Gov. Beshear: Weddington Plaza Shopping Center in Pike County To Be Restored With Nearly $6 Million Investment, Retaining 300 Kentucky Jobs
Shopping center sustained severe damage from February 2025 flooding
FRANKFORT, Ky. (Oct. 22, 2025) – Today, Gov. Andy Beshear announced an economic development project in Coal Run as Weddington Plaza Partners LLC plans to invest nearly $6 million to restore and renovate the Weddington Shopping Center, which sustained heavy damage earlier this year in the flooding in Pike County. The project will help retain up to 300 Kentucky jobs.
“One defining characteristic about the people of the commonwealth is resilience, and every time an obstacle or challenge presents itself, we face it, work together and build back stronger than we were before,” said Gov. Beshear. “This project is a great example of the positive impact that collaboration and teamwork can have on our communities and will bring economic opportunities back to Pike County and areas affected by flooding. I want to thank the state and local officials and organizations for making this restoration possible.”
The investment will be used to remove damaged property; to replace flooring, roofing and electrical components; and to rebuild the flood wall, as well as for security expenses. To date, approximately $1 million has been used on initial repairs, cleaning and renovations. Weddington Plaza Partners is hopeful to have close to 50% of the shopping center restored and occupied within the next 12 months, with renovations to the entire space complete within 36 months.
“2025 has been an incredibly difficult year for Eastern Kentucky,” said Joel Dumas with Weddington Plaza Partners. “The devastating floods of February left a lasting impact on homes, businesses and livelihoods; an impact that will be felt for years to come. The Weddington Plaza community shopping center, a cornerstone of the Pikeville and Coal Run communities that employs and serves thousands, was not spared. But thanks to the steadfast leadership and support of Gov. Beshear, Cabinet for Economic Development Secretary Jeff Noel, Big Sandy Area Development District Executive Director Eric Ratliff, Pike County Judge/Executive Ray Jones, Coal Run Mayor Andrew Scott and so many others who worked tirelessly to secure critical funding, we are now seeing the first real signs of recovery. My partners and I are deeply grateful for their efforts. It’s been a long eight months, but progress is happening, tenants are returning, and we look forward to welcoming back customers as Weddington Plaza comes back to life.”
Weddington Plaza Partners owns and operates various shopping centers, with company leadership having spent most of their careers as investment real estate brokers in the shopping center sector. In 2019, the company acquired the property in Coal Run with the goal of making the space a functional, important part of the community, creating jobs and driving investment. The company is focused on restoring the shopping center and bringing the property to its full potential.
Coal Run Mayor Andrew H. Scott recognized those who helped make the project possible: “The city of Coal Run is extremely grateful to Gov. Beshear, Rocky Adkins, Secretary Noel, BSADD Executive Director Eric Ratliff, Judge/Executive Ray Jones, Weddington Plaza Partners and all who worked so hard to secure this funding for continued economic development in Eastern Kentucky following the devastating February 2025 floods that ravaged our community. The City Commissioners and I look forward to welcoming back both tenants and customers to the Weddington Plaza!”
Weddington Plaza Partners’ investment and job creation build on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling over $43 billion in announced investments, creating more than 63,200 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $20 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; Ford Motor Co.’s $2 billion commitment in Louisville; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To encourage future investment and location of an economic development project, the Kentucky Economic Development Finance Authority (KEDFA) last month approved a grant agreement with Big Sandy Area Development District under the Economic Development Fund program. The grant agreement may provide up to $250,000 in funding on a reimbursement basis based on the project investment of $5,790,000.
A detailed community profile for Pike County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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