A former boxing gym in Covington has been transformed into 15 newly-renovated apartments and two street-level commercial spaces.
Located in an L-shaped building at 809-811 Madison Ave., Shamrock Gym was the epitome of an old-school boxing gym. A 1995 Kentucky Post article described the gym as a hole-in-the-wall with broken windows, holes in the plaster ceiling and heavy bags with ripped covers.
Today, the space is a prime example of adaptive reuse in Covington. The building that formerly housed a 17-by-17-foot canvas boxing ring now features apartments with granite countertops, stainless steel appliances and tiled showers.
The complex has one, two and three-bedroom apartment options for renters. Some units have large windows that look out onto the historic streetscapes of Madison Avenue and Eighth Street, while others feature decks that look north over the city.
Part of the financing for the renovation came from the City of Covington’s Upper Floor Residential Rehab Program, which assists owners of mixed-use properties in renovating the vacant upper floor space of their buildings into quality rental housing.
The federally funded program provided $20,000 per unit to the owner and developer, D&M Company LLC, in the form of a deferred/forgivable loan.
“The 809 Madison project is a perfect example of what this program is all about – creating affordable housing in mixed-use districts by giving new life to the upper floors of historic structures,” said Jeremy Wallace, Covington’s federal grants manager. “By creating new affordable rental units and repurposing formerly vacant space, this has been a real win-win for the city.”
Reliant Property Management handles the rental process for the property and has two residential units available for rent.
One of the units listed on their website, a one bedroom, one bath apartment at 811 Madison Avenue, is listed for $945 per month. The other unit on their website, a two bedroom, two bath apartment at 811 Madison Ave., is listed for $1,545.
Both commercial spaces are also available, according to Reliant’s website. They are both 500 square feet and are each listed for $850 per month.
The project began in 2018 and progressed through three development phases with the only hiccup being a fire that temporarily delayed rehabilitation work.
D&M owner Michael Albaum said he was attracted to the property by Covington’s growing momentum and recognition of the shortage of housing in the urban core. He initially planned a quick rehab of its loft apartments and storefront space. The project evolved as he and his architect talked to Wallace about the Upper Floor Rehab program’s possibilities.
“The building was in really rough shape,” Albaum said. “The scope (of our plans) was really narrow, but that scope blew up massively. I just kept asking, ‘What’s the highest and best use of the space?’ I felt good about the affordable housing component.”
The U.S. Department of Housing and Urban development defines affordable housing as housing on which the occupant is paying no more than 30% of gross income for housing costs, including utilities.
Since 2014, 38 rental units have been completed through the city’s Upper Floor Rehab program, with projects in the Central Business District, the Ritte’s Corner area of Latonia, and Lewisburg, according to Wallace.
Wallace said the program was not funded during the current fiscal year because of low demand likely caused by the pandemic. However, he noted that several developers have recently inquired about the program, which may change its funding prospects in the coming budget cycle.
“If interest in the Upper Floor rehab program grows, we will certainly look to reinstitute it,” Wallace said. “The City has numerous programs that help facilitate the creation of affordable housing, and we want to put the money where it’s most effective.”
