After falling into neglect for many years, the street was revitalized in the 1970s after city officials offered to build a mall on a large, eleven-block plot of land; Asheville citizens voted against the idea, however.

[1] Today, the street is known for being the home of over two hundred small businesses, including specialty shops, restaurants and brewpubs.

[1] Annually on the Sunday of Labor Day weekend, the Lexington Avenue Arts and Fun Festival (LAAFF) takes place, while the free Downtown After 5 Summer Music Series is hosted by the Asheville Downtown Association, bringing visitors to the street every third Friday in the summer months.

[1] Lexington Avenue's urban forest has been named "one of America's great places" by the American Planning Association.

Friends of Lexington Avenue have been working to protect the forest against the planned construction of a new substation on the land by Duke Energy.