New development expected in downtown Frankfort

The Finance and Administration Cabinet in Frankfort is selling land in the downtown area.

the announcment comes more than a year after the state imploded the Capital Plaza Tower.

"Almost 73% of the property in Franklin County was public property. So I wanted to turn that over to the private sector," said Finance and Administration Cabinet Secretary William Landrum III said.

In the coming months, developers will have a chance to bid on about 12 acres of land in downtown Frankfort. It will be sold as one lot. That includes parcels of the Capital Plaza Development area and the land beneath the Capital Plaza Hotel and the Frankfort YMCA.

"Basically, they will have a new landlord. I mean that’s all that changes," said Landrum.

Potential buyers will visit the site later in August and interested buyers will place bids. The state will write a deed in December for the new owners.

Whoever does buy the lot must provide for a mixed-use development. They want to combine residential, commercial and retail into one area.