by James Platz
A new standardbred training facility is coming to the heart of the Bluegrass State. Construction is scheduled to begin next month on a facility in Versailles that will feature a five-eighths-mile oval and a seven-eighths-mile strip, and will be a short boat ride to the Red Mile.
Versailles native Alex Riddle is a major partner of Versailles Standardbred Group, , the developers of the project. He said the group previously struggled to solidify plans for the center just west of Lexington in Woodford County, but now the project is a reality.
“Four years ago, we started working to find a place to do this project,” Riddle said. “We’ve had a couple of placements that failed. It’s been hard work, but we’re very excited about where we are now. This is definitely the best location we have ever had. “We had a location in Lexington that we had an option on when the city approached us with the idea of moving it back to Versailles.”
The partnership between Riddle’s group and the city is mutually beneficial. In 2020, the city of Versailles purchased a 337-acre tract of land formerly known as Edgewood Farm. The property is located along US Highway 60 (Lexington Road) and Paynes Mill Road east of downtown. It was purchased for $6.3 million. A 135-acre section of land is permanently zoned A-1 for agriculture and will be the site of the training center.
“The land is an incredible location,” said Riddle, also director of the Woodford County Economic Development Authority. “Any developer would love to turn it into something commercial or industrial. I’ve been on defense boards and also the economic development board, so I see the big picture. “I’m very excited that we can keep it running, so we can keep it in the A-1 zone, which is a key component to this.”
Riddle, son of Rood and Riddle co-founder Dr. Tom Riddle, serves as chief marketing officer for an equine pharmaceutical company, but he is also a successful entrepreneur who has already made his mark in Versailles. Working with another partnership, he has renovated several historic buildings in the center of the Woodford County seat, operating businesses from each. As he looked to tackle the latest project, Riddle again felt that Versailles offered the best location.
“All local, all central Kentucky, all within a 15-minute drive of The Red Mile,” he said. “That was our goal. And really my goal as an advocate for Versailles and a member of the economic development authority there, I really wanted it to be in Versailles, but I also wanted it to be in the best location for the project.”
In Versailles, Riddle has found allies who believe in the project and want to support it. The City Council recently voted to issue a $5.4 million bond for the training center. The vote paved the way for Riddle and his team to begin construction in short order.
“They really want this project there, and we’ve had several conversations about trying to make Versailles and Woodford County the capital of standardbred racing in Kentucky,” Riddle said. “They are very excited to help us. They’re basically improving the land and then we’re putting any specific training centers on top of that. That will be our contribution. We are contributing a lot of capital. Obviously, the city comes with quite a bit of capital, so it will be a great partnership with them.”
The training center will be a phased development plan and the schedule for Phase 1 is aggressive. Riddle wants the facility to open in time for racing in 2025, which means construction should begin next month.
“We will start construction in July,” he said. “There are a couple of small adjustments to the plan based on core drilling. Then we will be ready to go in July. The bond issue comes out this week and then the funds should be in the city in the first week of July. “That is also our plan: to join them the first or second week of July.”
Jockey John Duer is a partner in the project, as are two others who will serve as the management team of Versailles Standardbred Group, . Riddle said Duer has been instrumental in providing feedback and expertise as the vision for the training center has formed.
“He was my first contact in the standardbred industry,” Riddle said. “He is the key industrial partner for us on this. He is very well connected and had good professional training. He has worked in many training centers, so he has been a great help in that perspective.”
Phase 1 of the training center calls for the construction of a five-eighths-mile training track and a seven-eighths-mile straight strip. A total of 250 positions are planned for the first phase. Riddle said Versailles Standardbred Group, has projected the first phase will cost $1.7 million, with financing generated by the partners and a handful of limited partners who have come on board as investors.
“The city bond is for land and infrastructure improvements that remain with the land,” Riddle said of the 20-year deal that provides an option to purchase the land upon completion. “They rent it to us and we also add improvements. As of now, all of that is funded by investors. We have an opportunity where we could put some funding into it. “I like to keep things as investor-funded as possible to reduce the debt load.”
Later phases call for another 200 stalls, sheds for seasonal customers, a restaurant/court kitchen and dormitories. The association is currently raising funds for subsequent phases. Riddle believes that once open, the facility will prove an attractive option for equestrians.
“We’ve had quite a bit of interest,” he said. “Because we’ve been working on it for so long, and because we’ve been working on four different terrains, we’ve had a couple of false starts with very good support. We feel very confident, based on the conversations we’ve had, that we’ll fill it up pretty quickly. With the incentive fund being what it is now, we have a lot of horses that want to come to Kentucky, but they just don’t have anywhere to stable.”
With extensive experience in Thoroughbred racing, Riddle fell in love with standardbred horses five years ago when he attended his first harness race. The race? The little brown jug. Since then, he has participated in partnerships over some claimants.
“We’ve broken even,” he said of the experience. “That’s a victory. “We haven’t lost any money yet, knock on wood.”
Much like his trip to Jug and his subsequent efforts as an owner, Riddle sees the training center as an opportunity to expose others to harness racing.
“I think harness racing is the best, most accessible and most exciting way to attract new fans to the industry,” he said. “I fell in love with the sport for that reason. I think this is a great addition and something really fun to boost riders and help the industry, and also boost tourism. “That’s my dream: to be a place where people can experience their first horse in harness.”
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