LEXINGTON, Ky. — A new development is underway in Lexington at the University of Kentucky’s Coldstream Research Campus. Officials broke ground on a 260-unit apartment complex on Wednesday. 

Executive Director George Ward said the complex will offer the 50 or so high-tech companies the ability to live, work, play and innovate all within the area. Construction has already begun.

“Access to talent is the number one reason that a company locates at a research campus, and FIFTEEN51 will provide housing for high-tech talent and young professionals in close proximity to where they work. There's approximately 34,000 jobs within three miles of where we're standing right now,” Ward said.

These are jobs crucial to a growing economy, according to Lexington Mayor Linda Gorton.

“One year ago, just as we went through March and April when we shutdown, our unemployment rate was 14.1%. Last month, we were back down to 4.1%, almost our unemployment rate before the pandemic,” Gorton said.

The mayor said this expansion will create increased demand for space by high-tech, research and development companies.

“Adding a residential village out here at Coldstream will make it even more attractive to high tech businesses, businesses fueled by the university’s brainpower,” Gorton said.

Earlier this year, officials broke ground on the high-tech building to kick start the Coldstream Research Campus project. Its 735-acre campus being transformed which will have offices with more than 2,250 employees. These companies focus on biotechnology, pharmaceuticals, and equine health to name a few areas of expertise.

“These are jobs for people who live here, for people who want to come here and work and they are great jobs for the future. And I also see the strong enduring partnership between our city and the University of Kentucky,” Gorton said.

The apartment complex itself will cover a 3-acres of land.

People will be able to begin moving the complex in the spring of 2022. The development is expected to be fully completed later next year.