A desirable parcel of land with development potential in Newport sold earlier this year to one of the oldest companies in the region.
Hilltop Basic Resources purchased a 17.23-acre plot of land located at 910 Lowell St., which sold for $2.75 million on April 5. The property sits alongside the Licking River in northwestern Newport.
Hilltop is currently based at RiverCenter in Covington.
Previously, the parcel of land was owned by the Newport Steel Company. The last time the site sold was in 1981 for $3 million, according to county property records.
The site has long been a target for potential development by investors.
As of now, there are two buildings currently on the site: a large metal industrial building built in 1930, and a smaller industrial building built in 1919.
The surrounding area of northwest Newport has recently become a hub for capital infusion
The property is located approximately a mile from the Ovation development, currently under phase II of construction. Once completed, Ovation will bring more office space, restaurants, a hotel, and residences to Newport.
Last week, it was announced that the nearby Victoria Square apartments property had been sold to Cincinnati-based Sunset Properties for $26.68 million. The Victoria Square Apartment complex sits in clear view of the Ovation development.
Hilltop is an historic company within the Greater Cincinnati area. Founded in 1941, the company’s offices are based in Covington. Hilltop operates multiple locations throughout Northern Kentucky, including a quarry in Pendleton County and a terminal in the small, unincorporated community of Constance in Boone County bordering the Ohio River.