Covington's Central Riverfront project has another piece confirmed. A developer plans to build about 257 apartments, with retail space and underground parking, on the site that used to be an IRS processing center. Covington Economic Development Director Tom West says it's the first large development announced, covering 1.3 acres on blocks M and N.
“Block P has been set aside for the Convention Center expansion, and then Block K, we’ve designated for an additional headquarters hotel, for conventions and that would tie to … the expansion.”
West says Covington's approach to this development is different from The Banks in Hamilton County, and Newport's Ovation project.
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“We’re trying to weave these 23 acres back into the existing urban fabric of Covington,” he says. “We’ve even gone to the extreme of arguing with our engineering firm that we want the alleyways in the new neighborhood to be 16 feet, just like the alleyways are in the rest of the city.
“We’re trying to use the same size thread when we weave this back in.”
West says the city wants taller buildings to be on the eastern side of the site, to better blend with the existing RiverCenter. This apartment complex will be on the southeastern corner.
Silverman and Company will start work on market-rate apartments, retail space and an underground garage in the first quarter of 2025.
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West says the city didn't offer any tax incentives. “This location is prime, and we’re selling for a fair price, for the city to get a fair return on its investment. But also that up-front investment we’re making to put in roads and utilities before we have all the developers in there yet,” he says.
West says more projects are in the works. Covington announced plans for 16 townhouses on Block B at the site last March.
