P3 Kentucky Editor
Anyone who has been to downtown Frankfort lately has likely seen the progress being made on one of the state’s latest public-private partnerships – the Capital Plaza project.
The new office building will have five stories and be about 385,000 square feet, with an adjoining parking garage and surface facility for more than 1,100 vehicles.
The Kentucky Finance and Administration Cabinet announced in Februarythat the building will house more than 1,500 state employees from the Public Protection, Labor, Education & Workforce Development, and Tourism Arts & Heritage cabinets as well as the Commonwealth Office of Technology. These offices currently are located in numerous locations across Frankfort.
Capital Plaza is the sixth build-to-suit project by the state since 2008. It is being constructed by development team led by CRM Development Company of Lexington. Other members of the team include D.W. Wilburn, Inc. (contractor), EOP Architects (architect), Commonwealth Economics Partners(financial consultant to the development team), KeyBanc Capital Markets (underwriter), Huntington National Bank (trustee), and Dinsmore & Shohl (bond counsel). Frost Brown Toddjoined the team as underwriter’s counsel for the transaction.
The building replaces the old Capital Plaza Tower, which was imploded a year ago.
Kelly Everman, executive director of Downtown Frankfort Inc., recently called the Capital Plaza Tower demo “a real turning point for Frankfort.”
“Now, the state’s new building is rapidly taking shape and soon 1,500 employees will return downtown,” she added. “City and county governments, partnering organizations and citizens are working together to take steps forward on many of the suggestions in the plan. And, although transformation doesn’t happen overnight, the momentum is clearly building. Just as spring is coming to life, I see our downtown re-energizing and preparing to blossom.”
No firm date has been announced for the completion of Capital Plaza, but the state recently reported construction is months ahead of schedule. Kentucky Today reports that the building could be ready by summer.