Florence, like many other Northern Kentucky cities, is facing a housing shortage. City officials shared several projects looking to alleviate the issue along with other developments during Tuesday’s council meeting.
Dueing the meeting, Florence Director of Business Development Justin Finke shared highlights of his annual development report, noting the full report would be available to the council later in the week.
He touched on a range of projects, including residential and commercial, with both new developments and renovations underway. He also noted a few opportunities on the horizon for 2025 and beyond.
Housing
Finke noted the Northern Kentucky Area Development District recently did a housing study of the region. Like many places across the country, the region is facing a housing deficit. He noted it is not Florence specifically, but all of Northern Kentucky faces the challenge.
A study of housing in Northern Kentucky has revealed troubling trends for housing in the region, with the largest need being for “workforce housing” for households earning between $15 and $25 per hour, with monthly housing costs between $500 and $1,500. The region needs about 3,000 more housing units to provide for people within that income range, according to the study. The demand for one- to two-bedroom rentals and owned properties consistently exceeds their supply, while supply for three and four-bedroom properties consistently exceeds demand. The study suggests that the region needs to build 6,650 housing units to support economic development in the next five years, which equates to 1,330 units per year. Read more here.
Understanding NKY’s housing shortage
Parkview Senior Apartments are slated for the property off Farmview Drive near the entrance to South Fork Park. The city has received a site plan for the six-acre project that will include 76 senior apartments.
The Glenns at Gunpowder is a multi-family development off Gunpowder Road. The site was recently rezoned to allow for multi-family apartments and condos as well as single-family units. The plan includes 284 multi-family units and 26 single-family homes. The project will be phased in. The single-family homes will be the first phase of the project starting in 2025.
An addition is planned for the Village Terrace Development on Bowman Way. Four townhomes are proposed for a small plot there.
Commercial projects
The Drury Plaza Hotel on US 42 was completed in November. The seven-story hotel has 187 rooms. The hotel also owns three lots that will be ready for development soon. One of the lots had originally been slated for a Roy Rogers, and another was the former site of Seaside Sushi. The city is working with the hotel group to market the lots hoping to attract new restaurants.
Construction of a new CarMax car lot is underway off Betsy Conrad Way (formerly Holiday Drive), the site of the former Ponderosa restaurant. Right now, grading is being done, and Finke expects it will be completed in the fall of 2025.
re: Cycle Reverse Logistics has taken over the former Jabil manufacturing building on Ted Bushelman Drive. When Jabil left, with it went about 150 jobs. re: Cycle Reverse Logistics, a stand-alone company within the Amazon corporate family, specializes in “extending the life of data center equipment through reuse, repair and recycling,” per a statement from the company. This location is only its second US location (the other one is in Pennsylvania).
An extended-stay hotel by Hilton, LivSmart Studios, has been proposed. The site is on Merchant Street, adjacent to the Kemba Credit Union. The four-story hotel will have 99 rooms with apartment-style amenities, including an indoor fitness center, market stand, and laundry facilities.
Right-of-way agreements are being finalized for the Publix grocery. After the agreements are finalized, construction on the project can begin. The more than 55,000-square-foot store will be on the northeast corner of US Route 42 and Farmview Drive. Finke predicts the work will get underway once the weather breaks.
Reinvestment in the community
“One way to measure the economic vitality of a city is to see which organizations are trying to reinvest in their properties,” Finke said. “To me, that communicates that they want to stay, they want to be here, and they’re investing in their real estate to make sure that they have what it takes to stay.”
Kerry Nissan, on Burlington Pike, is undergoing an extensive façade upgrade and redoing entrances to its new and used car showrooms. Finke expects the project to be completed in September 2025.
Another façade renovation is underway at Best Western on Commerce Drive, Finke said. The hotel owners, the Athena Group, are taking the opportunity to reinvest in some of their properties, including the Florence location.
Finke wrapped up his overview by noting the city is on the lookout for businesses to replace those that are closing in our area. Frisch’s, Big Lots and Party City have all closed.
“I think it’s a statement more towards the business structure of those entities and not necessarily anything relating to our community. So, we look at that as an opportunity, right? We’ve got space to bring something new in for our residents,” he said.