The city of Covington has owned the old IRS site for about a month now and is moving toward demolition and redevelopment.
The 23-acre Fourth Street site has plenty of possibilities, but the city's Economic Development Director Tom West says what will work best for "quirky little Covington" is a mixed-use development including retail, residential, office and public spaces and parking.
West says the city is getting estimates for demolition and salvage work as well as environmental studies.
"We've already had interest by a number of companies interested in developing certain pieces of that," West says. "Our objective is to have that developed much in the way the rest of the city did in a more organic fashion with smaller development pieces within a block."
West says the mixed-use development may not be the most popular approach but "we think long-term it's probably what's going to work best."
Covington paid $21.5 million for the site.