DevelopLex

We are back for season 5! We’ve spent the off season hard at work and have some fun updates to share, along with some exciting news from the team.

Today, we welcome Logan Jones onto the podcast. You might know Logan from Middle Tech - our sister brand - but recently, Logan has decided to go full time to help us grow both brands. We’re incredibly excited to have Logan captaining the ship for us, so we wanted to sit down together and talk about the year ahead.

In this episode, we sit down with Ted Abernathy at the Hyatt downtown during the Central Kentucky regional summit. Ted, the managing partner of a consultancy based in North Carolina, discusses economic forecasts for Kentucky's nine regions and dives deep into local Lexington. He shares insights on economic strategies, labor force dynamics, and regional competitiveness. Key topics include population growth, housing affordability, and the impact of urban service boundaries. Ted also explores factors influencing people's decision to move and how Lexington can enhance its attractiveness to new residents. Join us for a data-rich conversation on the future of economic development in Lexington and beyond.

Landry is the owner and CEO of Nova Insurance Group an independent insurance agency specializing in commercial property, franchises and businesses with 20+employees. He grew up in Central KY and currently lives in Versailles with his wife and 3 kids. He began investing in real estate multi family units and apartments due to the connections and insights he learned from his podcast called Keys to the Commonwealth that focuses on real estate investors and business entrepreneurs in the state of Kentucky.

Don’t mind the birds chirping in the background… Ross and Weston chose to record this episode on the Urban Service Boundary Line. In this episode, they covered

• takeaways and guest quotes for the season

• best third places in Lexington

• what do you miss about Lexington

• why this setting for this episode?

We have a fun next few episodes coming up to end the season, so tune in!

In this episode, Weston sits down with Griffin Vanmeter, a creative force behind some of Lexington's most iconic projects, including Kentucky for Kentucky and the Night Market. Griff shares his passion for bringing joy and weirdness to every idea, and we delve into his background, from his early days to his current endeavors. We discuss the importance of nostalgia, community development, and the role of parks in economic growth. Griff also shares his excitement about current initiatives, including the Parks Initiative, and his vision for the future of Lexington.

See what Griff has been up to

In this episode, we have an enlightening conversation with Jim Gray, Secretary of Transportation for Kentucky and former mayor of Lexington. Jim shares his personal journey from growing up in Glasgow, Kentucky, to rising through the ranks in public service. He reflects on his vision for Lexington, including transformative projects like the Town Branch Park, the restoration of historic buildings, and the creation of a vibrant urban core. Jim also discusses his role in major state initiatives such as handling COVID-19 vaccine distribution, disaster response, and significant transportation projects. This episode provides a deep dive into city planning, public service, and the importance of quality of life and place in building a great American city.

In this live event episode of Develop Lex, hosts engage in a dynamic conversation with infill developers Chad Walker and Chad Needham. The event, held at Eppings, explores key urban development challenges and opportunities in Lexington. The discussion covers zoning issues, unique project experiences, and the importance of infill development in revitalizing underutilized areas.

In this episode, we have an exciting interview with Mitch Barnhart, Athletics Director at the University of Kentucky. Mitch discusses his journey to Lexington and the significant changes the city and the university have undergone over the years. He delves into the transformation of UK's athletic facilities, the impact of sports business, and the importance of engaging the community.

Mitch also highlights the unique relationship between UK and Lexington, emphasizing the vital role the university plays in the city's development and culture. Additionally, Mitch shares personal insights on his tenure and future aspirations, making this a must-watch for those interested in the intersection of athletics, education, and urban growth.

00:00 Introduction to Develop Lex

00:05 Interview with Mitch Barnhart Begins

00:26 The Role of Athletics in Lexington's Development

01:21 Mitch Barnhart's Background and Journey

01:52 The Evolution of Sports Business

07:19 The Unique Integration of Sports and Education

08:07 Sponsorship Message from SVN Stone Commercial Real Estate

08:57 Changes in Athletics Administration Over 22 Years

14:12 Facility Upgrades and Their Impact

19:44 University of Kentucky's Community Integration

22:55 Impact of Campus Development on Local Economy

23:34 Preserving Lexington's Unique Vibe

24:31 Balancing University Priorities

24:57 Master Plan and Facility Upgrades

27:58 Funding and Financial Strategies

32:37 Future Projects and Innovations

36:25 Personal Reflections and Community Involvement

40:17 Closing Thoughts and Gratitude

In this episode, we sat down with Clarence Cundiff, a seasoned real estate investor and appraiser. Clarence shares his unique journey into real estate, his extensive experience with appraisals, and his investments in commercial properties. Dive into the nuances of property valuation, the challenges and opportunities in the Lexington real estate market, and insights into future development. Clarence also discusses his foray into property development and the intricate process of appraisals for large-scale projects, making this episode essential for real estate enthusiasts and professionals. Don’t miss Clarence’s expert tips on navigating the ever-evolving real estate landscape.

00:00 Introduction to Clarence Cundiff

00:50 Clarence's Journey into Real Estate

03:36 Understanding the Appraisal Process

06:36 Challenges and Changes in Appraising

10:20 Clarence's Real Estate Investments

15:59 Becoming a Developer

20:00 Renovation Costs and Inflation Impact

20:21 Valuation and Lending Issues

21:04 Craftsman Contractors Advertisement

21:36 Appraisal Process Insights

29:35 Challenges in Land Valuation

37:04 Lexington's Real Estate Market

38:06 Conclusion and Contact Information

In this episode, we welcome Doug Gibson, a distinguished member of the Gibson Company and a pivotal figure in the development of Lexington, Kentucky. Doug shares his extensive experience as a commercial realtor, discussing his involvement in the city’s organized real estate activities and major developments like the IBM and Toyota plants. He emphasizes the importance of quality of life and maintaining Lexington's unique character amidst growth. Doug also offers advice for aspiring professionals and reflects on the collaborative and evolving nature of Lexington’s real estate industry.

00:00 Introduction and Guest Welcome

00:44 Doug Gibson's Early Life and Career Beginnings

01:43 The Evolution of Real Estate in Lexington

03:12 Lexington's Growth and Development

05:02 Impact of Major Industries on Lexington

11:10 Toyota's Influence on Central Kentucky

12:21 The Bourbon Industry's Resurgence

22:27 Transylvania University's Historical Significance

26:49 The Rise of Commercial Real Estate

30:47 The Evolution of Real Estate Education

32:17 The Importance of Property Management

33:47 Changes and Constants in the Real Estate Industry

41:31 The Birth of Commercial Real Estate Brokerage

45:52 Toyota's Impact on Lexington

52:22 Advice for the Next Generation

In this episode of DevelopLex, hosts Ross and Weston hold a round table discussion touching on various topics related to real estate in Lexington.

• The importance of mentorship in the real estate industry
• The need for more formalized real estate programs at the University of Kentucky
• Benefits of promoting open conversations and problem-solving over winning arguments
• Personal updates:
• Weston discusses his retail real estate endeavors
• Ross talks about his involvement in mixed-income housing projects

• Significance of infill redevelopment and the urban service boundary
• Overall vision for Lexington's development
• Emphasis on fostering community conversations
• Seeking mentorship and learning from other cities' successful programs and initiatives

In this episode, we sit down with Wes Murry, an entrepreneur and investor known for his strategic involvement in diverse ventures across Lexington and beyond. Wes discusses his move from Lancaster to Lexington, his initiation into the hedge fund world, and his extensive experience in real estate development. He also shares insights into his approach to investment and his commitment to enhancing community spaces through thoughtful development. The conversation illuminates Wes's entrepreneurial spirit and his ability to transform vision into substantial community value. Join us as Wes provides a glimpse into the mindset and mechanics behind his successful projects, from the revitalization of historic sites to the creation of new community landmarks.

On this weeks episode, we were stoked to welcome on Mike Hynes, President and CEO of Winterwood.

Winterwood Development, part of a family-owned business that has been serving families for over 40 years, is committed to developing high-quality housing throughout our region. The offer a variety of services but where we spent most of our time on in this episode was the significant issues Lexington (and beyond) is having in trying to address affordability in the housing sector. 

Specifically, we talked about case scenarios of affordable housing development and how that relates to Lexington, policy, and the feasibility of solution based thinking in our city.

Daren Turner is a seasoned entrepreneur and CEO whose roots are firmly planted in Lexington, Kentucky. His 27 years of marriage to Kirsten and their three children, Seth, Hadley, and Luke, reflect his commitment to family and community ties in his hometown.

Transitioning into leadership roles at Amteck in 1992, Daren rapidly absorbed the business side. Taking the helm in 2000, he drove impressive growth through strategic acquisitions and championing innovation. After selling to private equity in 2015, his unwavering dedication saw him reacquire Amteck in 2020 and orchestrate another successful sale in 2021 while remaining CEO.

Parallel to his electrical business successes, Daren has carved out a formidable real estate development career spanning residential, office, industrial, senior living, and more. His current project, The Commons, channels his passion for real estate into transforming Lexington's skyline, integrating mixed-use innovation to invigorate the urban experience. It's a project close to his heart, aiming to unite work, leisure, and community in a vibrant, sustainable development reflective of Lexington's spirit.

We were able to discuss the steps in getting infill redevelopment projects done in Lexington, large scale mixed use development and the hurdles that coincide, as well as pockets of Lexington with the most upside.

David O’Neill was appointed Fayette County Property Valuation Administrator by Governor Steve Beshear on February 11, 2009, and overwhelmingly elected to full four-year terms in 2010, and subsequently re-elected in 2014, 2018 and 2022. Because of David’s expansive knowledge on the value of real estate in Lexington, we were able to spend a significant amount of time breaking down current day, how we got here, and future discussion of Lexington values and trajectory.

Dow Porter currently serves as the President
and Managing Principal of Shield Environmental and brought a perspective of a vendor in Commercial Real Estate, assisting commercial real estate principals on the Environmental process.

Dow manages the Assessment and
Remediation Group and over the course of his
career, he has assisted many industrial facilities
and municipalities with industrial compliance
issues including the proper characterization and
handling of solid, special, and hazardous waste.

Environmental studies are a massive part of the due diligence process in Commercial Real Estate and Development, and we were able to get into the details of how that works as well as some common misconceptions.

Jake Riordan is a Lexington based developer and is involved in several projects around town currently.

Organically through his time in Lexington Jake has gone from house flipping to developing ground up retail/residential developments such as Ethington Shoppes (think Chick-fil-A and 7 Brew on Harrodsburg Road) and has some key takeaways to share.

Jake talks lessons learned along the way, how to balance development with 5 (yes five) kids, and indicators of success in a potential new project that he’s learned over time.

DevelopLex Season 3 wraps up with Weston and Ross recapturing moments from this season, lessons learned, take aways from the third live event and observations of our market.
DevelopLex Season 4 will launch in 2024.

Norwood “Buddy” Cowgill is one of the few people in Lexington today that can say that they took a company public. 

Buddy was born in Lexington and grew up on Chenault Road before attending Transylvania University and eventually becoming a large-scale real estate developer/owner and founder of Studio Suites Plus and Office Suites Plus. Most recently, Cowgill is developing the corner of Polo Club and Winchester Road towards a Healthcare Hub for Lexington that will serve much of the state (think where you see the Massive Baptist Health Hamburg Building going up, where UK just closed on 40 acres) 

On this episode, we discussed Buddy’s start into real estate and how his entrepreneurial real estate mind led him towards the success of the bulk of his career, as well as how he did that from Lexington. We also discussed where he sees the trajectory of a city like Lexington going and where the next generation of entrepreneurs fits into that.

On this weeks episode of DevelopLex, we sat down with Dan Rose - founding member of Rose Grasch Camenisch Mains PLLC, a Lexington based law practice and real estate investor.

Dan has been a real estate attorney for over 40 years and carries a unique perspective as a fairly large real estate investor as well that has down about every type of real estate deal that you could imagine. He specializes in commercial real estate and has represented a wide range of clients from institutional funds to expanding concepts to “small” investors.

Dan offered invaluable insight on lessons learned along his journey in law / real estate investing, spoke on the importance of legal representation in investing (with some stories that will persuade you to seek counsel), and we spoke on how things such as how AI and speed are changing law and real estate every day.

DevelopLex was able to hit a couple of different perspectives from within Haymaker Development Company, Lexington, Kentucky’s largest land developer of residential, commercial, professional office and mixed use real estate projects. Haymaker has developed over 1500 acres of Lexington’s premier properties and continues to be very active in developing mixed use projects with approximately 750 acres of some of the finest properties in the Bluegrass region.

This episode carried a unique perspective from two key members of the Haymaker team, Andy Haymaker and Josh McCurn, as they were able to touch on more notable Lexington developments that the company has carried to the finish line such as Beaumont, as well as out of state development experience with corporate retailers such as Dollar General.

We touched on the history of the Haymaker Company as it’s woven into Lexington, Corporate Real Estate Site Selection and Development, and the constraints that a company that develops across state lines sees in Central Kentucky.

In this episode, we sit down with Jason Rainey to uncover his journey from rural Kentucky roots to becoming a driving force in urban development. From his upbringing and educational path to his pivotal role in the Bluegrass Alliance, Rainey provides a candid account of his professional evolution. Tune in as Rainey discusses his pragmatic approach to project selection, highlighting his knack for combining innovation with genuine community impact. With Lexington as his backdrop, Rainey shares his vision for a future where urban progress and local essence coalesce, shaping a dynamic chapter for the city's growth.

Mary Quinn Ramer, President of VisitLex, has over seen Lexington's Convention & Visitors Bureau through some of Lexington's most transformative years. Community development and economic development through real estate development are themes of the episode. Mary Quinn Ramer shares how the 'why' behind everything VisitLex does has residents in mind.

• Tourism & Economic Development
• Lexington's downtown heartbeat has been revived for residents and visitors,
• Why landmark events have increasingly chosen Lexington

Allison Lankford is the Executive Director of Town Branch Park.Being directly behind the Lexington Convention Center, the Town Branch Park which is breaking ground August 2023 is transforming into an inviting and unparalleled signature park for Lexington. Town Branch Park will provide a crucial link between Town Branch Trail (existing and new downtown portion) and the Legacy Trail, knitting together the urban core and truly bringing a piece of Lexington’s iconic countryside to its city center.Alison is leading a team and securing financial support, as well as working with public space experts and community members to develop the design, programming plan and governance structure for Lexingtons newest attraction.We discussed all the ins and outs of the Park and the process of the last few years and the next few to come with Alison, leading a team to bring a vision had by Lexington to life.

A Frankfort KY native, Pulliam has resided in Lexington since graduating from UK. As a local entrepreneur, he has extensive knowledge of the Lexington and central Kentucky business environment.

He is also a licensed Kentucky real estate broker and founder, with a partner, of the Lexington office of Sperry Van Ness;

Additionally and what the most of our episode focused on, Steve Pulliam has been a successful business intermediary since the early 1980’s and founded Bluegrass Business Advisors in 1991. He has been involved in hundreds of transactions from relatively small to over $35 million.

Today, the operation of Bluegrass Business Advisors acts as a business intermediary and broker to assist business sellers and business buyers achieve their goals. We were elated to get to talk to Steve about the ins and outs of a business transaction and business brokerage and how that relates to other investments types.

This week on DevelopLex we were excited to sit down with Richard Polk, Principal at Award Winning EOP Architects based out of Lexington.Richard has been at the firm since 1984 and has worked on some incredible large scale projects in the city of Lexington. On this episode we were able to get the perspective from someone who quite literally gives shape to the city of Lexington.

This week on DevelopLex we discussed topics that have been requested several times to both Ross and Weston individually, as well as are getting talked about a ton in the real estate landscape of Lexington. Those topics included:

• The Urban Service Boundary decision and what it actually means
• Interest Rates and how that is affecting transactions in Commercial and Residential in Lexington
• AirBnB decisions on local level
• Affordable Housing comments from Mayor Linda Gorton

These are merely opinions and should be treated as thus.

Joe Rosenberg is one of the more familiar names around the city of Lexington, especially as it relates to Downtown Lexington (and fancy Jewelry).

Joe was raised in Lexington where his family started a Jewelry store, known as Joe Rosenberg Jewelers, over 120 years ago. Since arriving back in Lexington after college, Joe has paved his own way through mixing entrepreneurship, real estate, and relational capital.

Being so familiar with the area, Joe has used his expertise of downtown Lexington to be a part of massive developments in the city and has been practicing land and building assemblage all of his adult life.

We discussed with Joe the process of Assemblage, the true history of Lexington from someone who has lived it, and strategic partnerships.

Raquel Carter is a board member for Lexington for Everyone and owner of Guide Realty. We were excited to sit down and talk to Raquel about the organization of Lexington For Everyone. Lexington for Everyone is a Lexington based organization comprised of local community leaders that promotes equitable and affordable living and working opportunities for all by advocating for sensible land use policies. We felt it necessary ahead of a season of large decisions being made in Lexington that we talk with varying perspectives from around the city about growth, equity, and solutions based thinking and giving people enough education to make up their own minds on the future of Lexington. In this episode we talked about land use policy, supply and demand of housing in Lexington, and the decisions that are being made very soon that affect the future of our city.

Troy Turner is a Real Estate Developer/Investor, owner of the Signature Club and sizable IT company, and Lexingtonian.The Turner family is well known in the city of Lexington with several projects such Fortune Business Centre, Turner Commons, and more - and many people know the family from Ron, Troy’s Dad’s, large white house on Chinoe that lights up around Christmas time.

Troy went a different way from the family real estate business and started out by refurbishing used equipment by night which he sold to local businesses by day. After two years of hard work building a strong business foundation, Commonwealth was approached by a major manufacturer in the industry who saw potential in the small company which was a catalyst for the company’s growth and Troy’s position today. Slowly but surely, Troy has shifted into a large scale real estate developer and owner in Kentucky.

On this episode we talk about some of the projects that Troy is working on today, shifting from business to real estate and the acquisition criteria you should have, and more!

In this episode, we sit down with Bryce Anderson. He is an entrepreneur and incredible real estate mind based in Lexington, KY.

Bryce and partners own several thriving businesses rooted out of Lexington such as Vinaigrette Salad Kitchen, Activate Games, Breakout Games, and also is in the process of developing industrial real estate in the Lexington area.

Our discussion with Bryce covered everything from the evolution/future of retail real estate, site selection for multi unit businesses, the real estate development process, and all things Lexington.

Crank & Boom is a staple of Lexington’s small business community, but it’s more than just ice cream.

Toa Green was born in Frankfort, KY and after traveling around for several years, came to Lexington and started her entrepreneurial journey.

In a different kind of episode for DevelopLex, we had Toa on the show not only because Crank & Boom is incredible ice cream, but more so because Toa has seen first hand how to scale a business in the city of Lexington and all of the details that have gone into that.

We were able to touch on telling a story behind a brand, the commitment it takes to truly scale, and what the community of Lexington has had to offer for an entrepreneur like Toa.

Tom Greinke is the President of Bank of the Bluegrass and oversees commercial lending, mortgage lending, loan operations, credit underwriting, and marketing for the Bank.

We felt that with all of the uncertainty in the market right now, Tom is an incredibly qualified source to discuss Silicon Valley Bank, outlook on interest rates, and the elementary definitions behind a lot of the lending terms that we hear every day.Tom got his start in banking in 1997 with a job that brought him to Lexington after graduating from Indiana University in Bloomington. During this time Tom has held several positions in the Finance industry and most recently as President at Bank of the Bluegrass. Bank of the Bluegrass is a Community Bank based in Lexington and serves Kentucky, specializing in Commercial Real Estate Loans and also offers many loan solutions including mortgage loans.

Tom brought an incredible financial knowledge base to DevelopLex this week.

Jeff Fugate is an Associate Professor of Extension and Program Director for the Urban & Environmental Design Program at the University of Kentucky’s School of Architecture. A city planner and urban designer by training, Fugate has a two-decade career in community and economic development prior to academia.

In addition to his duties at the University, Fugate serves as Chair for the Lexington Affordable Housing Fund and Vice-Chair for the Fayette County Industrial Authority. He is also an advisory member of the Fund for Greater Lexington.

On this episode, we talk about the characteristics that make a city like Lexington desirable, downtown planning, and all things Downtown.

Chad Walker, known for developing the Warehouse Block at Winchester Road and Walton Avenue from family owned industrial uses to a vibrant retail and restaurant mix with local favorites like Mirror Twin Brewing, The Blushery, Eppings, and El Cid.

Chad shares how being a neighborhood centric developer has created accessible and welcoming environment for all as well good and bad stories of development along the way. Chad shares how he is using the success stories in Lexington to adopt development plays for Winchester, KY.

C. J. May was born in Pikeville, KY and he began his career in the commercial real estate business in 1978.

Much of the last 30 years has been spent assisting Lowe’s Home Center with its expansion program. Mr. May has been involved in the placement of over 100 Lowe’s Home Improvement Stores all across the country. In addition, CJ is the Principal of May Commercial Group which has assisted businesses in identifying opportunities for growth by providing a wide range of services, including market delineation, expansion and storing strategies, site acquisition, contract negotiations, and construction management.

We were excited to sit down and talk with CJ about the process of site selection for a National Retailer, the process behind retail development, and what it really means to be submerged in a market like Kentucky.

Brian gained his expertise in the construction and real estate industries the old-fashioned way: through hands-on experience. As a kid, working on the farm with his grandfather taught him important lessons about a strong work ethic. At just 22, he purchased a 31,000-square-foot retail shopping center, which he owned and managed while continuing to build and expand his construction business and residential rentals to 100 units.

Through the process, Brian chose to focus on retail real estate and organized BC Wood Companies (later renamed BC Wood Properties). Today, BC Wood Properties has around 4,000,000 sf and 25 properties in it’s portfolio.

In this episode we were able to discuss the leap of going from single family home to shopping center investment, syndicating large real estate deals, and the kitty-gritty of acquisition, leasing, management, etc of Retail Real Estate.

Gina Greathouse has been involved in economic development for more than 30 years, beginning with state government and with Commerce Lexington since 1995. As the executive vice president for economic development with Commerce Lexington, Greathouse and her team help promote Lexington as great place to do business, advocate for favorable public policy, and serve as an intermediary for the city and the local business community.

Plain and simple, Gina’s (and Commerce Lex as an organization’s) goal is to encourage new job growth and better opportunities for the citizens living in the Bluegrass.

On this episode, we discuss some of the stories behind some incredible businesses in the Bluegrass, the role of Commerce Lexington, and the future of Lexington and the selling points of the city to get there.

From Atlanta to San Fransisco to Lexington, KY… Ralph Coldiron has sold, constructed, or project managed over $1 Billion worth of real estate in over 200 projects.

Originally from Whitesburg, KY, and migrating to Lexington through a football scholarship to Eastern Kentucky University, Ralph has worked in just about every facet of Real Estate and business development in general in Kentucky. When you look at our downtown, chances are that if you look around you’ll see a building that Ralph was somehow involved in the construction of. Today, Ralph owns Coldiron Oil, is the Director of Business Development for the Lane Report, Project Coordinator for Town Branch Park, and is extensively involved with the Lexington Children’s Hospital and various other organizations.

On this episode, we talked about the evolution of the career of one of the most influential Lexington Real Estate minds, giving back to the community, and the problems and solutions that Lexington is on the cusp of as a city.

In an incredibly turbulent economic environment, we decided to record a moment in time covering current market conditions, interest rates, and the ripple effect that shifting expectations can have on real estate transactions.

The takeaway from this episode will not be doom and gloom, and should be meant as an encouragement that there will always be development and deals to be had in every market cycle.