One of Kentucky’s tallest buildings could be coming down this summer, if a private developer can be found to take on the task.
The Kentucky Finance and Administration Cabinet posted an official notice Tuesday, May 9, revealing the state’s intent to pursue redevelopment of the Capital Plaza Tower Office Building, Fountain Place Shops, Frankfort Convention Center, and surrounding areas in downtown Frankfort, Ky. The 26-story building is the tallest structure in Frankfort.
The Cabinet 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.
“The Capital Plaza Tower complex is more than 40 years old with growing maintenance issues that have become a significant financial cost to the Commonwealth of Kentucky,” the Cabinet said in a news release. “After several studies, continued maintenance cost overruns, and potential safety issues, the Cabinet concluded the most effective solution is to replace current structures with new energy efficient and modern ones in a phased development.”
Interested developers must submit a solicitation form on or before 10:30 a.m. Wednesday, May 31, 2017. Forms may be obtained by clicking here or by contacting Buyer Nancy E. Brownlee via email at email@example.com. A request for proposal (RFP) will be sent to responsive developers on May 31 and will be posted on the Finance Cabinet’s website as well.