<p>LEXINGTON, Ky. — Investors are obtaining land for development of a private, upscale resort near Kentucky’s Red River Gorge, a nonprofit group said, but with significant local opposition the project is far from a done deal.</p>
<p>Red River Economic Development announced Wednesday that private investors signed a contract to buy 891 acres near Slade for about $2.25 million, the <a href="https://www.kentucky.com/opinion/linda-blackford/article250337196.html">Lexington Herald-Leader</a> reported. The land is currently privately owned by entrepreneur Ian Teal.</p>
<p>The buyers, known as Red River Property Holding Group LLC, will hold the land until Red River Economic Development can find a developer to build the resort. Red River Economic Development is the nonprofit arm of the Kentucky Chamber Foundation.</p>
<p>Red River Economic Development said in a news release that the closing on the purchase will happen after survey and title work. Chairman Charles Beach III said that while an economic rebound has started a year after the onset of the coronavirus pandemic, "we need more time to test the waters with developers and investors for the proposed resort. </p>
<p>"We’re extremely fortunate that this group of supporters is willing to purchase and hold the property for three years and give us breathing room to pursue a suitable development plan,” Beach said.</p>
<p>There is significant local opposition to resort development of the land outside the borders of the Red River Gorge, one of Appalachia’s most beloved natural attractions. </p>
<p>The sandstone arches and towering cliffs in the <a href="https://apnews.com/article/kentucky-forests-parks-335f3d1108559573164aedb60def1051">42,000-acre geological area</a> southeast of Lexington has long attracted hundreds of thousands of hikers, rock-climbers, kayakers and campers each year.</p>
