Four Alabama Companies Team Up For Kentucky Project
Bayer Properties, developer of The Summit in Birmingham, Alabama, are teaming up with three other Birmingham-based companies to build The Summit at Fritz Farm in Lexington, Kentucky.
Brasfield & Gorrie is serving as the project’s general contractor. Dobbins Group is developing the multi-family part of the project, and Capstone Building Corp. is contractor for that component.
“We’re really very excited to be doing a ground-up development after coming through the economic downturn in 2008,” said Bayer Principal David Silverstein. “Lexington is a wonderful market that is in many ways like Birmingham. When someone first comes through they may not know how good it is, but then after spending time here they see it’s a true gem. Lexington is the same way.”
The Summit at Fritz Farm will be a fully integrated mixed-use development, with nearly 350,000 square feet of street-level retail, 45,000 square feet of class A office space, 306 residential units, and a boutique hotel. In all, the development is approximately 55 acres.
Whole Foods is relocating its store–the only one in Lexington–to a 40,000-square-foot space in order to be the anchor store at The Summit.
The $100 million first phase, which includes between 300,000 and 350,000 square feet of retail space, is slated for a March 17 opening.
Tenants such as Pottery Barn, Arhaus, Babalu, Brooks Brothers, Orvis and Birmingham’s own Steel City Pops will take space at the shopping center.
Dobbins Group and Capstone Building Corp. are developing the $44 million luxury apartment community.
“Construction is moving very well, we’re already vertical on the first building. And we’ll have that first building done in September of next year (2016),” said Dobbins Group President Bill Dobbins. He said it should be completely finished by spring of 2017.