Covington-based Corporex has landed an anchor tenant for its billion-dollar Ovation mixed-use development in Newport.
MegaCorp Logistics, a a transportation logistics firm specializing in full and less-than-truckload shipments across North America, has signed a long-term lease agreement with Corporex. The firm will occupy two floors, or 40 percent, of the first office building located within the Ovation development.
“MegaCorp is excited to announce a major investment in our Greater Cincinnati operations by doubling our current size. Ovation and the city of Newport put us in a strategic location right in the heart of the region. We actively sought an energetic and catalytic environment to help us attract and retain top talent and Ovation offers all of this and more to our employees,” Bob Klare, President of MegaCorp Logistics, said in a news release. “We have the AEG/PromoWest Music Pavilion right next to us, walkability, and an outstanding view of downtown Cincinnati from the riverfront. This modern space will be a wonderful place for our colleagues to work, socialize and bond with their teams. We’re looking forward to seeing the planned hotels, bars, restaurants and fitness club come to fruition because I know that our employees will be eager to enjoy these amenities.”
According to Transport Topics, MegaCorp is the 30th largest US-based full truckload brokerage company. Although MegaCorp is headquartered in Wilmington, N.C., the company has had a significant hub in Northern Kentucky for 12 years.
The MegaCorp regional headquarters is expected to bring nearly 250 to 300 jobs to the Newport Riverfront.
“We are thrilled to continue to see such interest and momentum along the riverfront here in Newport,” Tom Fromme, Newport City Manager, said. “With three of the region’s largest cranes in the air, the overall investment in the city has never been higher, largely due to what is happening at Ovation.”
Corporex began construction on the 100,000 square-foot, five-story office building in October of 2021. Located at 200 W. Third St. in Newport, construction of the building is expected to be complete by the end of 2022 with MegaCorp occupying their new space in the first quarter of 2023.
“Corporex has always been forward thinking on large-scale developments like Ovation,” Alan Bogart, Senior Vice President of Construction at Corporex, said. “We ordered steel and other materials in advance to circumvent the significant challenges others in our industry have faced, such as inflation and supply chain issues, allowing us to continue to meet our deadlines for the project with little disruption.”
In addition to finalizing the Class-A office building, Corporex recently kicked off construction on the 132-room Hilton Homewood Suites Hotel that will feature a plaza-level restaurant with a bar and a rooftop bar. These are the final structures included under Phase II of the Ovation development project.
Construction on Phase III continues and includes a 1,600-parking space structure that will serve as the foundation for for-sale and for-rent residential units, retail, entertainment and a membership fitness and social club along the riverfront. The company recently began presales of the residential units in March and looks to have nearly 20 percent of the 88, for-sale luxury units pre sold by the end of May, an announcement said.