Lexington is well on its way to becoming the next big tech hub in the Midwest as plans for an innovation district in the middle of the city progress. The project christened LexTech Corridor plans to develop a 50-acre piece of land adjacent to the University of Kentucky into a hub of innovation comprising of new age firms, established tech firms and research facilities.

The concept of the innovation district has already been welcomed by several big tech firms. According to insiders of the project, at least two of the Fortune 500 tech companies are in discussion with a view of setting up their big businesses in the corridor. The names of these companies are still undisclosed owing to the ongoing negotiations but their interest has certainly created buzz among the local business community.

The project’s patron, Mayor Linda Gorton, believes that the project will revolutionize the economic development of Lexington. According to Gorton during the press conference, the LexTech Corridor will put our city at the cutting edge of innovation and generate thousands of well paying jobs. We are not only creating offices but creating a place where innovations can be born and grow.

The innovation district has been designed with focus on sustainability and quality of life. Some of the features that are part of the plans are the green areas, walking paths and a large central plaza intended to encourage people to work together and engage in their community.

The development will also include a number of integrated uses such as residential units, retail and dining, thus offering a live-work-play environment that is highly desirable among tech workers. An important element of the LexTech Corridor is the connection with the University of Kentucky.

Several of its technology-oriented research departments are expected to be moved to the district in order to enhance the interaction between the university and the business world. This is expected to enhance the process of innovation and offer the students the best chance of getting internships and employment.

The project has received its support from both the state and the federal governments. The state funding has been promised by Governor Andy Beshear for the infrastructure development and the federal grants have been secured for setting up a 5G testbed within the district. These investments are considered important in order to lure the leading tech firms and startups to the region.

However, the fast growth has made some of the locals to develop some concerns. Some of the concerns that have been raised at the recent town hall meetings include; the issue of gentrification, the issue of rising cost of living, and the issue of pressure on the current infrastructure. Officials have, therefore, come up with strategies that include provision of affordable housing and upgrading of infrastructures to meet these challenges.

The LexTech Corridor is also likely to affect the startup culture in Lexington in a big way. The project also entails the creation of an incubator and a venture capital fund that will focus on early-stage technology firms. This is a chance for the local business people to turn the tables for Lexington’s startup community which has been growing but still lacks the resources and personnel that can be found in other major tech centers.

While Lexington gets ready for this shift towards technology, the city is also facing the challenge of building up a workforce that can support the new companies. Local community colleges and coding boot camps are increasing their offerings of technology-focused programs while the University of Kentucky is increasing its focus on computer science and engineering.

The LexTech Corridor is a risky move on the part of Lexington to become a technology hub. With construction under way and firms starting to occupy the buildings the city is on the verge of change. Whether Lexington will be able to overcome all the risks and seize all the opportunities that are presented by this large-scale project will probably define the further economic development of the city for the next few decades.