Business Lexington August 2021

IN THIS ISSUE

BusinessLexington AUGUST 2021 | VOL. 17 ISSUE 8

BizLexQ&A

Bill Allen

New to the Neighborhood: Location is key in Keller Williams Bluegrass Realty’s move to high-profile Chevy Chase corner PAGE 6

The new CEO of Bank of the Bluegrass on the benefits of local banking and future prospects PAGE 17

CraveWorthy: Crave Lexington Food+Music Festival returns to Masterson Station Park PAGE 8

Feeling the Squeeze: Local real estate professionals discuss how low inventory, lack of developable land contribute to tight market as leaders mull growth plan PAGE 12 PHOTO FURNISHED

BizLists Commercial Real Estate Management Companies

PAGE 14

| Residential Real Estate Companies

PAGE 15

| Construction Companies

PAGE 16

www.bizlex.com VISIT BIZLEX.COM TODAY TO SUBSCRIBE.

GET WEEKLY WIRE EMAIL UPDATES AT BIZLEX.COM FOR ADVERTISING INFORMATION CALL 859.266.6537 OR EMAIL ADVERTISE@BIZLEX.COM BUSINESS LEXINGTON IS PROUDLY PRODUCED BY SMILEY PETE PUBLISHING

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crave the date! august 14-15, 2021

bluegrass fairgrounds @ masterson station park

Skip the lines!

BUY tickets NOW! pre-sale discounted ticket packages AVAILABLE NOW. CONNECT. visit www.cravelexington.com to purchase!

LEARN. LEAD.

Participants in the Citizens’ Environmental Academy will attend workshops and work in small groups to: + learn about the Department of Environmental Quality andFROM: Public Works LIVE MUSIC + take environmentally-friendly home •&boa workboys Tee Dee Young • Ernie Johnson From Detroit • Restless Leg actions Stringatband the Jesse Lees • driftwood gypsy • sylmar frigidkitty • lylak • letters of acceptance + engage• fellow community members FOOD, fun and + develop and more: implement environmental improvement 40+ local food vendors • craft beer & cocktails • food cook-offs and demos projects family and kids area • free parking • $8 admission or $12 weekend pass, 10 and under free

LEARN MOREat+ cravelexington.com APPLY BY MARCH 30 sponsor & vendor info available at LexingtonKY.gov/CEA @LiveGreenLex

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AUGUST 2021

WWW.BUSINESSLEXINGTON.COM

BusinessLexington Chuck Creacy PUBLISHER

chuck@bizlex.com Chris Eddie PUBLISHER

CONTENTS PVAStatistics

The latest statistics on local commercial and residential properties PAGE 4

chris@bizlex.com Tom Wilmes EDITOR

tomw@bizlex.com Drew Purcell ART DIRECTOR

drew@bizlex.com Rena Baer COPY EDITOR

3

IndependentBusiness

New to the Neighborhood: Location is key in Keller Williams Bluegrass Realty’s move to high-profile Chevy Chase corner PAGE 6

BizIQ

Modern marketing trends: Effectively communicating through the static with FocalPoint founder Brian Tracy PAGE 5

Sharon Metz BIZLISTS EDITOR

sharon.metz66@gmail.com Donna Hodsdon ASSOCIATE PUBLISHER

donna@bizlex.com Theresa Stanley

CraveWorthy

Crave Lexington Food + Music Festival returns to Masterson Station Park PAGE 8

DIRECTOR OF EVENTS AND PROMOTIONS

theresa@smileypete.com ACCOUNT EXECUTIVES

Amy Eddie

amy@bizlex.com

QuickBytes

A trio of taco-related restaurants make entrées into local food scene PAGE 9

Ann Staton

ann@bizlex.com

BizList

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Commercial Real Estate Management Companies

P.O. Box 22731 Lexington, KY 40522 P: (859) 266-6537 F: (859) 255-0672 www.smileypete.com

PHOTO BY CASE MAHAN

PAGE 14

Residential Real Estate Companies PAGE 15 Construction Companies PAGE 16

Who’sWho

Employment updates from around the Bluegrass PAGE 18

Kentucky Launches Statewide System for Economic Development: Bludot, a web-based business directory, is designed to help local leaders nurture employment opportunities PAGE 10

Feeling the Squeeze: Low inventory, lack of developable land contribute to tight market as leaders mull growth plan. Plus, a market analysis from Fayette County PVA David O’Neill.

Q&A with Bill Allen: The new CEO of Bank of the Bluegrass on the benefits of local banking and future prospects

PAGE 12

PAGE 17

Cheers!

Birthdays Anniversaries Special Occasions Corporate Events Rehearsal Dinners Holiday Parties

Lexington: Call 859.977.2600 | Louisville: Call 859.312.4331 bluegrasshospitality.com

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AUGUST 2021

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PVAStatistics These statistics on local residential and commercial property are compiled by the office of the Fayette County Property Valuation Administrator. The data reflect the most up-todate information available at the time of printing for this publication, but monthly figures may be revised as additional public records of property transactions are submitted and become available.

Top Commercial Transactions for June 2021

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SALE DATE

ADDRESS

PRICE

ENTITY

6/14/21

3051 Kirklevington Drive

$21,000,000

Village Associates LLC

6/25/21

200 Lexington Green Circle

$5,175,000

200 Lex LLC

6/4/21

3500 Kenesaw Drive

$4,750,000

Squire Mill Townhomes LLC

6/30/21

1556 Alexandria Drive

$1,578,000*

Brix Lexington LLC

6/30/21

1568 Alexandria Drive

6/11/21

286 Southland Drive

$1,250,000

Masonic Temple Association Of Lexington

6/4/21

1320-1324 Versailles Road

$850,000

Speedway LLC

6/7/21

1318 Versailles Road

$750,000

Speedway LLC

6/16/21

1353 W. Main St.

$720,000

New Beginnings Bluegrass Inc.

6/9/21

802-804 Euclid Ave.

$585,000**

Caller Properties LLC

6/7/21

288 Hillsboro Ave.

$575,000

PM Group LLC

6/1/21

1405 N. Broadway

$525,000

Rogers, David W. and Elaine P.

6/21/21

938 National Ave.

$400,000

National DMD LLC

6/10/21

265 Regency Circle

$255,000

Dynamo Commercial LLC

6/7/21

1515 E. New Circle Road

$250,000

Collins & Miller Woodhill LLC

6/23/21

637 Sayre Ave.

$232,400

Dynamic Ventures LLC

6/10/21

265 Regency Circle

$205,000

Rebuilt Realty LLC

6/1/21

2068 Regency Road

$180,000

Regency LLC

6/21/21

1417 Edgelawn Ave.

$169,900

1417 Edgelawn Ave. Lex KY

6/1/21

1795 Alysheba Way, Unit 3202

$150,000

JT Barrett Land Holding LLC

6/10/21

1795 Alysheba Way, Unit 1002

$96,000

Lightbulb Photography LLC

* Sale price based on a multiple-parcel transaction ** Parcel includes multiple improvement

Residential Sales Data for June 2021

GREAT. BIG. GRAPHICS. Creating larger-than-life graphics specifically crafted to support your marketing

The chart below shows the monthly residential sales activity in Fayette County for the previous 24 months. The data for the most recent month reflect a projected estimate from the office of the Fayette County Property Valuation Administrator and are subject to change.

2021 RESIDENTIAL SALES

2020 RESIDENTIAL SALES

2019 RESIDENTIAL SALES

800

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500

400

300

200

100

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

7%

1%

-1%

30%

12%

-1%

19%

4%

15%

23%

15%

20%

MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR

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For more local residential and commercial real estate information, visit the website of the Fayette County Property Valuation Administrator at www.fayettepva.com.

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AUGUST 2021

WWW.BUSINESSLEXINGTON.COM

BizIQ

5

A MONTHLY COLUMN OF BUSINESS INSIGHTS FROM CENTRAL KENTUCKY PROFESSIONALS

Modern marketing trends: Effectively communicating through the static

BY BRIAN TRACY FOUNDER OF FOCALPOINT

I

t’s 2021 and the marketing landscape has changed significantly. To stay ahead of the competition, digital marketers must keep an eye on the latest trends online. From simple strategies like influencer marketing to larger, more complex questions like the state of the digital marketing industry, there are many elements that can make or break your ad campaign.

So, what are the defining market trends of 2021? What do you as a digital marketer have to keep an eye on to use your advertising dollars to their greatest effect? Here are 10 marketing trends that are expected to define the industry in 2021.

Continuing digital transformation There may be no return to “business as normal” thanks to the 2020 pandemic.

More companies are realizing this and leaning into digital technology in increasing numbers, significantly changing the way they operate. This is not showing any sign of slowing down, so remaining agile in all facets of business, especially marketing, is key this year.

Growth in focus on ‘meaning and purpose’ To stand out from the crowd, marketers need to understand their “why” before anything else. Concentrating on meaning and purpose will help companies transcend transactions, and coming from a place of purpose will connect companies with customers who are better suited for them.

Programmatic advertising For companies that use paid advertising campaigns as part of their marketing strategy, the rise of programmatic advertising is set to be an important trend in 2021. There are many reasons digital marketers should be embracing this, including real-time reporting and insights, enhanced fraud protection, detailed optimization of budget spend, and advanced, finite targeting options.

Building brand advocates Building brand advocates is a highly effective and cost-efficient strategy for marketers. With increasing online activity and a younger, more engaged marketplace that distrusts traditional advertising, building brand advocates of influencers and peers will increase trust in a brand’s marketing message.

Shorter videos increasing in popularity A trend popularized by TikTok and moving into other avenues like Instagram, short videos with quick edits have seen an exponential uptick in the past couple of years.

Increased e-commerce purchasing capabilities The sector picked up significantly in 2020, and many companies and services adapted to the digital landscape rapidly, including gyms and personal trainers offering digital sessions; online medical appointments; and personal consultations over Zoom. BL

Increasing consumer numbness to digital ads People are becoming numbed to digital advertising. As the world reopens, investing in out-of-home advertising could prove to be a pivotal marketing technique this year.

The rise of livestreaming Audiences are tuning in to livestreams, from musicians, gamers, influencers and more. Positioning your marketing strategy in this sector could pay dividends for your company.

The death of cookies Tech giants are starting to move away from cookies for targeting purposes. Google Chrome is beginning to sunset them, and other tech companies like Apple are sure to follow. There will likely be a push for alternative targeting mechanism. SSO (single sign-on) authentication and other options are likely to emerge.

Social media alternatives.

Growing dissatisfaction with Facebook and how much companies are relying on it is sure to feed into the rise of alternatives to the social media giant. Exploring alternatives like TikTok will surely be playing on the minds of several marketing agencies this year.

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Business coach Luca Setti, owner of FocalPoint Business Coaching and Training of the Bluegrass, offers complimentary consultations about your business situation, goals and challenges. He can be reached at (859) 785-0350; Lsetti@focalpointcoaching.com.

Visit lucasetti.focalpointcoaching. com for information.

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AUGUST 2021

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IndependentBusiness

New to the Neighborhood Location is key in Keller Williams Bluegrass Realty’s move to high-profile Chevy Chase corner

BY KATHIE STAMPS CONTRIBUTING WRITER

K

eller Williams Bluegrass Realty was founded in Lexington in 2005 by Shirley Hoover DeBoor and 12 additional partners, with Myrna Downing as principal broker.

Locally owned and operated, KW Bluegrass is a franchisee of Austin, Texas-based Keller Williams International and was the first Keller Williams-affiliated real estate company in Kentucky. Today KW Bluegrass has five full-time team members and supports 140 Realtors.

“We are proud to have been a primarily woman-owned business for our first 15 years in operation,” said Kayla Sidney, chief of operations. Michael B. Prather became majority shareholder in 2021, after 14 years as one KW’s top producing sales associates.

The company’s office was located on Harrodsburg Road from the beginning until the fall of 2020, when KW Bluegrass moved to the corner of East High Street and Euclid Avenue in Chevy Chase.

“Consumer visibility was top of mind when selecting our new location,” Sidney said. “We’ve been lucky enough to meet some great community leaders and residents in our short tenure in Chevy Chase, due to the

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great walkability of the area and the gorgeous, front-facing windows that give a glimpse into our ultra-modern space.”

The high-profile location has also housed a half-dozen restaurants over the past seven decades, beginning with the opening of the storied Saratoga Restaurant in the early 1950s.

After several ownership changes, the Saratoga closed for good in the summer of 1995. The building was razed five years later by the new, and current, property owner, Caller Properties. The first restaurant of the new millennium to lease the space was Roy’s East High Diner from 2001 to 2002, in what was called Saratoga Center. Buddy’s Bar and Grill operated in the space from 2003 to 2011, followed by Glenn’s Creek Brewery & Beer Exchange from 2012 to 2014. The Macho Nacho opened in late 2015 and closed three months later. Louie’s Wine Dive served patrons from 2016 to 2019.

“Keller Williams Bluegrass is excited to be the first non-restaurant to inhabit this space since it was established,” Sidney said.

As a nod to its longstanding history as a restaurant, KW Bluegrass chose to keep the bar in the center of the space and repurpose it as a collaborative workspace. An open floorplan with several multipurpose common areas, meeting rooms and offices complete the design.

PHOTOS BY CASE MAHAN

Seated, left to right: Kayla Sidney, COO; Kelsey Grecco, MCA; Myrna Downing, principal broker.

Standing: Michael B. Prather, owner/proprietor; Chloé Bates, director of marketing and technology. At top, the KW Bluegrass office at the corner of East High Street and Euclid Avenue.

“We heard the story the real estate industry was telling us and opted for a smaller, more sustainable and economic footprint with a reduction in private office space and focusing more on productivity driven collaboration spaces,” Sidney said.

“We couldn’t be more thrilled to be a part of the Chevy Chase community,” said Chloé Bates, KW Bluegrass’s director of marketing and technology. “We love the urban feel of our high-visibility corner, along with walkability

to some of Lexington’s favorite restaurants, bars and boutiques.”

She added that the real estate company is looking forward to partnering with other businesses for events, as well as “hosting inhouse events for aspiring entrepreneurs.”

For those who have patronized the High Street corner as a restaurant and are curious about its transformation into a real estate office, Sidney said, “we welcome everyone in the community to stop in for a tour.” BL

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AUGUST 2021

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CraveWorthy

FILE PHOTO

Crave Lexington Food + Music Festival, Aug. 14-15, features entertainment and dozens of vendors serving a variety of foods.

Crave Lexington Food + Music Festival returns to Masterson Station Park

BY SHANNON CLINTON CONTRIBUTING WRITER

F

estivals are back in action across the Bluegrass this year, and Crave Lexington Food + Music Festival is no exception.

The event will be held Aug. 14-15 at Bluegrass Fairgrounds in Masterson Station Park with live music, about 50 food vendors, culinary demonstrations, kids’ activities by Live Green Lexington and more, said Crave director Amy Eddie. Smiley Pete, which also publishes Business Lexington and Chevy Chase and Southsider magazines, produces the event.

In addition to live music, culinary programming and other offerings included with admission, a variety of food vendors will be onsite selling prepared dishes for $2, $3 and $5.

“We are also excited to bring virtual Crave Bucks to Crave,” Eddie said.

Instead of festivalgoers standing in line to purchase paper Crave Bucks to spend onsite, this year a mobile-based app will be used to purchase and spend Crave Bucks, she said. Users will receive a QR code on their phones that vendors will scan to deduct purchases, and charging stations will be onsite to keep phones juiced throughout the weekend.

A fixture at Crave since its debut is Nipaporn “Kukie” Ruadrew, owner of Jasmine Rice Thai Restaurant in Lexington.

“This year I will be serving Pad Thai, options for gluten-free and vegan, Thai fried rice, fresh spring rolls gluten-free and vegan,

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Thai BBQ on a skewer, Thai tea, Thai coffee and bubble tea,” she said.

Ruadrew said she’s thankful to be a part of the Crave community.

“Crave has helped to bring me so much new business and customers over the years,” she said. “I enjoy seeing our repeat customers at Crave, and I especially enjoy welcoming new customers and inviting them to come check out the restaurant.”

Heaven Hill’s lineup of spirits, including Elijah Craig and Larceny, will be featured at Crave, and there’s also something new this year, Eddie said.

“We’re planning a bourbon tasting this year, which is new to Crave,” she said. “It will be an outside ticketed event” with details available at www.cravelexington.com.

“Crave has helped to bring me so much new business and customers over the years.

I enjoy seeing our repeat customers at Crave, and I especially enjoy welcoming new customers and inviting them to come check out the restaurant.”

NIPAPORN “KUKIE” RUADREW, OWNER JASMINE RICE THAI RESTAURANT

On the food performance stage, local chefs will demonstrate meals for a “Soulful Saturday Supper” and “Soulful Sunday Supper” in partnership with Black Soil, which has a mission to foster a greater market share for Kentucky’s Black agricultural producers. The meals being demoed can be purchased and eaten onsite afterward, Eddie said.

Performing artists include Tee Dee Young, Restless Leg String Band, The Jesse Lees, Ernie Johnson From Detroit, Sylmar, Letters of Acceptance, The Boa Boys, Lylak, Driftwood Gypsy and FrigidKitty.

“While food is the primary focus of Crave, we’ve always taken pride in showcasing our favorite live music acts from the region at the festival,” said Saraya Brewer, music and production manager for Crave, who notes that college radio station WRFL 88.1 is a longtime supporter of the festival. “This year’s lineup features 10 bands from the Lexington, Louisville and Cincinnati areas, representing a variety of genres from bluegrass, funk and R&B to indie rock, blues rock and psychedelic rock.”

Smiley Pete Publishing is partnering once more with GreenHouse 17, which services 17 Kentucky counties to end intimate/domestic partner abuse. Close to $90,000 has been donated to the organization through this event to date, Eddie said.

Eddie said Crave is a great venue for food and music lovers to safely gather in a large outdoor setting.

“It is always a great weekend to come out and celebrate the great culinary scene we have here in Lexington,” she said. BL

If You Go Crave Lexington Food + Music Festival is back for its eighth year from noon to 11 p.m. Sat., Aug. 14 and noon to 7 p.m. Sun., Aug. 15. Held at Bluegrass Fairgrounds at Masterson Station Park, the festival features about 50 local food vendors who serve specially selected food items for $2, $3 or $5. There will also be non-food vendors, drinks, chefs, live music, kids’ activities, craft beer and cocktails, a classic car show both days, and more.

Admission is $8 for a one-day pass or $12 for a weekend pass. Children ages 10 and younger are admitted at no charge. Parking is free. Crave Bucks, which are used as currency during the festival, are available via a web-based app this year. Visit www.cravelexington.com to learn more.

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QuickBites

SEPTEMBER 23-24, 2021 Louisville Marriott Downtown

Celebrate wi us!

75 Y E A R S S T R O N G .

PHOTO FURNISHED

Agave & Rye Tequila and Bourbon Hall recently opened its second Lexington location, downtown at 123 North Broadway.

Learn more or register kychamber.com/businesssummit

A trio of taco-related restaurants make entrées into local food scene

BY SHANNON CLINTON CONTRIBUTING WRITER

W

hy relegate your favorite handheld Mexican food to Taco Tuesdays, because by this fall a trio of new taco restaurants are slated to open in Lexington.

As of mid-July, Lexington’s second Agave & Rye Tequila and Bourbon Hall location, at 123 North Broadway, was nearly finished, and will seat 130 indoors and more than 40 outside.

“We have absolutely loved the city of Lexington since we introduced Agave & Rye to it about a year and a half ago,” founder and CEO Yavonne Sarber said in a press release.

“Agave & Rye is built with heart and passion.

We feel it’s a perfect fit. Now, as we prepare to open our second location, we see a bright future here and can’t wait to continue building stronger ties within this very special community.”

Adding to its South Limestone location, The Local Taco has a sister site opening this fall at 1916 Pavilion Way, according to the restaurant’s website. The restaurant has dips, tacos, salads, enchiladas, quesadillas, drinks and more.

And in still more taco news: Condado Tacos Tequila Margaritas is coming soon to The Summit at Fritz Farm. The restaurant is described as a build-your-own-taco concept decorated with floor-to-ceiling murals Condado is based in Columbus, Ohio, and was founded in 2014 with about 25 locations presently.

In other local food and beverage industry news: DV8 Kitchen’s second location, at 594 E. Third St. #100, will open Aug. 20, according to the restaurant’s Facebook page.

The restaurant has bakery goods and all-day

breakfast sandwiches, with its accompanying mission to employ those in recovery from substance use disorder.

Blue Door Smokehouse on Walton Avenue has announced via Facebook that for now, the BBQ restaurant is keeping a carryout-only model.

“After lots of talking, thinking, asking, listening, consulting with customers, other business owners, and many situations of uncertainty, we have decided to continue with our carryout only model,” the post said. “We have become very busy with carryout and curbside service, and we do not feel confident that we could continue this and open the dining room while still maintaining the level of service that we have established over the last seven years.”

Chui’s Ice Cream and Soda Pop has opened in Julietta Market, according to the shop’s Instagram page and is touted as having 64 soda varieties and ice cream. Also new to the market is Da Dawg House hot dog vendor, serving nachos and specialty hotdogs, and XNorma, a new cocktail shop.

Natalia’s Bake Shop has also opened, with recent menu items highlighted including milkshakes, cookies and Dominican food, according to its Facebook page.

Bad Ass Coffee of Hawaii is opening a new location on the first floor of Hub Lexington Limestone at 685 S. Limestone near the University of Kentucky, according to its Facebook page.

A second location of Kung Fu Tea will be opening in September at The Hub near UK, according to the restaurant’s social media.

The bubble tea shop will also offer TKK fried chicken. BL

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Have a food- or beverage-related update to share with readers? Please email info@smileypete.com.

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AUGUST 2021

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Kentucky Launches Statewide System for Economic Development Bludot, a web-based business directory, is designed to help local leaders nurture employment opportunities

BY LISA A. BROWN CONTRIBUTING WRITER

L

ocal economic developers across Kentucky have a new platform that enables them to communicate more effectively and efficiently with local businesses within their counties.

Bludot, a web-based customer management system, will provide all 120 counties in the commonwealth access to intelligence, market research and competitive analysis.

The objective is to focus efforts on business retention and expansion and position Kentucky to be competitive with surrounding states while recruiting new businesses and retaining established ones.

“About 70 percent of all the new jobs created in Kentucky are done through business expansion and retention projects,” said Beka Burton, economic development extension specialist at Community of Economic Development Initiative at the University of Kentucky (CEDIK). “The Bludot platform was built specifically for economic developers

and has tools available to be able to sort your business through NAICS [North Industry Classification System] Codes.”

Bludot is the second phase of a two-phase project with the first phase being SizeUp, a large data source tailored specifically for individual Kentucky businesses and designed to increase Kentucky enterprises. Bludot is part of the Kentucky Economic Recover and Resilience Project in collaboration with CEDIK and the Kentucky Association for Economic Development (KAED).

“For the first time in the commonwealth’s history, Kentucky’s economic developers and business leaders will be universally connected,” said Matt Tackett, president and CEO of KAED. “This step demonstrates our commitment to providing enterprises with a world-class business experience and will encourage a new level of interactivity to address issues and seize upon growth opportunities. Industry expansion is a leading driver of Kentucky’s investment generation and job creation and will … at no cost to users, accelerate economic momentum in the commonwealth.”

Bludot was developed initially in California in early 2019 because certain cities recognized a need to streamline communication with various businesses within their boundaries. The intention was to focus on economic development as a means to increase city growth and provide local businesses with information and data points. The platform has expanded from the West Coast and now includes multiple cities throughout the country. Kentucky is the only state that

has implemented Bludot statewide.

The system is not designed for businesses to communicate with other businesses. The intended users for Bludot are the primary economic developers or the chair of the chamber of commerce in each county.

Smaller counties without a budgeted officer in either of those roles can select a tourism director, manager or elected official who focuses on business retention and expansion to serve as lead contact. These individuals are tasked with recruiting members to their development team. Although the platform allows for multiple users, only one person from each county may serve as the lead.

Regardless of the county’s size, all counties will have access to the same data for their specific county, but users will only be able to retrieve data for the county where they reside. The site is confidential and the university will not be able to access any county’s information.

“While each person in leadership within a county can only access their county’s information, through the same platform, they will be able to talk to other economic developers across the state.” Burton said. “We can now have collaboration between different regions within our state.”

CEDIK has uploaded to the site all businesses registered with the Secretary of State’s Office along with those businesses’ contact information. Once a county signs up to use the platform, the lead person will be given a login to access the data.

Users of Bludot will be able to utilize data points that categorize the number of

businesses within the county, classify businesses by industry, denote the size or age of businesses, and list the businesses’ geographical area. A key feature of the platform will include a tag specifying if a company is owned by a minority or a woman.

Another benefit of Bludot is multiple users within a county will be able to communicate back and forth with a specific business in one central location.

“Kentucky’s businesses now have direct and seamless communicative channels with professionals dedicated to assisting with their growth,” said Tackett. “Thru Bludot, economic developers can better assist existing industry. Via consistent communication, private enterprise and economic developers can address any issues or barriers to growth, analyze data, and capitalize on opportunities to inform operation, identify expansion opportunities and much more.”

The platform will assist in tracking upcoming projects for businesses as they expand or as economic developers recruit new companies to their area. Bludot also has the capability of creating reports to track those expansion projects and to calculate sales growth.

Anyone wanting to utilize the Bludot system is required to attend a webinar hosted

by CEDIK. These hour-long webinars will include a live demonstration of the platform and will present an opportunity for economic development teams to ask questions. Upcoming webinar dates are Aug. 24 and Sept. 21.

Visit at www.cedik.ca.uky.edu/bludot for more information. BL

COMING IN SEPTEMBER The September 2021 Business Lexington will feature the following BizLists:

• Family Law Firms • Commercial Lenders • SBA Lenders Ad Space Deadline: AUG. 13 Ad Materials Deadline: AUG. 18 To advertise call (859) 266-6537 or email advertise@smileypete.com.

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PHOTO FURNISHED

The demand for housing in Lexington and Fayette County has increased dramatically in the past year. The city’s livability and a affordability is often credited.

Feeling the Squeeze Low inventory, lack of developable land contribute to tight market as leaders mull growth plan

BY TANZI MERRITT CONTRIBUTING WRITER

W

hen Laura Minter and her husband, Kenn, began looking for a new home last year, they weren’t expecting to be searching for nearly 18 months.

“Every house we considered buying was quickly snapped up by someone offering cash or $20,000 to $30,000 over asking price,” Laura Minter said. “We looked into building, but the price increases in lumber made it prohibitively expensive to build. We finally realized we weren’t going to be able to afford what we wanted in Fayette County.”

In the end, the Minters listened to the advice of their agent, Julie Baker, and purchased a home in Woodford County.

It’s a familiar story to those in the housing industry. Melia Hord, Lexington real estate agent and team lead/CEO of the Melia Realty Group, confirmed the real estate market did not slow down in the way HORD many industries did during a year largely defined by a pandemic.

“Regardless of a pandemic, the reality is people still had to buy and people had to sell, due to jobs, a life situation or a personal choice,” Hord said. “Builders were still building. On the flip side, people who didn’t ‘need’ to sell got cautious. Our housing inventory has dropped from a healthy six months of inventory to about one month of inventory. If people don’t sell, people can’t buy.”

Hord said that in the past six months, her group has seen the number of offers on a single home escalate dramatically.

“It started with one to three offers, and today we are seeing anywhere from one to 30 offers on a home and most well over list price,” she said.

Greg Padgett, a partner in the construc-

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tion company Padgett Construction, reinforced Hord’s sentiments.

“The custom home market and the remodeling market were booming before the pandemic, and demand increased during the pandemic,” said Padgett, whose company focuses on large custom projects, including new construction and remodeling. “It’s never slowed down.” “[The market is] definitely the busiest we’ve ever PADGETT seen,” said Becky Reinhold, principal broker and vice-president of Bluegrass Sotheby’s International Realty. “With historically low mortgage rates, increased buyer demand and higher than ever prices, it presents both challenges and opportunities. Lack of inventory and super-low interest rates are fueling the feeding frenzy.”

Realtor Rick Queen, vice-president and partner at Turf Town Properties, REINHOLD explained: “We’re seeing a tremendous impact with out-of-town and out-of-state-buyers coming into the market. We’re also seeing people doing the ‘move up’ — selling a home in the $200,000 range and moving into a home in the $400,000 to $500,000 range.”

Though there are a number of factors at play, when talking about the competitive nature of today’s housing market, the conversation keeps coming back to inventory.

QUEEN “We are experiencing some lack of developable land, and we’re also getting to the point where Lexington really has to address the future of where the growth is going to go,” Queen said. “Lex-

ington is going to grow by attracting new businesses and new things that are going to grow the economy. We’re going to have to have housing.”

Dennis Anderson, a developer and CEO of Anderson Communities who is also a member of the city’s Infill and Redevelopment Steering Committee and Sustainable Growth Task Force, also emphasized the housing shortage in Fayette County.

“Hyper demand [for] new housing has been created by the federal government maintaining historically low interest rates, increasing the affordability for new home buyers,” Anderson said.

“At the same time, local government is restricting ANDERSON supply by limiting the land available for development. When combined, these two forces increase demand but lower supply — a very basic economic principle that ends in higher prices and decreased housing affordability.”

One of the local limitations on land development lies with Lexington’s Urban Services Boundary: an urban growth boundary designed as a containment strategy to prevent urban areas from overtaking rural land. The American Planning Association estimates that more than 100 metropolitan areas utilize a growth boundary, but Lexington’s, established in 1958, was the first in the nation.

The Urban Services Boundary, which has been reconfigured a number of times throughout the years as a part of the city’s planning process, encourages higher-density development within the boundary, as well as creative infill and multi-use construction.

The boundary is currently being evaluated as a result of Imagine Lexington, the City of Lexington’s 2018 Comprehensive Plan.

To make the best possible land use decisions, the city established a Sustainable Growth Task Force to spearhead a Sustainable Growth Study that has the stated goal of “developing an objective, transparent and reliable framework to inform long-term land use decisions involving the Urban Service Boundary [USB], and its role in protecting the urban and rural balance makes Lexington unique.”

Padgett, who is the chair of the Sustainable Growth Task Force, described the committee’s charge as “creating a platform for the planning staff to utilize now and in the future to determine when and if the Urban Services Area is out of land and needs to be expanded.”

“The planning staff can determine what may need to happen in different scenarios — what if we keep growing as we’ve grown to date, or what if we became a more dense community and added even more infill and redevelopment?” he said. “All of these criteria will be considered, and then it will be presented to the planning commission and the council, and they can determine where to go from there.”

Padgett added that the committee aims to provide a tool to be able to project the needs of Fayette County for the next 20 years, so that city planners can look ahead.

“It’s very interesting,” he continued. “The end product, I think, is going to be a great product that will be a great tool for the planning staff, the Planning Commission and the City Council to use.”

While the pandemic slowed down the work of the task force by several months, Padgett says the group is back on track to provide its report to the City Council before the end of the summer.

Padgett said the supply of housing is going to continue to decrease and demand is going to continue to expand, and Fayette County is going to have to create more diverse housing opportunities.

“Creative infill products and multi-use structures are where we’re going to end up heading. Big half-acre single family lots are going to become few and far between as we continue to grow,” he predicted.

While the consensus is that demand will continue to outpace supply, Queen says we are going to see some price stabilization in the near future. “I think we’re going to start to see new home builds pick up as material costs start stabilizing,” he said. “I don’t think we’ll see a decline in real estate pricing, but I do think we’ll see a stabilization.”

Queen credited the demand to Lexington’s livability. “People move here from large markets because of our affordability of living,” he said. “I think one of the things that attracts folks to Lexington is the convenience factor. You can really be anywhere you want in Lexington in 20 minutes. Even though Lexington has grown, it’s still a great city for commuting and convenience to shopping and entertainment, friends and family.” BL

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Market Analysis: When Demand Outpaces Supply

BY DAVID O’NEILL FAYETTE COUNTY PVA

T

his time last year, Lexington’s real estate market was as robust as ever even though we were ankle deep into a global pandemic and all the economic uncertainty that follows. Fast forward to today when we now have more than a full year of real estate transactions to analyze.

So, what have we learned?

The bottom line is even though the pandemic has been devastating for a lot of industries in a lot of ways, the real estate market is not one of them.

Countywide, the number of sales increased O’NEILL slightly year over year, but the median sale price jumped a surprising 13.4 percent to $220,000. Yes, you are reading that correctly.

The median sale price in Lexington is now more than $200,000.

A market opinion I hear most often is we are in a housing bubble. But I do not believe that is accurate, and here’s why: Bubbles are generally associated with seemingly irrational exuberance, such as GameStop stock or Bitcoin — market reactions mostly driven by fear of missing out on the next big thing.

That’s not exactly how one would characterize the current housing market.

To those who subscribe to the “bubble” school of thought, comparing the current real estate market to halcyon days of 2005 and 2006, I would highlight one significant distinction. While it’s true that today’s low interest rates are contributing to the thriving market conditions, a desire to lock in favorable interest rates is hardly irrational.

The more significant driver today versus 15 years ago is the pent-up demand for housing and a chronic lack of supply. Stock is simply not being replenished.

The great recession of 2008-09 brought about a dramatic drop in the number of new houses built each year — down to between 500 and 600 annually — to the same levels we continue to see today. In terms of demand, Lexington has grown historically by about

These chronic supply and demand imbalances are not unique to Lexington; communities across the country are experiencing similar pains. But there is one significant difference in Lexington separating us from surrounding communities, and for most communities around the country, for that matter: the availability of buildable land.

BLX_Aug21 20.indd 13

1.2 percent per year. With a population near 325,000, even a 1 percent growth rate would add 3,250 people or roughly 1,500 households to our ranks. Since we are only building an average of 550 single-family housing units per year, the other almost 1,000 households are forced to look elsewhere, including rental units and in other cities. It is not a coincidence that most of the counties contiguous to Fayette are growing at a faster rate. Nor is it a coincidence that for the past few years our growth rate has been sporadic and sometimes well below 1 percent. Many folks are deciding to live in surrounding communities, whether by choice or necessity.

The choice is most likely one of affordability — not to be confused with low income “affordable housing” programs, which is probably the segment of the housing market where the need for greater supply is most dire, at least in humanitarian terms. Affordability is an issue of one’s individual budget, needs and desires — where can they find what they are looking for or at least where can they get the biggest bang for their buck.

Remember the half of the inventory that is below the $200,000 median? This is precisely the segment of the market we are not replenishing with new housing stock — at least not with new owner-occupied housing stock. This is the segment we would characterize as starter homes. The number of homes that sold in the past 12 months under $200,000 was down 20 percent from the same period the previous year, a trend almost certain to continue.

Of the new homes built and sold in 2020 or later, only 16 sold for less than $200,000 and seven of those were within a single townhouse development. The remaining nine were all single-family detached houses, but four of those were built by and for and sold to Habitat for Humanity clients. They were not available for sale to the general public, and therefore not arms-length sales.

The other five were mostly in the newer section of Masterson Station and in Kearney Ridge, with one notable exception built and marketed by minority-owned businesses on Michigan Street for $133,000.

These chronic supply and demand imbalances are not unique to Lexington; communities across the country are experiencing similar pains. But there is one significant difference in Lexington separating us from surrounding communities, and for most communities around the country, for that matter: the availability of buildable land.

The reason you can get more house for your money in Madison Country than you can in Fayette County is the cost of the land.

Labor cost is roughly the same — and in short supply everywhere. As builders are quick to remind you, lumber costs are up about 400 percent since the pandemic, but roughly the same regardless of the county.

The bigger difference is Lexington’s urban growth boundary that artificially limits the supply of land we have available for building new homes, and as a result, the land inside the urban service area is more valuable. This is not a bad strategy for preserving all that is special and unique about Lexington, but it is a deliberate choice and one that should be understood and considered by the entire community. BL

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BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Commercial Real Estate Management Companies Local companies listed by rentable square footage managed

Rank

Company Name Address Phone Website

Local Rentable Sq. Ft. Managed 2020

Top Local Official

2021 Principal in Charge of Property Management

Property Managers on Staff

Local Properties Managed or Number of Properties

1

The Webb Companies 250 W. Main St., Ste. 3000 Lexington, KY 40507 (859) 253-0000 www.thewebbcompanies.com

4,843,346

R. Dudley Webb (Chairman), Woodford Webb (President), Ron Tritschler (CEO & Senior Legal Counsel), Carter Miller (Principal Broker)

Nick Schwendeman, Chris Hooten, Clay Sizemore, Lucas Michel

4

159 properties owned and/ or managed

2

CRM Companies 145 Rose St. Lexington, KY 40507 (859) 225-3680 www.crmco.com

4,774,357

Craig Turner

Zedtta Wellman, Megan Walsen

12

49+ HOA’s, COAs, Firebrook, Grifin Gate, Historic Lexington Courthouse, Walnut Hill and more

3

NAI Isaac 771 Corporate Drive, Ste. 500 Lexington, KY 40503 (859) 224-2000 www.naiisaac.com

3,298,819

Al Isaac (President)

Al Isaac (President)

5

43 properties, Chase Towers, Corp Plaza, Lexington Business Center, Bryant Road Industrial, Chinoe Center, Newtown Businsess Center

4

Anderson Communities 1255 Providence Place Pkwy.

Lexington, KY 40511 (859) 231-0099 www.andersoncommunities.com

2,763,888

Dennis Anderson

Dennis Anderson, Dallas Hodge

12

25 properties owned and managed

5

The Gibson Company 1050 Monarch St., Ste. 200 Lexington, KY 40513 (859) 224-8833 www.thegibsoncompany.com

1,320,551

Doug Gibson, Billy Smith, Kevin Verhoven

Billy Smith, Kevin Verhoven

2

65 properties, including Chevy Chase Place, Monarach Plaza Office Condos, Melbourne Plaza, Pasadena Plaza, Mist Lake Plaza

6

Turner Development 2464 Fortune Drive, Ste. 100 Lexington, KY 40509 (859) 977-0820

1,299,589

Ron Turner, Troy Turner, Daren Turner

Kim Davis

4

39 properties

7

Switzer Development 811 Corporate Drive, Ste. 303 Lexington, KY 40503 (859) 223-5353 www.switzerdev.com

1,269,000

Ron Switzer

Ben Hammack

2

35 properties

8

SVN Stone Commercial Real Estate 300 E. Main St., Ste. 220 Lexington, KY 40507 (859) 264-0888 www.svnlex.com

999,531

Matt Stone

Matt Stone

1

26 properties

9

Coleman Group, LLC 710 E. Main St., Ste. 130 Lexington, KY 40502 (859) 255-8855 www.colemangroup.net

940,746

Bob Cole (President)

Lynn Pearson

2

12 properties

10

Haymaker Commercial Real Estate 3120 Wall St., Ste. 300 Lexington, KY 40513 (859) 296-9696 www.haymakercompany.com

723,660

Tim Haymaker

Fred Fiscus

2

20 properties

11

Langley Properties Company 300 W. Vine St., Ste. 2200 Lexington, KY 40507 (859) 253-2255 www.langleyproperty.com

593,130

Scott Davidson

Scott Davidson

2

The Mall at Lexington Green, 300 West Vine

12

Greer Companies 100 W. Main St., Ste. 600, Lexington, KY 40588 (859) 269-1966 www.greercompanies.com

592,017

Lee Greer, Phil Greer

Tom Tipton

2

51 properties, owned or managed

13

CBRE, Inc. 6060 Dutchmans Lane, Ste 100 Louisville KY 4020 (502) 429-6700 www.cbre.com

585,838

Bruce Wibbels (Director, Property Management)

Bruce Wibbels (Director, Property Management)

2

3 local properties managed

14

Schrader Commercial Properties 444 E. Main St. Lexington, KY 40507 (859) 288-5008 www.schradercommercial.com

394,036

James M. Schrader (President)

James M. Schrader (Property Manager)

2

28 properties

15

BC Wood Properties 321 Henry St. Lexington, KY 40508 (859) 335-9663 www.bcwoodproperties.com

340,094

Brian Wood (Founder & CEO)

Brian Wood

2

1 property, Eastland Shopping Center

16

Silvestri Real Estate 444 E. Main St., Ste. 102 Lexington, KY 40507 (859) 263-2300 www.silvestrirealestate.com

225,148

Ken Silvestri (Principal Owner-Broker), Brandon Cutwright (President)

Ken Silvestri

5

21

Source: Information obtained from Business Lexington Survey, company representatives and company websites, Fayette County commercial real estate companies listings and Commerce Lexington business sources.

Other companies may have been eligible but did not respond to requests for information.

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BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Residential Real Estate Companies Lexington real estate firms ranked by Fayette County residential sales

Jan. – Dec. 2020

Company Name Address Phone Website

Sales Volume/ Total Transactions Jan.–Dec. 2020

10

Berkshire Hathaway de Movellan Properties 171 Prosperous Place Lexington, KY 40509 (859) 266-0451 www.demovellan.com

$92,262,327/ 329

$280,433

Anthony de Movellan

11

ERA Select Real Estate 444 Lewis Hargett Circle, #275 Lexington, KY 40503 (859) 296-1525 www.eraselect.com

$82,653,223/ 349

$236,490

Greg Buchanan

12

RE/MAX Elite Lexington 203 Ruccio Way Lexington, KY 40503 (859) 245-1165 www.eliterealtylexington.com

$74,732,831/ 315

$237,247

Greg Back

Kristy Gooch

Myrna Downing

13

Turf Town Properties 124 Kentucky Ave. Lexington, KY 40502 (859) 268-4663 www.turftown.com

$59,315,856/ 143

$414,796

$230,473

Hill Parker

$255,840

Sha Fister

14

Better Homes and Gardens Real Estate Cypress 270 S. Limestone Lexington, KY 40508 (859) 977-0000 www.bhgcypress.com

$37,697,355/ 138

$272,183

$196,741,146/ 769

Kenny Whalen

Milestone Realty Consultants 3609 Walden Drive Lexington, KY 40517 (877) 741-3126 www.milestoneky.com

$159, 870,478/ 521

$306,559

Mike Wheatley

15

The Agency 860 Corporate Drive, Ste. 103 Lexington, KY 40503 (859) 699-4663 www.agencyky.com

$44,789,819/ 177

$253,050

Arron Allnutt

7

United Real Estate 424 Lewis Hargett Circle, Ste. 120 Lexington, KY 40503 (513) 206-0790 www.unitedrealestatelexingtonky.com

$149,536,810/ 621

$240,800

Margie Hodges

16

Keller Williams Legacy Group 2700 Rosebud Road, Ste. 250 Lexington, KY 40509 (859) 533-9427 www.kwlegacyrealty.com

$42,824,916/ 245

$174,440

Yvette Kelly

8

Lifstyl Real Estate 114 Pasadena Drive, Lexington, KY 40503 (859) 278-7501 www.lifstyl.com

$119,168,424/ 511

$233,206

Eli Haddad

17

Bluegrass Property Exchange 505 Wellington Way, Ste A Lexington,KY 40503 (859) 469-9429 www.bluegrasspropertyexchange.com

$24,669,610/ 659

$37,435

Keith Gadd

9

RE/MAX Creative Realty 2808 Palumbo Drive Lexington, KY 40509 (859) 422-2000 www.remax.com

$118,482,891/ 491

$241,309

Janice Mueller

18

Weesner Properties, Inc. 2333 Alexandria Drive Lexington, KY 40504 (859) 514-6753 www.lexingtonproperties.com

$23,595,765/ 108

$218,479

Vicki Weesner

Principal Broker-inCharge/ Top Official

Company Name Address Phone Website

Sales Volume/ Total Transactions Jan.–Dec. 2020

1

Bluegrass Sotheby’s International Realty 1999 Richmond Road, Ste. 400 Lexington, KY 40502 (859) 268-0099 www.bgsir.com

$281,644,436/ 697

$404,081

Becky Reinhold

2

Keller Williams Greater Lexington 2700 Old Rosebud Road, Ste. 250 Lexington, KY 40509 (859) 721-2121 Facebook.com/kwgreaterlex

$259,098,391/ 1,233

$210,137

Donna Sullivan

3

The Brokerage 505 Wellington Way Lexington, KY 40503 (859) 230-4597 www.thebrokerageky.com

$249,886,434/ 883

$282,997

4

Keller Williams Bluegrass Realty 2424 Harrodsburg Road, #101 Lexington, KY 40503 (859) 321-8999 www.lexington.kw.com

$213,533,170/ 926

5

Rector Hayden Realty 1099 Duval St. #250 Lexington, KY 40515 (859) 276-4811 www.rhr.com

6

Rank

Average Sale Price

Rank

Average Sale Price

Principal Broker-inCharge/ Top Official

Source: Business Lexington questionnaire, oop.ky.gov/lic, Krec.ky.gov, LBAR and firms websites. We based ranking numbers by total number of Volume Residential Sold from January to December 2020. Our cut off in volume was $23,595,000.

“A huge thanks to our incredible clients, our amazing agent team & our dedicated staff. While we never stress rankings or push sales goals, knowing that our sole focus on client satisfaction leads to achievements like this one is always nice.”

Bluegrass 1 9 9 9 R i c h m o n d R d . , S t e 4 0 0 • L e x i n g t o n , K Y 4 0 5 0 2 • t 8 5 9 - 2 6 8 - 0 0 9 9 • f 8 5 9 - 2 6 8 - 0 0 9 8 • w w w. b g s i r. c o m

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BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Construction Companies Residential, commercial and remodeling companies listed alphabetically Company Name Address Phone Website

Major Construction Types: List: Residential (New/Remodeled ), Institution/Commercial, Specialized Industrial Construction, Infrastructure/Heavy Construction)

2021

Recent Projects

Top Local Official/ Owner

Headquarters/ Year Established

BACK Construction 965 Contract St. Lexington, KY 40505 (859) 225-2225 https://BACKconstruction.com

Residential/remodeling, residential remodeling: architectural & design, handyman services, roofing and roof repair, window and door replacements

Numerous residential remodeling projects in Fayette and surrounding counties

Kyle Whalen (Owner, CEO), Rob Hundley (Owner, COO)

Lexington, KY/ 1981

Brett Construction Co. 354 Waller Ave., Ste. 200 Lexington, KY 40504 (859) 255-7901 www.brettcon.com

Institution/commercial building, specialized industrial construction, infrastructure/heavy construction

Lexington Clinic, CarTown Kia, Paul Miller Mazda, Southern Soul Distillery, FedEx Ground – Chavies, KY

Brett Setzer (CEO) Dennis Johnson (Head Estimator)

Lexington, KY/ 1982

Dean Builds, Inc. 109 Mercer Court Lexington, KY 40511, (859) 269.1385 www.deanbuilds.com

Institution/commercial building, specialized industrial construction: construction management, general contracting, design build

Construction management services: Lexington Catholic High School addition/renovation, Town Branch Park, general contracting projects: Frontier Nursing University Dining Hall and Cleveland House, Marriott Griffin Gate public area and courtyard, Centre College Grace Doherty Library, design build: Wrigley Media Group Phase I and II projects

David Dean (President), Jeff England (Vice President of Operations)

Lexington, KY/ 2002

J&R Construction 633 W. Main St. Lexington, KY 40508 (859) 225-0162 www.jrcsi.com

Residential: whole home remodeling, kitchens, bathrooms, basements, additions, porches, garages, residential handicap accessibility

Gallery on website

Jimmy McKinney (President)

Lexington, KY/ 2003

Messer Construction Co. 854 W. Main St. Lexington, KY 40508 (859) 231-8199 www.messer.com

Residential: multifamily, institution/commercial building; specialized industrial construction: infrastructure/heavy construction

Central Bank Center and Rupp Arena expansion and renovation, Harrison Memorial Hospital CT renovation, Ephraim McDowell Regional Medical Center renovations, Kentucky State Capitol renovation, UK HealthCare Turfland Clinic fitout and renovation, Churchill Downs Newport Racing and Gaming

Mark A. Hill (Vice President)

Cincinnati, OH/ 1990

Premier Home Builders, LLC Lexington, KY (859) 552-8761 www.premierhbky.com

Residential

Tuscany custom homes, 2020 Tour of Homes, 2020 winner Best New Home Design

Victoria Rosok

Lexington, KY/ 2012

Source: Business Lexington questionnaire. Companies are not ranked but listed in alphabetical order. Other companies may have been eligible but did not respond to requests for information.

Kitchen Remodeling

Bathroom Remodeling

Finished Basements

Additions

Decks & Porches

Whole House Remodeling

“Lexington’s Leader in Home Remodeling and Design, Helping Everyone Enjoy the Process!”

www.jrcsi.com BLX_Aug21 20.indd 16

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BizLexQ&A

Bill Allen

The new CEO of Bank of the Bluegrass on the benefits of local banking and future prospects

BY TOM WILMES BUSINESS LEXINGTON

B

ill Allen started in banking while he was in school at the University of Kentucky, where he also played quarterback for coach Jerry Claiborne’s Wildcat football team. Allen worked at Bank One, now known as Chase Bank, part time in the summers before working there full time after graduating from UK with a business degree and a minor in economics.

“My two older brothers were in banking — both of them still are today — and that piqued my interest,” Allen said of his career choice. “I grew up in West Liberty, in Morgan County in Eastern Kentucky, and I remember walking into the bank on those hot summer days and how cool it always felt inside. People were dressed nicely and everyone was friendly, and I thought, ‘this seems like a nice place to be.’”

Bill Allen, president of Bank of the Bluegrass since 2004, is transitioning into the role of CEO. “For us it’s not necessarily about growth,” he says. “It’s more about getting better about what we do and how we serve our customers.”

PHOTO FURNISHED

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Career opportunities with Chase later took Allen and his wife, Ingrid, to Columbus, Ohio, and then to Indianapolis, where their son Beau was born. The family then moved to Louisville and finally back to Lexington when Allen joined Bank of the Bluegrass as president in 2004.

This September, Allen will become Bank of the Bluegrass’ new CEO. Current CEO Mark Herren will maintain his position as chairman of the board, and Chief Lending Officer Tom Greinke will become the bank’s new president.

It’s a planned transition that’s been in the works for some time, bank officials say, and will help ensure stability and continuity as the bank observes its 50th anniversary in 2022 and beyond.

Bank of the Bluegrass is a local, independently owned bank, and you’ve also worked in corporate banking. What are some of the differences? One is a publicly traded company and the other is a privately held company — that’s a big difference right there. Here we’re making decisions for the long term, and we can solely focus our time, efforts and energy on Central Kentucky. We have 63 employees who truly care about the bank, and more importantly, they truly care about their customers and in doing what’s right by them.

I’ll never forget walking in the door at our downtown location for the first time and meeting Mark Herren. The first thing that came to my mind was, ‘I get to live in Lexington, but this bank also reminds me of the one in West Liberty.’ That was very intriguing to me.

What do you see as the bank’s role in the community? We are so fortunate at Bank of a Bluegrass because we’re really the only bank here in town that’s locally owned and solely focused on Fayette County and the surrounding counties.

We’ve had so many kids who come into our Romany Road branch with their parents to open their first savings account, for example, and it’s the neatest thing.

Again, it’s like that little hometown bank.

From there, Mom and Dad may want to open a home improvement loan or purchase a new home or refinance their existing home, and we can do all of that right there. And then maybe it’s time

to think about planning for retirement.

We have a trust department and wealth management area that’s just been growing.

Its assets are larger than the bank’s right now. We can help with estate planning and with financial planning.

And when it comes to how we deliver our technology, it’s hard for me to see where we can’t accommodate and do it at a personal level. That’s really our value-add. We all offer similar products and services, but at the end of the day it’s how you deliver it.

Do you have an estimation of how many loans Bank of the Bluegrass facilitated through the Payment Protection Program? I don’t have the numbers in front of me, but I know we’re well over 300 businesses here in Lexington and probably close to $15 million. Tom Greinke, our chief lending officer and soon to be president, was in charge of those efforts, and we had a team of seven or eight employees who worked nights and weekends for at least a month, if not longer.

As you probably know, the rules [regarding PPP] were changing every day. They were building the plane as we were flying and it was crazy at times, but I was so pleased with our process and how many clients that we were able to help.

Do you see signs of the economy opening back up? We’re definitely seeing more opportunities from a borrowing standpoint.

Obviously, last year we did so many PPP loans, and that was the bulk of our activity when it comes to lending, but now we’re getting back to what I’d call normal business, so that’s encouraging.

Speaking of getting back to normal, UK football announced full capacity for games at Kroger Field this season. Do you think Beau will see action at quarterback? You know, when he gets that chance, whether it’s game one or whether it’s game five, I’m just glad he’s had the opportunity to prepare and to be ready. He seems like he’s having a lot of fun and enjoying everything so, as parents, that’s what makes me happy and my wife happy.

How do you define future success for Bank of Bluegrass? For us it’s not necessarily about growth — it’s not about adding five branches or anything like that. It’s more about getting better about what we do and how we serve our customers. How do we make our lending process more efficient and more transparent for our customers? How do we create a better experience? We believe that if we take care of our customers and we put them first, nine times out of 10 good things are going to happen for us; and our shareholders will be rewarded, our employees will be rewarded and our customers are going to be happy. BL

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AUGUST 2021

WWW.BUSINESSLEXINGTON.COM

Who’sWho

EMPLOYMENT NEWS AND AWARDS IN OUR COMMUNITY

FORD

ALLEN-BRYANT

ALLEN

VANCE

BEHNKE

STIVERS

HANSER

SPARKS

TRUSTY

WHALEN

CHAPMAN

DORISIO

COLEMAN

LUCKETT

HART

SAVAGE

AMIN-ZIMMERMAN

CLARK

GILLETT

FRIDAY

MARTIN

TAYLOR

REYNOLDS

SANCHEZ

ALVERSON

BURCH

FLORES

FRANKS

VANNATTER

HUTCHISON

HUBBARD

JONES

MARSHALL

MCDANIEL

MEEKINS

MITCHELL

VANDERHORST

SPAULDING

SHANKS

G. DAVIS

OWENS

CALZINI

A. DAVIS

DIMELING

New Hires & Promotions Lexington Mayor Linda Gorton has made two top-level staffing changes recently: Chris Ford has been moved into the role of commissioner of general services, and Kacy Allen-Bryant is the new commissioner of social services.

Bank of the Bluegrass has announced Bill Allen, long-time bank president, will step into the role of CEO on Sept. 1. Current CEO Mark R. Herren will maintain his position as chairman of the board. Additional leadership changes include Tom Greinke becoming bank president, a promotion from his role as SVP, chief lending officer.

Eastern Kentucky University has named Lara Vance as its dean of students. Vance has led the EKU Student Success Center for the past six years.

officer; Brett Trusty, vice president, employee benefits officer. Central Bank also promoted Christine Whalen to marketing officer and Ryan Leigh Chapman to assistant vice president, image processing manager.

Dickinson Wright PLLC announced that Andrew Dorisio, a registered patent and trademark attorney, has joined the firm’s Lexington office as a member, and Nick Coleman, also a registered patent and trademark attorney, has joined as counsel, along with experienced intellectual property specialists Lucie Swain, Heather Purnell and Robin Dennis.

Alyssa Luckett and Mac Hart have joined Bank of the Bluegrass both in the role of universal banker.

CIENCE has named Tim Savage senior vice president of sales development operations.

The Lexington Clinic board of directors has appointed Stephen J. Behnke, MD, MBA, as the organization’s new chief executive officer.

Transylvania University has named Falguni Amin-Zimmerman, J. Todd Clark and Charisse Gillett to its board of trustees.

Central Bank has announced the following new hires: Jennifer Stivers, executive vice president, director of auditing; Steffen Hanser, assistant vice president, credit analysis; James “Jim” R. Sparks, vice president, commercial lending

The Hope Center has named Rufus Friday as its new executive director.

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Peoples Exchange Bank appointed Robin Martin as market executive assistant for the Georgetown/Scott County area.

Blue Grass Community Foundation (BGCF) announced the election of the following officers of the board for FY22: chair: Fran Taylor, owner/partner of Lexington Silver, LLC; vice chair: Andy Reynolds, COO of Ballast; secretary: Salvador Sanchez, owner/founder of A Cup of Common Wealth; and treasurer: Bill Alverson, retired CEO of Traditional Bank and community volunteer. BGCF also announced the appointment of the following board members: Lisa Higgins-Hord, assistant vice president for community engagement at the University of Kentucky; Susan Krauss, associate director for the Treasury Institute for Higher Education; Daryl Love, associate vice president of Career Services and Professional Development at Kentucky State University; Marsha Moors-Charles, consultant, Realtor with Keller Williams-Bluegrass and pastor emeritus of Bluegrass United Church of Christ; Suzanne Shaffar, managing partner at the law firm of Embry, Merritt, Shaffar, Womack, PLLC; and Tony Thompson, retired educator and community volunteer.

Vannatter, program director of Locust Trace AgriScience Center; Jennifer Hutchison, acting elementary schools chief; Alison Hubbard, acting principal of Picadome Elementary; Faneshia Jones, elementary director of teaching and learning; Tiffany Marshall, elementary schools chief; Melissa McDaniel, acting principal of Harrison Elementary; Latonya Meekins, acting principal on special assignment in the middle school office; Prenell Mitchell, director of maintenance; and Ben VanderHorst, Glendover Elementary School principal.

The following leadership positions in the Fayette County Public School have been announced: Jamie Burch, Virtual Learning Academy program director; Chris Flores, acting program director of STEAM Academy; Tammie Franks, school leadership specialist; Catherine

Clint Calzini has joined Sayre School as its head of upper school. Chef Allison Davis has also joined as director of food service.

Cierra Spaulding has been named the YMCA of Central Kentucky’s new director of the Black achievers program.

The Kentucky Chamber announced the promotion of Kate Shanks to senior vice president of public affairs.

Corrisoft has named Greg Davis as agile project manager and Cassie Owens as an account services representative.

George Dimeling, MD, has joined CHI Saint Joseph Medical Group in Lexington as a cardiac surgeon.

Kudos Commerce Lexington Inc. celebrated the following recent class of graduates from the 2020-21 Leadership Lexington program presented by McBrayer PLLC: Leidy Borges-Gonzalez, Community Action Council; Alice Bowen, Lexmark International; Cynae Carter, Fayette County Public Schools; Lindsey Cheatham, Kismet Marketing; Trisha Clement-Montgomery, University of Kentucky; Sarah Fink, Keeneland Association; Megan George, Stites & Harbison; Timothy Johnson, United Way of the Bluegrass; Kendriana Price, UK CAFÉ Office of Diversity; Clayton Roberts, Lexington Police; Andrea Schroeder, Delta Gas; Brittany Scordo, Fayette Commonwealth’s Attorney’s Office; Judy Simpson, Blue & Co.; Leslie Smart, CHI Saint Joseph Health Foundations; Maxwell Smith, Ward, Hocker & Thornton, PLLC; Paige Halpin-Smith, Lexington Public Library; Erin Soard, Traditional Bank; Veda Stewart, Kentucky Department of Education; Tamika Tompoulidis, University of Kentucky; Chad Traylor, Lexington Fire Department; Shawn Umbrell, University of Kentucky; Eliza van Dissel, The Cloudveil; Michael Vatti, Lexmark International, Inc.; Kyle Virgin, Freeman Mathis & Gary, LLP; and Melody Westerfield, Fayette County Public Schools. BL

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Ray Daniels, President, Ed Brown Society Greg Harbut, Chair, Ed Brown Society

BGCF PUTS YOU IN THE WINNER’S CIRCLE The Ed Brown Society celebrates the rich history of African-Americans in the equine industry and creates opportunities for young people of color to gain exposure, training and experience in all aspects of the Thoroughbred industry.

Establishing a fiscal sponsorship fund with Blue Grass Community Foundation allows the Ed Brown Society to accept tax-deductible contributions and focus on its charitable goals while the Community Foundation handles key administrative and financial functions.

Call 859.225.3343 to support all your philanthropic needs, including your time-limited project, emerging nonprofit or supporting organization.

bgcf.org

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499 East High Street • Suite 112 • Lexington, KY 40507 / 859.225.3343

7/19/21 6:11 PM

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7/19/21 6:11 PM