Plans for Legacy Point Move Forward

By | June 19th, 2017

The project in Wilmore, Ky., just outside of Lexington, will be anchored by a Jack Nicklaus Signature Golf Course, clubhouse and a lifestyle, wellness and activities center. The developers are citing Lexington’s high ranking on a list of desirable early-retirement areas as reasons to “believe the pieces are all together and the timing is right to launch a project of this caliber forward.”

 

Legacy Point Development has opened escrow with a Lexington, Ky. firm, Jett Title, with plans to build a residential development anchored by a Jack Nicklaus Signature Golf Course, a clubhouse, and a lifestyle, wellness and activities center, according to The Lane Report.

Legacy Point would be located in Wilmore, Ky., just outside of Lexington.

“We believe the pieces are all together and the timing is right to launch a project of this caliber forward,” said John C. Loudon, managing member of Legacy Point.

C&RB reported in 2015 how the project was being revived ten years after another development company’s plans for a Nicklaus course in the same county fell through (https://clubandresortbusiness.com/2015/10/developer-resurrects-plans-for-jack-nicklaus-golf-course-in-wilmore-ky/).

The Lane Report cited “several key factors which have brought the Legacy Point Development to this point”:

  1. As of the end of last year, Legacy Point optioned additional strategic lands for development, and the City of Wilmore has annexed these properties and approved the preliminary plan.
  2. At the beginning of the year, Lexington was ranked bySmartAsset at No. 2 on a list of the 80 largest cities in the country that were best for early retirement, based on Lexington’s low cost of living and affordable healthcare.
  3. Real-estate prices continue to flourish in the Lexington metropolitan area because of demand and a lack of inventory.
  4. The Lexington economy is well-diversified and continues to show tremendous strength around a vibrant family community.

“Our strategy and vision for the development remains consistent: to pass on the inherent equity in the project to those early visionaries and members, providing them [with] tremendous value and upside for their investment,” the Legacy Point developers said in a news release. “Based upon today’s market conditions, we have competitively priced our lots to the current market value—irrespective of the $50,000 equity club membership that is included with every lot, the additional complimentary club membership, discounted club dues and quality community facilities. Legacy Point will be an affordable luxury residential community, nestled in the rolling hills of horse farm country, and with an emphasis on world-class golf and a whole lot more. It will become a way of life!”

The Legacy Point team has met with most local lenders in the area to share their conservative strategy for the development, the news release added. Those lenders have responded with attractive financing options for Founding & Charter Members, and are excited about the opportunity to participate in the project via lot financing and subsequent vertical construction, according to the developers.

Early members will have the option to sell their real estate at any time and retain their Founding or Charter club membership, the developers added. Many prospective members have expressed interest in venturing with local builders to take advantage of the shortage of quality real estate investment opportunities in the local area, the news release said.

“We continue to be proud members of the Lexington community, and we’re even more excited for the community to be a part of this project,” said Byron L. Holley, Managing Member of Legacy Point.

An overview of the project can be viewed at LegacyPointDev.com.

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