A consortium of local banks has closed on the purchase of 12.5 acres of land along Radcliffe Road and Haggard Lane in northeast Lexington from Transylvania University. The banks purchased the Transylvania University’s former Marquard Field baseball field complex for $2.8 million, with the intention of developing affordable housing.
The banking group — including Central Bank, Community Trust Bank, Republic Bank & Trust, Stock Yards Bank, and Traditional Bank — has established a $3 million revolving capital fund to support the development. The development is planned to include a combination of housing types, including both homeownership and rental properties, for families earning 30 to 80 percent of the area’s median income.
“The participating banks are excited to take the next crucial step to address a real need in our community,” said Luther Deaton, chairman/president, and CEO of Central Bank & Trust Co. “The vacant land will be transformed into a place where people will be proud to call home.”
“The closing of the Marquard Field sale marks a significant moment for Transylvania and the Lexington community,” said Transylvania President Brien Lewis. “We're so honored to partner with this dedicated group of banks and developers in their mission to provide much-needed affordable housing options. This project aligns so well with our commitment to being a good neighbor and fostering a vibrant, inclusive Lexington. We look forward to seeing how this development unfolds and the positive impact it will have on its residents.”
Lexington affordable housing developers collaborating on the project include AU Associates, Habitat for Humanity, Lexington Housing Authority, Urban League of Lexington, and Winterwood.
As the project gets underway, developers will repay the fund interest-free, allowing for reinvestment in future affordable housing projects. Overall investment will include private equity as well as public partnerships at the local, state, and federal levels.
A groundbreaking ceremony is planned for summer 2025 following community meetings, master planning, rezoning, and solidifying public-private partnership opportunities.