely be the first company to locate in its new industrial park at the Coldstream Research Campus.
In 2017, the City obtained 250 acres in and near the Coldstream campus from the University of Kentucky to use for economic development, in exchange for ownership of sections of several city streets near the UK’s campus. The Urban County Council took the first step in July to approve the sale of three acres of that traded Coldstream property to A&W for $585,000.
A&W, which is currently headquartered on UK-owned property at Coldstream Research Campus, moved its headquarters back to Lexington in 2012, after the company was purchased from Yum! Brands by a consortium of the chain’s franchisees and former company president Kevin Bazner, who returned to serve as CEO. The company, which celebrated its centennial this year, plans to build a new building on the new site to house its corporate headquarters.
“We’ve put a strong plan in place to attract new business and help local businesses grow at Coldstream.” —Mayor Linda Gorton
“We’ve put a strong plan in place to attract new business and help local businesses grow at Coldstream,” Mayor Linda Gorton said in a release announcing the planned move. “It’s great that the first business is local, and that it is a global headquarters. Congratulations, A&W!”
“We set up offices for A&W in Lexington in 2012 with a long-term mind set. Development of our own offices just furthers that commitment,” Banner said. “We are very happy to be associated with the city of Lexington.”
Under the terms of the agreement between UK and the city, each will receive half of the sale price of the Coldstream property. The agreement with A&W requires that the sale be finalized by Jan. 15, 2020.
When she took office in January, Mayor Gorton immediately asked for a development plan for the Coldstream property, including the 50 acres inside Coldstream that are shovel ready (where A&W is locating), and another 200 acres nearby that are adjacent to I-75. The Lexington-Fayette Urban County Industrial Authority is charged with managing the sale of the property.
“The Coldstream property gives us the opportunity to bring many new, good-paying jobs to Lexington,” Gorton said. “We need to maximize this opportunity with a strong development plan.”