North Kentucky News

Covington, Ky. – The development of the 23-acre Covington Central Riverfront neighborhood continues to progress with the announcement of a $67.2 million project by Silverman and Company Inc. This initiative will bring an estimated 257 market-rate apartments, 7,700 square feet of retail space, and 194 parking spaces to the southeastern portion of the site.

The Covington Board of Commissioners approved an agreement on Tuesday night for Silverman to purchase two parcels, blocks M and N, for $2.6 million. Economic Development Director Tom West expressed enthusiasm for the project, highlighting its alignment with community objectives and its potential to inspire further development.

“This development is so exciting for us in many ways,” West said. “It continues the momentum building around this great new neighborhood in The Cov.”

West emphasized that no traditional incentives like tax breaks are being offered. Instead, the City is focusing on preparing the site with necessary infrastructure improvements. The project is expected to generate $228,000 annually in new tax revenue.

Silverman executives voiced their eagerness to begin construction and integrate the project into Covington’s existing neighborhoods.

“The CCR is an incredibly exciting opportunity,” said Ryan Silverman, Vice President of Silverman and Company. “The City has created a robust, yet thoughtful, live/work/play vision for the site.”

Founded in 1984, Silverman specializes in developing office, multi-family, and retail properties throughout Greater Cincinnati/Northern Kentucky. Their partners for this project include Messer Construction as general contractor, KZF Design Inc. as architect, and Bayer Becker as civil engineer.

Amenities at the new apartments will feature on-site leasing offices, a co-working hub, pet spa, resident lounge, fitness center, and a rooftop area with a pool and outdoor kitchen.

Construction is slated to begin within 120 days of closing on the property purchase in early 2025 and could take up to 18 months to complete.

The CCR project has seen significant progress recently. Bray Construction Services began Phase 1 infrastructure work on April 1 under a $14.9 million contract. Additionally, Drees Homes was approved to build 16 townhomes on block B for $7 million.

The Kentucky General Assembly allocated funds for infrastructure work ($10 million) and for relocating educational institutions ($125 million).

The Covington Central Riverfront site was previously home to an IRS tax-processing facility before being decommissioned in 2019 and subsequently acquired by the City in 2020.

Further details about these developments can be found at "Come Monday: CCR work moves from deconstruction to construction."