More than a year ago, Lexington was all aflutter about the 35-story CentrePoint tower being developed by Dudley Webb. The commotion didn’t have a lot to do with the luxury hotel or million dollar condos but instead it had to do with some old buildings where new development was proposed to sit.

Now these old buildings we run down and vacant but dated back to the early 1800’s and were a part of Lexington’s history. But progress won out and the buildings were torn down to make room for the $250 million mega project. You can’t stop advancement you know. But now we are here in April of 2009 and CentrePointe has yet to rise out of the hole that sits where the old buildings did and some people believe it never will.

Why you may ask? Well usually developments of this size and cost need a sound investor to back it (which CenterPointe supposedly had) but when they pass away, it leaves a lot of things up in the air. Last fall, a key financial backer of the CentrePointe development died, but the project’s California trustee says he is working with the financier’s heirs to keep the $250 million deal on track. The lawyer says the death has complicated the situation but he remains optimistic about the future of the project. Don’t lawyers always sound optimistic?

So a development that was supposed to be under construction by December 2008 waits. And so does the city of Lexington and hopefully it doesn’t wait too long for a project that may never be a reality.

For more information on Kentucky real estate, click here.