Transylvania Hits A “Grand Slam” With Recent Affordable Housing Development

Image Credit: Transylvania University

Transylvania Baseball has been too big for the Marquard Baseball Field for some time now, with the team playing at Lexington’s Counter Clocks Field since 2020. Recently, Transy finally announced plans for the plot of land to be used. Several banks, including Central Bank, Stock Yards Bank, Republic Bank, and others, have joined together to make a $3 million revolving capital fund for an affordable housing development, which will be located on the site of the old field. 

For those unfamiliar, a revolving fund or account allows banks and other financial institutions to continue operations on a project without fiscal limitations, meaning the banks and institutions can replenish the fund over time to continue the project. Theoretically, this would allow the projects to continue ad infinitum. This type of fund for affordable housing projects leads to investment in more housing. 

Transy considered several offers before accepting the current deal at the reduced price of $2.8 million to make the development possible. Partnered with Habitat for Humanity, this project plans to build several types of properties in a price range for those making 30-80% of the median income. A combination of rental and ownable homes and apartments (most specifically buyable houses for single families) are planned for the development. Otherwise, the types of housing have yet to be fully planned but will be available in the future.

The final sale of the land is scheduled for the summer of 2024, with construction scheduled to begin in 2025. The time between the final purchase and the start of construction is reported to be for the land to be rezoned for the project. President Brien Lewis gave a press conference on January 10th, saying, “We are proud of the role Transylvania plays as a part of the Lexington community and how this project gives us the opportunity to be part of a visionary solution.” We hope that the project goes to plan and that more people can access housing within a reasonable price range.