LEXINGTON, KY—Miller-Valentine Group has justbought 9.7 acres of historic horse farm country here for $2.75million and plans to build WaterStone, a 264-unitclass A luxury apartment community on the site. The multifamilydevelopment will sit next to Hamburg Place, anexpansive two million square foot, mixed-use development comprisedof retail, professional offices and residentialdevelopment.
This will be a somewhat unique development for Lexington, as itwill have an urban-level density in a suburban location. TheWaterStone site is at the northeast corner of Man O' War Blvd. andPolo Club Blvd. near Hamburg Farm, the horse farm founded byJohn E. Madden in 1898. The original 235-acre farmgrew to include 2,000 acres over time and produced six derbywinners. About half of the farm has been developed, but even thedeveloped areas still have a lot of green space.
The seller was represented by Stidham CommercialPartners' Jeff Stidham and JustinStevens, and Chicago-based KIG's managingpartner Todd Stofflet. Stidham CommercialPartners and KIG CRE LLC were involved in an18-month process of predevelopment consulting, development planningand working with the City of Lexington to getfavorable zoning for the new development.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
