By Tom Latek
Kentucky Today
The tallest building in Frankfort will be demolished, bringing a major change to the capital city’s skyline, possibly as soon as February.
The Kentucky Finance and Administration Cabinet is issuing a request for proposals to raze the 28-story Capital Plaza Tower office building constructed in 1972. Also slated for the wrecking ball are the Frankfort Civic Center and the Fountain Place Shoppes, which were also built around the same time.
Finance Secretary William M. Landrum III said when he arrived in Frankfort in 2015 to join the administration of Gov. Matt Bevin one of the issues he was approached about was what they were going to do with the Capital Plaza Complex.
Landrum said private developers have expressed interest in building a five-story, 385,500-square-foot state office building on eight acres where the Capital Plaza Complex now sits, creating space for about 1,500 state employees and consolidating offices spread throughout the Frankfort area.
“This will create payroll growth to the city of approximately $7.8 million and double the number of offices, as the Tower only held about 755,” Landrum said.
Because of a lack of funding for capital projects in Kentucky, Landrum said it will be a build-to-suit project “because the developer will put up the up-front monies, not the state.”
Another state office building, on Sower Boulevard in the southern part of Frankfort, which opened last fall, was developed the same way.
Landrum said the proposed new building would be a good fit for Frankfort.
“I want to make sure that we didn’t just have an office building, but one that was inviting and accommodating, and within the historic nature and fabric of Frankfort,” he said.
The plan calls for 1,675 spaces in a new five-level parking garage, additional surface parking totaling 2,100 spaces, plus overflow at the nearby Transportation Cabinet parking garage.
Bringing the Frankfort Civic Center up to code, Landrum said, “would cost about $19.5 million. To bring utilities up to code will be an additional $3.3 million To try to do any type of expansion would cost $34.5 million. In talking to legislators, chances for that type of money would be very, very slim.”
The nearby Capital Plaza Hotel, YMCA and Federal Building will not be part of the redevelopment and will remain as they are, except for a new parking area for the hotel.
Landrum has set a quick timetable for the project. Interested developers must respond to the notice by May 31.
After a series of meetings and selection of three finalists, the property will be conveyed to the successful bidder around September 29, at which time the Fountain Place businesses will have to leave. Demolition is to start November first, with construction beginning Feb. 1, 2018. The anticipated project completion date is March 1, 2020.
