The City of Covington is courting contractors for the Covington Central Riverfront — a mixed-use residential and commercial development set to be constructed at the demolished former IRS site.
Throughout the past few months, dump trucks have moved 27,000 metric tons of fill dirt onto the 23-acre plot. The dirt will be used for leveling the plot, sloping it to the same height as the Ohio River floodwall.
The next step in the construction process is to find contractors to work on the development’s first phase of horizontal infrastructure, including installing sewer lines, utilities, streets, and sidewalks.
On Dec. 20, the city posted a formal request for proposal for ‘professional general contracting services’ to their procurement website, and on LINK nky’s public notices portal. Proposals are due on Feb. 7 at 11 p.m.
Covington’s Director of Special Projects & Intergovernmental Affairs, Elizabeth Wetzel, said she is hoping to be able to bring a contract for approval before the Board of Commissioners by March.
“We anticipate strong proposals from contractors who want to build out the public infrastructure for this high-profile project,” Wetzel said in a press release. “Their bids will be reviewed for not only cost but also for demonstrating capability and adherence to an aggressive project timeline.”
The IRS redevelopment is part of a broader effort to reinvigorate the city’s riverfront.
The IRS site is located to the west of Madison Avenue, Covington’s main thoroughfare, and north of 4th Street. The shuttered building was purchased from the IRS in 2020. Two years later, crews from O’Rourke Wrecking completed demolition work, leaving the site as a barren field.
In Dec. 2022, the city released multiple concept designs and renderings crafted by KZF Design that showed what the future development would look like. The designs showcased a riverfront park, new street grid, a parking garage, plots for homes, and multiple buildings that feature both commercial space and residential units.
Covington officials have met with state legislators and business leaders over the past two weeks, updating both parties on the project’s progress, according to a city press release. The Kentucky General Assembly began a 60-day session on Tuesday, where legislators started drafting the state’s biennial budget.
Kentucky Gov. Andy Beshear’s budget proposal allocates $7.5 million worth of General Fund revenue toward financing public infrastructure at the IRS site. The City of Covington is expected to match the state’s investment.
Additional infrastructure financing is coming from a $45.5 million Tax Increment Financing District – an economic development tool used by public agencies to finance infrastructure projects by using future tax revenue generated by the development over 30 years.
The Covington Central Riverfront TIF district includes the site of the former IRS building, the Northern Kentucky Convention Center and its surrounding roadways.
Tom West, Covington’s economic development director, said state funding is a critical component for financing the project.
“There is an understanding at all levels of state government that having development-ready sites is important to attracting private investment,” West said in the press release.