The Explorium has occupied a back corner of Victorian Square for 22 years. Photo by Tom Eblen
Dudley Webb should think twice before letting the Explorium leave Victorian Square, the downtown complex he developed with a lot of city help in 1983, sold in 1994 and repurchased last August.
The children’s museum leases 24,000 square feet in Victorian Square for not much more than it paid when the museum opened 22 years ago. Its rent is considerably less than what other tenants pay.
“Nobody is trying to displace them,” Webb told reporter Beverly Fortune last week. “But we need an understanding that nobody can be on scholarship anymore. Everything has got to work on a businesslike basis.”
The Webb Companies and Jeffrey R. Anderson Real Estate of Cincinnati paid $1.7 million for the 226,000-square-foot complex built behind 19th-century façades on the northwest corner of West Main Street and Broadway. The partners say they plan to spend $10 million to “reinvent” Victorian Square, which has always struggled.
You can’t blame Webb for wanting a good return on his investment. Since the Explorium didn’t have a long-term lease, Webb has every right to replace it with a better-paying tenant. Still, I hope they can negotiate a price that will allow the Explorium to stay, because it is a great resource for Kentucky children.
Ironically, the children’s museum was created in part to draw people downtown and to Victorian Square. While the complex has always had a few interesting shops, galleries, bars and restaurants, it has lacked dynamic anchors to draw crowds and fill up its interior space. The closest it has come to those anchors is the Explorium, deSha’s restaurant and Lexington Children’s Theatre, which owns its own space.
“Reinventing” Victorian Square won’t be easy. But before losing one of its main attractions, Webb should be really sure he has a better anchor tenant signed, sealed and delivered. The last thing he needs is more empty space to fill.
Webb thought he had financing and tenants lined up nearly five years ago when he evicted businesses from a downtown block and demolished 14 buildings for his proposed CentrePointe development. Since then, the block has been an empty field.