Creating 325 Jobs in Lexington, Kentucky
The 21c Museum Hotel in downtown Lexington, Kentucky, a significant revitalization project, is now complete. The project, which began construction in June 2014 and concluded by the end of 2015, involved transforming Lexington’s historic First National Building—its first skyscraper—into a boutique hotel with contemporary art installations.
With a final cost of over $43 million, the project faced an increase in budget due to unforeseen infrastructure issues. Funding sources included over $24 million in loans from private investors and $6 million in federal Housing and Urban Development (HUD) financing. The total funding also comprised $2.7 million in 21c equity, $18 million in construction loans, $15.6 million in tax credits, and additional city loans.
The 88-room hotel features an upscale restaurant, a bar, and 8,500 square feet of museum and gallery space. The project is expected to create around 200 construction jobs and 125 permanent positions. The hotel aims to serve as a cultural hub, showcasing modern art from private collections and on loan from other institutions. This initiative not only restores a landmark building but also aims to boost downtown Lexington’s cultural and economic landscape.
