Bayer reaches for a new Summit — Lexington
Bayer Properties has announced that it will develop a third member of its signature Summit property brand: The Summit Lexington, a mixed-use shopping destination located in the Lexington, Kentucky’s retail hub. An outdoor fashion center, The Summit Lexington will offer specialty retail, restaurants and residences.
As the second largest city in Kentucky, Lexington is home to the University of Kentucky, the Kentucky Horse Park and Keeneland. The city’s trade area includes 2.5 million tourists, 47,000 college students and more than 600,000 well educated residents earning an average annual household income over $73,000.
As an in-fill development, Bayer intends The Summit Lexington to complement rather than compete with neighboring retailers.
Bayer conceives of its Summit properties as gathering places where people shop, dine, work, live and play.
Other Summits include The Summit Birmingham in Alabama, which draws visitors from across the Southeast with its outdoor setting, restaurants and mix of premium retail. Saks Fifth Avenue, Belk and Carmike Cinema anchor the 981,714-sq.-ft. development.
Opened in 1997, The Summit Birmingham generates more than $500 per square foot in retail sales.
The 601,491-sq.-ft. Summit Reno-Lake Tahoe features beautiful mountain scenery that lures shoppers. Dillard’s, Old Navy and Century Theatres anchor the property. According to Bayer, 56% of The Summit Reno-Lake Tahoe’s retailers are unique to the region.