- Covington is planning to sell the old Gateway building on Scott Blvd. to a local developer for the purpose of housing a local financial compliance company.
- The company, Key Bridge Compliance, will occupy the building’s second and third floors.
- The move will bring between five and 10 new, high-paying jobs to the city.
UPDATE: The Covington Board of Commissioners approved the sale order for the building at their legislative meeting on June 9, 2026.–LINK nky editorial, June 10, 2026.
A prominent Covington building will soon be under new ownership.
A joint LLC subsidiary between well-known Covington developer Tony Milburn and Matt Swendiman, the CEO and president of Key Bridge Compliance, is set to purchase the old Gateway building on Scott Boulevard.
The purchase agreement will appear on the consent agenda for next week’s meeting of the Covington Board of Commissioners, meaning it will likely be approved. Once OKed, the sale is expected to close within 30 days.
Key Bridge Compliance, which offers consulting services to financial firms, already has an office on Pike Street. The 21 employees currently in that office will move into the new building, according to city documents. The organization then plans to hire between five and 10 new positions. The development proposal submitted to the city puts the salaries of the new positions between $85,000 and $150,000.
“We’re very excited to have a place here in Covington,” said Swendiman. “We’re very excited to continue to grow the company but also grow the opportunity for people here locally to have a really beautiful place to come to work.”
“Matt, and I have been friends for a long time, and his company has been growing,” Milburn said. “It’s just up the street, and the idea of them staying here in Covington (to) keep growing, I’m very, very excited about it. And it’s just a wonderful building.”
Located on Scott Boulevard across from the Kenton County Public Library branch, the building previously housed Gateway Community and Technical College’s Professional Services Center and Massage Clinic. Gateway moved out of the building in late 2025, and the city bought it earlier this year with the hopes that reselling it to developers would attract jobs and increase payroll tax revenue.
The city hopes to sell the property for roughly $1.46 million: The development proposal submitted to the city indicates the LLC, Milburn Swindeman Development, wants to purchase the building for $1.45 million.
The ground floor will remain unoccupied and will be marketed ideally to another commercial tenant, said Covington’s Economic Development Director Tom West.
“With the space left on the first floor, that could be potentially another eight to 10 jobs,” said West.
Although there may be some renovations to the interior to accommodate Key Bridge’s office needs, the developers expect most of the building, including its historical elements, to remain unchanged. Employees will park in the City Center Garage next to Hotel Covington.
“I had a chance to tour the building with Director West and the city manager as we were acquiring this piece of property, and it’s actually a beautiful piece of property,” said Covington Mayor Ron Washington. “I think it will go good with the downtown portfolio of adding more jobs.”
The Covington Board of Commissioners will cast a final vote on the purchase agreement at their meeting next week on Tuesday, June 9.
Tony Milburn sits on the Managing Board of LINK nky, which oversees the business operations of LINK but has no say in editorial matters.
