TEXT AND PHOTO S BY TO M EBL EN
restore and repurpose Developer Holly Wiedemann combined her passions for renovating historical structures and providing affordable housing
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U Associates, the development company Holly Wiedemann started in Lexington more than three decades ago, takes its name from the historic preservation concept “adaptive use”—remodeling old buildings for new purposes. But AU has another meaning. It’s the chemical symbol for gold. Wiedemann says her company has been financially successful. But as she retires and turns AU Associates over to a longtime employee, its greatest value is in the treasures it has left in 16 communities across Kentucky and five in West Virginia. The company developed, owns and manages more than three dozen projects totaling more than 1,200 units of high-quality, affordably priced rental housing. But that’s only part of the story. While some projects have been new 22 K E NT U C K Y M O NT HLY JUNE/ JULY 2022
construction, most are beautifully restored schools and other public buildings. Once community landmarks, they were abandoned and well on their way to demolition when Wiedemann acquired them. The company reflects two of Wiedemann’s passions: affordable housing and historic preservation. Key to its success have been her keen design aesthetic, a commitment to quality, a knowledge of construction, and an even greater knowledge of finance. That last skill has been essential to navigating the complex rules for putting together projects using federal and state tax credits, government programs, grants and private debt financing. “I have a lot of respect for Holly and what she’s done over the years,” said Rick McQuady, a retired Kentucky Housing Corp. CEO who is now Lexington’s affordable housing manager. “If a community needed a school building converted to housing
or a building saved, she was the one everyone talked to. One thing that always impressed me about her affordable housing units was the quality. They were built the same as market-rate units—no shortcuts.” “I only develop places that I myself would like to live,” Wiedemann said. YEARS OF PREPARATION Wiedemann comes from a long line of Kentucky entrepreneurs. Her great-great-grandfather was George Wiedemann, a German immigrant who created Wiedemann beer in Newport in 1870. Her greatgrandfather, J.D. Purcell, started Purcell’s, a leading Lexington department store in the mid-20th century. She grew up near Lexington in an antebellum mansion, part of which dates back to the late 1700s. “I loved the architecture of it, the integrity of it, the proportions of it,” she said. “I
