Northern Kentucky saw several real estate trends throughout 2022 from the revitalization of Newport and Covington’s urban cores to the suburban expansion in rural Boone, Kenton and Campbell Counties, to large logistics companies nailing down prime office space along the Ohio River.
Northern Kentucky has been a prime spot for real estate development over the past few years. The region looks to continue the trend into next year with marquee projects that are either ongoing or on the horizon.
Check out these five important NKY real estate developments in 2023:
Ovation, Newport
No matter how you look at it, Ovation is one of the premier real estate developments in Northern Kentucky at the moment. In fact, over $1 billion has been invested into the project.
Corporex’s phase II of construction was completed in October. MegaCorp Logistics locked down a lease on the development’s prime office space.
The 25-acre urban mixed use development is currently under construction. Once it’s finished, Ovation will boast approximately 1,000 residential apartment units, 500,000 square feet of class A office space, 524 hotel rooms and 125,000 square feet of retail space. Its concert venue, MegaCorp Pavilion, has already hosted large artists such as Zach Bryan and The Smashing Pumpkins.
Northern Kentuckians should expect to see substantial progress on the development this year.
Covington Central Riverfront project
On the other side of the Licking River, Covington also has a large mixed-use development in the works. Video renderings of the Covington Central Riverfront project were recently unveiled to the public by the city. Needless to say, the development will spruce up the space that was formerly home to the Internal Revenue Service building, which eventually became obsolete.
O’Rourke Wrecking has completely leveled the old IRS building leaving a bare canvas for construction crews to begin erecting new buildings.
As of now, KZF Design Inc. is leading a team that’s engineering the streets, sidewalks, plaza and utilities that will make the site attractive to private developers. That design process is projected to be finished in the first half of 2023.
Bellevue riverfront project
In August, the Bellevue city government unveiled a $115 million riverfront development during a public meeting. Neyer Properties, one of the largest real estate developers in the Greater Cincinnati area, is behind the project.
The development will feature a hotel, residential units, and office and retail space. According to Mayor Charlie Cleves, the construction for the project is expected to begin in late 2023. Bellevue city leaders have publicly called the project “transformative.”
The development plan calls for 239 market-rate multifamily housing units, a 104-room hotel, 21 single-family homes and approximately 15,500 sq. ft. of office and retail space. Single-family homes in the development are expected to cost in the $1 million range.
CirclePort redevelopment, Erlanger
Corporex, the largest real estate developer based in Northern Kentucky, is redeveloping one of the region’s premier office parks. CirclePort is located at the edge of Boone and Kenton County and sits along the corridor of one of the region’s most important economic corridors. CVG Airport is right down the road.
In late 2022, Corporex announced an overhaul of CirclePort with plans to redevelop the office park into something much more. The Pointe at CirclePoint is a development focused on retail consisting of two buildings with up to 5 retail spaces per building and plenty of parking. Construction is projected to begin in 2023.
CirclePort already features multiple hotels, office buildings, a conference center and an expanding roadway and multi-use path network ripe for additional office, retail, restaurants, multi-family and build-to-suit opportunities.
Elevation Apartment Homes, Alexandria
Construction is already well underway for the Elevation Apartment Homes in Alexandria. The rapidly-growing central Campbell County city is increasing its housing supply with the new, modern apartment homes. The city grew from 536 people in 1950 to 10,341 in 2020.
Driving past the development on US-27, observers will be able to catch a glimpse of the new development sign installed near the highway. Significant construction progress was made in 2022 with more to come in 2023.
The apartments feature one, two and three bedroom layouts averaging 1,102 square feet. In total, the complex will feature 327 units. Amenities include a pool, fitness center, designated outdoor grilling area and on-site parking.