Park Plaza Apartments
Encyclopedia
Park Plaza Apartments is a 202 unit 21 story residential high-rise in Lexington, Kentucky
. It is located between Main and Vine Streets at South Limestone, and is adjacent to Phoenix Park. The complex features a 425-space seven story parking structure, with residential units beginning at the eighth floor. It is connected to the Lexington Public Library.
The apartment structure at 120 East Main features a restaurant, cafe and hair salon on the first floor, an indoor swimming pool, hot tub, and an exercise room on the eighth floor, the Phoenix Room for private functions on the 21st floor, and a sun deck on the roof.
, but the idea never left the drawing board due to soaring interest rates. Wilkinson revised the project to a far smaller scale. He proposed a $17.3 million, 24 floor apartment building with 250 units, with a 425-space parking structure underneath. Funding was critical to the project. The state had allocated $7.5 million in economic development bonds for the Park Plaza project, which included a Central Park (now Phoenix Park) at Main Street and Limestone, an apartment complex, a state-owned parking structure, and a new public library. The rising costs of materials and various expenses led Wilkinson to request an additional $750,000 in economic development bonds in 1985. After the cost of issuing the bonds was accounted for, at approximately $200,000, and debt service reserve at $750,000, Wilkinson would have $6.6 million available.
On July 9, 1987, 35 people gathered in Central Park for the "topping out" ceremony that marked the placement of Park Plaza's topmost steel beam. Developer Wallace Wilkinson, who later was governor of Kentucky
, attended. The uppermost beam contains the name of Wallace Wilkinson and then-Mayor Scotty Baesler
. The project was 70 percent completed at that time.
Park Plaza, constructed for $20 million, was completed in the fall of 1987. Models of the apartments were available for viewing on September 1, with the first apartments opening the second week of November. It was the first major rental housing project in downtown Lexington since the early 1970s.
Lexington, Kentucky
Lexington is the second-largest city in Kentucky and the 63rd largest in the US. Known as the "Thoroughbred City" and the "Horse Capital of the World", it is located in the heart of Kentucky's Bluegrass region...
. It is located between Main and Vine Streets at South Limestone, and is adjacent to Phoenix Park. The complex features a 425-space seven story parking structure, with residential units beginning at the eighth floor. It is connected to the Lexington Public Library.
The apartment structure at 120 East Main features a restaurant, cafe and hair salon on the first floor, an indoor swimming pool, hot tub, and an exercise room on the eighth floor, the Phoenix Room for private functions on the 21st floor, and a sun deck on the roof.
History
Developer Wallace Wilkinson had originally proposed a $123.5 million World Coal CenterWorld Coal Center
The World Coal Center was a proposed skyscraper in Lexington, Kentucky where the Phoenix Hotel had once stood at South Limestone, East Main Street and East Vine Street. The $100.5 million project would have included the 25 level skyscraper and a retail shopping center...
, but the idea never left the drawing board due to soaring interest rates. Wilkinson revised the project to a far smaller scale. He proposed a $17.3 million, 24 floor apartment building with 250 units, with a 425-space parking structure underneath. Funding was critical to the project. The state had allocated $7.5 million in economic development bonds for the Park Plaza project, which included a Central Park (now Phoenix Park) at Main Street and Limestone, an apartment complex, a state-owned parking structure, and a new public library. The rising costs of materials and various expenses led Wilkinson to request an additional $750,000 in economic development bonds in 1985. After the cost of issuing the bonds was accounted for, at approximately $200,000, and debt service reserve at $750,000, Wilkinson would have $6.6 million available.
On July 9, 1987, 35 people gathered in Central Park for the "topping out" ceremony that marked the placement of Park Plaza's topmost steel beam. Developer Wallace Wilkinson, who later was governor of Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...
, attended. The uppermost beam contains the name of Wallace Wilkinson and then-Mayor Scotty Baesler
Scotty Baesler
Henry Scott Baesler is a Democratic politician and former Representative from Kentucky.Baesler graduated from the University of Kentucky in 1963 and from law school there in 1966. While at the University, Baesler played basketball under legendary coach Adolph Rupp...
. The project was 70 percent completed at that time.
Park Plaza, constructed for $20 million, was completed in the fall of 1987. Models of the apartments were available for viewing on September 1, with the first apartments opening the second week of November. It was the first major rental housing project in downtown Lexington since the early 1970s.