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The original item was published from 8/7/2019 8:01:33 AM to 8/7/2019 8:15:01 AM.

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Posted on: August 7, 2019

[ARCHIVED] Finance Cabinet to Sell Downtown Frankfort Property for Development

FRANKFORT, KY (Aug. 6, 2019) – Today the Finance and Administration Cabinet posted online a Request for Bid (RFB), for several parcels of land in downtown Frankfort that the Commonwealth of Kentucky no longer needs and intends to sell.

The land includes Parcel Blocks B and C of the Capital Plaza Development area, along with the acreage beneath the Capital Plaza Hotel and the Frankfort YMCA. The two parcels of land to be sold total nearly 12 acres of prime real estate near the Frankfort historic district.

“From day one, when we made the decision to take down the Capital Plaza Tower and build a new state-of-the-art office building, my goal was to return as much public property as possible back to the private sector and onto the tax rolls of Frankfort and Franklin County,” said William M. Landrum III, secretary of the Finance and Administration Cabinet. “After much discussion and research, we deemed selling the property through an RFB accomplishes this goal.”

The purchaser’s proposed conceptual plan must provide for a mixed-use development project, to include private sector space that blends residential, commercial, retail, parking, cultural, institutional, or entertainment uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

For any purchaser’s offer to be considered, they also must provide all the required information and address all the contingencies within the RFB. This includes providing information on the developers’ experience with similar projects, their financial wherewithal, a meeting with the City of Frankfort’s Planning and Development Department to review the project’s fit for the Urban Mixed-Use District zoning designation, as well as other criteria.

The Finance Cabinet will send the RFB out to its database of developers and professional organizations throughout the U.S. as well as posting online at Interested parties with questions need to contact Nancy Brownlee, the Commonwealth’s buyer, at or check the website for updates. Several important dates to note include:

Aug. 19, 2019: Site visit scheduled for interested parties

Sept. 25, 2019: RFB with all required documentation due

Oct. 16, 2019: Public Sealed Bid Opening, time and location to be determined

A team comprised of Finance Cabinet representatives and one employee each from Franklin County and the City of Frankfort will review all submittals for compliance prior to bid opening.

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