08/20/2026
New development alert!
Cowgill is seeking to rezone 518 and 512 E. Main to construct a six-story, luxury condominium tower. The sixteen two-bedroom, 2,400-square-foot units will likely be marketed for around $1,500,000 and will supposedly appeal to retiring horse farm owners. To accommodate surface parking, Cowgill intends to demolish the c. 1899 McFarland House at 518. They insist, however, that the c. 1886 Italianate cottage at 512 will be preserved; a B-2A zoning simply will allow its future conversion into a live-work space. Both of these buildings are located in the Woodlands National Register Historic District.
A striking example of “Free Classic” Queen Anne architecture, 518 E. Main was constructed for James E. McFarland, a prominent banker and trotting horse enthusiast. The house was built for lavish entertaining, as multiple rooms on the first floor could be combined to accommodate dancing. In 1946, McFarland sold the property to Viola Combs and Maye Combs Morison, the widow and daughter of state senator, Lexington mayor, and lumber magnate Thomas A. Combs. At the time of his death, Combs also held leadership positions at the Lexington Telephone Co. and the Ashland Refining Co.
BGT urged Cowgill to reconsider their demolition plans and spoke with realtor Bill Justice, who purchased 518 E. Main in 1986 with the goal of redeveloping the block. In the 1990s, Mr. Justice opposed the house’s inclusion in the Aylesford historic overlay. He razed its sister property at 522 E. Main around 2012.
512 was one of the first parcels developed after the Woodland Park Association platted the land south of E. Main in the early 1880s. Its original owner, Henry Schaeffer, taught piano and guitar at Sayre Institute while running a music store on S. Upper; daughter Ione inherited the house and lived there until 1939. Schnabel Interiors will continue to own and occupy this building, which is not threatened at present. Nevertheless, BGT has reached out to the Schnabels to discuss placing protections on it and assisting with a tax credit-eligible rehabilitation. We have also asked Cowgill to denote the retention of the Schaeffer House on the development plan.
Sources
Fayette County land records
“Henry Schaeffer,” Lexington Press, February 22, 1868
“Talk About Town,” Kentucky Leader, May 9, 1892
“Permits,” Daily Leader, September 2, 1899
“Bank Changes,” Lexington Leader, May 7, 1902
“Social and Personal,” Lexington Leader, January 7, 1903
“Masquerade Dance,” Lexington Herald, September 9, 1906
“Henry Schaeffer Dies After Short Illness,” Lexington Herald, February 12, 1919
John Wilson Townsend, “New Manor at Providence is Home of Great Beauty,” Lexington Herald, January 15, 1931
“Thomas A. Combs, Ex-Senator, Dies,” Courier-Journal, April 8, 1935
“Senator Combs will Probated,” Lexington Herald, April 14, 1935
“Mrs. Thomas Combs Succumbs in Texas,” Lexington Herald, February 28, 1949
“Trotters and Pacers,” Sunday Herald-Leader, October 19, 1952