The city of Covington Economic Development Department has opened the submission process seeking “forward-thinking, high caliber real estate marketing strategists” to submit proposals for the former Internal Revenue Service site, beginning today.
Once Covington’s largest employer, the 23-acre former IRS building was demolished upon the facility closing in 2019. Situated in the urban core, the location is a prime development opportunity for the city and developers alike. The city of Covington saw the potential to build out a city center, calling it their “chance to reshape the very identity and economics of the city long into its future.”
In the years following, Covington collaborated with architects, engineers, urban planners, consultants, and city officials on what the now straw-covered ground would look like.
The design firm KZF will be leading infrastructure design, and a handful of developers will manage the project after dividing the site into individual parcels. After $45.5 million was invested using future state tax revenue, the site was demolished by September and ready for something new.
Multiple studies requested by the city reflected a need for a mixed-use development to take the place of the former IRS facility, including additions to current buildings and infrastructure. The master plan shows 175,000 square feet of new office space, 200 to 225 new hotel rooms, up to 80,000 square feet of retail, 650 residential units, and a 110,000-square-foot convention center expansion.
The idea is to create a new pocket of investment to generate revenue from tax payers and incoming businesses. By expanding the liveable and workable footprint of Covington, the potential for more residents and bigger corporations to settle becomes more of a reality.
A $1.8 million dollar grant has been allocated to update and improve the surrounding infrastructure for this project.
Gov. Andy Beshear praised Covington as an economic leader in a press release announcing the grant.
“The economic impact that Covington has in Northern Kentucky, and Kentucky as a whole, is immense,” Beshear said. “To ensure that we turn these two years of economic progress into 20 years of prosperity, we must invest in our infrastructure – for companies looking to locate or expand in the Commonwealth, but also for our families who live here. By working together, we will build a better Kentucky for generations to come.”
The city is accepting submissions for RFPs until Dec. 16. 2022 at 2 pm. Documentation and more information can be found here.
