North Kentucky News

The City of Covington is seeking legislative support and a contractor to prepare a 23-acre site located a block south of the Ohio River for development. The city has issued a request for proposals from contractors to lay the foundation for future offices, homes, hotels, and retail shops. City Manager Ken Smith expressed optimism that legislators will recognize the regional impact of the project and the importance of having a prepared, ready-to-go site. The site, which was previously occupied by an IRS tax-processing facility, has been cleared and is now being filled with dirt to level the land.

The first phase of the project, called the "horizontal infrastructure," will include restoring the street grid, laying utility lines, and building public gathering spaces. The City plans to bring a contract for approval to the Board of Commissioners in March, with construction starting soon after. The City has also partnered with BusinessFlare Economic Development Solutions to prepare a marketing strategy and identify developers for the site.

Covington Economic Development Director Tom West stated that the City has been negotiating with private developers for the sale and development of individual parcels, with the first parcels expected to be developed along Fourth Street. West emphasized the high level of interest in the site and the anticipation of having agreements in place with developers ready to mobilize once the site is ready.

The City of Covington has been meeting with state legislators to update them on the progress of the site and seek financial support. Governor Andy Beshear has proposed allocating $7.5 million in General Fund revenue for public infrastructure at the site, with the City expected to match that investment. The Governor's budget also includes $4 million for the expansion of the Northern Kentucky Convention Center, which is located adjacent to the 23-acre site. West highlighted the importance of state investment in development-ready sites to attract private investment.

The Covington site is part of a larger riverfront development in Northern Kentucky, which is being referred to as "the $5 billion mile." This investment includes various projects across two counties and is transforming the region. Covington's allocation would be matched by the City and leverage a multi-stakeholder investment along 1 mile of the riverfront, totaling $5 billion. The development is expected to have a wide-ranging impact and bring significant revenue to the state.

Jeanne Schroer, president & CEO of The Catalytic Fund, a non-profit organization focused on real-estate revitalization, expressed enthusiasm for the potential of the site and offered to partner with the City and potential developers to execute the community's vision. The site is seen as an attractive development opportunity with prime riverfront property.

The City of Covington envisions creating a neighborhood that seamlessly connects with its surroundings, including the downtown business district, historic communities, the Ohio River, a hotel and convention district, and a mixed-use area. The City has provided resources for further information on its vision for the site, including a historical background and a virtual fly-through video.

With the City's plans for legislative support and a contractor in place, Covington is one step closer to turning this 23-acre site into a vibrant and shovel-ready development.

Click this link to access more information: https://www.covingtonky.gov/news/2024/01/03/the-5-billion-dollar-mile-bulldozers-at-the-ready-for-23-acres