Covington greenlights $8.545M development in Central Riverfront project

An $8.545 million development with 10 single family homes and two mixed-use buildings will now officially be coming to the Central Riverfront Development site in Covington, located at the former site of the IRS building.

The Covington City Commission approved the development agreement with Covington Pointe Joint Venture, a locally-owned LLC headed up primarily by Funke Real Estate Group, Tuesday night.

The city commission heard a presentation about the development from Economic Development Director Tom West and Jodi Funke, founder of Funke Real Estate Group, last week. The commission approved the agreement as part of this week’s meeting’s consent agenda.

Covington Pointe Joint Venture will now purchase just under an acre of land from the city on the site’s A block, which runs along 4th Street, for $1.44 million. The developer will pay half upfront and half upon completion of the first phase of construction: one mixed-use building and two single-family homes. Construction is set to begin in May 2025, with the first homes slated for completion in September 2025.

The completed development will feature 10 single-family homes and two mixed-use buildings. The mixed-use buildings will have room for one commercial operation plus anywhere from four to eight condominiums.

The overall cost of the development is $8.545 million, and the city will be responsible for early filling, grading and infrastructure work. Funke told LINK nky she was already in talks with a potential business tenant, Cincinnati-based coffee shop Black Coffee Lounge, for the first mixed-use building.

Rough sale values for the detached homes, condos, and commercial buildings are $600,000, $375,000 and $250,000, respectively, according to the development proposal.

Check out some renderings of what the final product might look like below.