By Ed Green
Developers and investors considering the state’s proposal to raze the aging, 26-story Capital Plaza Tower and redevelop it and the adjacent Frankfort Convention Center and Fountain Place Shops have a little more time to put together their deals.
The Kentucky Finance and Administration Cabinet announced early Thursday, May 18 that developers have until Aug. 25 to submit proposals for the project. Developers still must complete a solicitation form by May 31 to express interest and receive the RFP. This who do no submit the solicitation form will not to be able to bid on the project, according to a news release from the cabinet.
The amended notice with more information on the project is posted at this link. Solicitation forms may also be obtained by contacting Commonwealth Buyer Nancy E. Brownlee via email at firstname.lastname@example.org.
“We want to give developers who are interested in this important project more time to prepare their initial proposal,” said Finance and Administration Secretary William M. Landrum III. “Our hope is to grab the interest of and entice as many developers as possible to send us proposals. This is the most important project for downtown Frankfort and we encourage developers to not only honor the historic fabric of downtown Frankfort, but also create a platform for exciting redevelopment that everyone can be proud of.”
The state is seeking to enter a build-to-suit arrangement with a private partner that would finance, design, develop, construct, maintain and lease an office building and parking garage. The project would include an office building with at least 385,000 gross square feet to house 1,500 state workers, as P3KY reported earlier this month.
A more detailed description released May 18 describes the proposed project this way:
A built-to suit agreement for demolition of the Capital Plaza Tower, the Dudgeon Convention Center, two plaza area garages, the plaza and plaza infrastructure,the Fountain Place Shops The Wilkinson Boulevard offices, cooling towers on Wilkinson Boulevard, and improvements (including greenspace) to the demolition property, to the eastern connection to the pedestrian bridge traversing Wilkinson Boulevard, to the Capital Plaza Hotel facade, to the YMCA parking garage, and to the elevated plaza areas that overpass Metro and Clinton Streets.
“A build-to-suit allows the Commonwealth to leverage the expertise and financial wherewithal of the private sector to complete projects on an aggressive schedule,” the release said.