Construction began on phase one in the spring of 1997. The first segment of the Industrial Parkway extended a little over three miles (5 km) to a new industrial park. A trumpet interchange was constructed at milepost 179 on Interstate 64. Along the Parkway are two at-grade intersections for this segment, both of which can be upgraded to full folded-diamond interchanges in the future if traffic counts warrant an upgrade. Phase one included four bridges and cost an estimated $50 million to construct.
In 1998, another five miles (8 km) of the Industrial Parkway was constructed. This extended the Parkway from the end of phase one to Culp Creek Road, and opened in late-2001 to local traffic and officially opened in early 2002. Extending the progression of the highway northward, the third phase opened to traffic in the fall of 2002. Construction began in early-2001 and included a bridge over a small tributary and a folded-diamond interchange with KY 207.
The final phase extends from the KY 207 interchange to US 23. Construction began on this segment in early-2002 with work being completed by September 2003, a year ahead of schedule. The northern terminus junctions US 23 at a traffic signal and actually continues northward .1 of a mile north to KY 3105 (old US 23). It was given the designation of KY 67 at the dedication ceremony. Since being completed, the Industrial Parkway has saved over 30 minutes of travel between Greenup and Grayson on the curvy and dangerous KY 1. In 2004, the State Primary designation was moved from KY 1 to KY 67. The road also provides access to the EastPark industrial complex near Interstate 64.