Park Plaza Apartments (Lexington, Kentucky)

Park Plaza Apartments is a 202 unitBerman, Michelle. "The road east new business, new life at the other end of Main." 27 Dec. 1987. Herald-Leader [Lexington] . 9 Nov. 2006.] 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."Park Plaza Apartments." Emporis. 7 Nov. 2006 [http://www.emporis.com/en/wm/bu/?id=parkplazaapartments-lexington-ky-usa] .]

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 Phonenix 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 Center, but the idea never left the drawing board due to soaring interest rates. [Poole, Shelia M. "Worker at building site falls to his death." 28 June 1987. Herald-Leader [Lexington] . 10 Nov. 2006.] [Jordan, Jim. "Doing the unexpected not new for Wilkinson." 27 May 1987. Herald-Leader [Lexington] . 10 Nov. 2006.] 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.Brammer, Jack. "Wilkinson requesting more funds for project." 20 Aug. 1985. Herald-Leader [Lexington] . 12 Nov. 2006.] 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. [Poole, Shelia M. "Ceremony marks Park Plaza progress." 10 July 1987. Herald-Leader [Lexington] . 10 Nov. 2006.] 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. [Poole, Shelia M. "Work on downtown apartments may start in fall." 27 July, 1987. Herald-Leader [Lexington] . 10 Nov. 2006.] It was the first major rental housing project in downtown Lexington since the early 1970s.

References

See also

* Cityscape of Lexington, Kentucky