LRC (Lexington's Real Estate Company)

LRC History

LRC History

www.LRCrealestate.com

Phil Holoubek founded Lexington’s Real Estate Company (LRC) in April 2000 with $10,000 and the simple goal of providing high quality rental housing in disadvantaged neighborhoods.

The original focus of the company was to renovate and improve existing rental properties in a way that instilled pride in the residents and enhanced the surrounding community. This was in response to the Herald Leader’s “Misery for Rent” series detailing the many unscrupulous landlords in this town.

In many cases, LRC would purchase a dilapidated property in a low income area, make improvements above and beyond the quality of surrounding properties, and then rent the property out at market rates (please see Herald Leader article in Appendix 1). Over the next several years, the company grew exponentially, with real estate holdings in the millions of dollars, and the ability to provide high quality rental housing to hundreds of residents.

LRC’s Revised Business Strategy

In 2005, LRC began to undertake an intentional seismic shift in focus and strategy. The company began to transform from a primarily suburban focus to their current positioning as “The Downtown Experts”. Additionally, Mr. Holoubek realized that LRC could have a far greater impact on the community by developing world-class properties rather than simply buying existing real estate developed by others.

Over the next few years, LRC expanded to provide a full range of real estate services including downtown real estate development, property management, real estate brokerage, and managed office space. It is now widely recognized as the leading developer of downtown residential real estate.

LRC Today

LRC is now the considered the leading developer of downtown residential and mixed use space in Lexington, Kentucky. The company is often referred to throughout the community as “The Downtown Experts”.

Their two current projects, Main & Rose and Nunn Building Lofts, represent well over $30 million worth of new downtown development. These projects have added over 120 residential units and 25,000 square feet of retail. Main & Rose has also added 280 parking spaces on the site. The loft projects feature dramatic high ceilings, large windows and great urban finishes.

In an effort to redevelop already existing space, these two projects help to promote downtown infill, ensuring our farmland in surrounding areas remains secure and retains productivity. By creating retail space on the first level at Main & Rose, more options are provided to those already working in the downtown area. People who choose to rent or own one of the 96 units occupying the top three floors have the benefit of walking to work, dining at nearby restaurants, and enjoying many of the city’s events that make it so unique.

Additionally, Main & Rose recently was awarded an LFUCG “Historic Preservation” award even though this building is entirely new construction. The award was based on the fact that the project accomplished all of the above without tearing down any existing buildings, and also on the fact that the project fits so well within the existing urban fabric.

The above two projects, Main and Rose and Nunn Building Lofts, will contribute more than $1 million per year to the tax base, without requiring any new or additional infrastructure!

These projects also benefit the city by attracting young professionals into the area who want to be a part of the downtown life and activity in the community. It also forms a perfect atmosphere for empty nesters wanting the conveniences that these contemporary lofts create.

In addition to their development projects, LRC has very quickly emerged as one of the leading real estate brokerages in town. Our broker Joy Moore, sales volume agent has sold over $15 million in recent.

In the downtown area, LRC was responsible for 80% of all residential sales in recent years. This is especially impressive given the fact that LRC’s focus is on our downtown, and this serves to demonstrate the economic development engine that is our downtown.

LRC is also the leading provider of executive office suite space in downtown Lexington. Their Premier Executive Suite’s concept leases full service, shared office space to some of the top business executives and community leaders in the area. Clients include Mr. John Hall, former CEO of Ashland Oil, Mr. James Hardymon, former CEO of Lexmark, Edward Holmes, President of EHI Consultants, and Laura Williams who runs the Knight Foundation.

LRC’s transformation and growth has taken place in an impressively short time period. However, it may be even more important to note that this corporate transformation, growth, and contribution to our community has all taken place with a staff of only 5 employees. It is interesting to note how much can be accomplished by very few when vision, faith, determination and hard work come together.