Editors Note: In an earlier version of this article Jon Draud was incorrectly referenced as a Kenton County Administrator, that has been corrected.
Kenton County has selected two Cincinnati-based real estate firms to lead the development of Covington’s newest multi-family apartment complex.
On Tuesday, the Kenton County Fiscal Court approved a joint bid submitted by developer Al. Neyer and property manager Urban Sites for a new multi-family apartment complex project set to be constructed on the Kenton County Government Center site. Kenton County was advertising a request for proposal for the project as recently as November.
“I think that transform that whole area, ultimately over the next decade,” Kenton County Commissioner Jon Draud said.
The apartment complex will be constructed on top of a new parking garage for county employees, replacing dozens of parking spots underneath an elevated portion of Interstate Highways 71 and 75 in Covington. The parking spots underneath the interstate are set to be eliminated once construction on the $3.6 billion Brent Spence Bridge Corridor project commences.
Construction on the garage is scheduled to begin in 2025, according to the county. Kenton County selected Cincinnati-based firm Dugan & Meyers as the project’s developer in late October.
“We’re trying to keep on a schedule, as you all know, to tie into the garage with Dugan & Myers, and that would allow for us to get the next phase of this developed with efficiency, I guess is a good way of putting it,” Kenton County Judge/Executive Kris Knochemann said during the meeting.
In September, Kentucky Gov. Andy Beshear and Kentucky Transportation Cabinet Secretary Jim Gray announced that the state would contribute $15 million toward constructing the parking garage.
“By relocating the Kenton County parking garage, we are freeing up an area needed for this crucial project and saving millions of dollars in the process because of less construction costs,” Beshear said at a September press conference. “This is a win-win for this community and all of Northern Kentucky.”
Al. Neyer — the sixth-largest real estate developer in the Greater Cincinnati region according to the Cincinnati Business Courier — has developed several Northern Kentucky projects in recent years, including the Hebron Logistics Center, Erlanger Commerce Center and the Atlas Air Headquarters in Erlanger.
Earlier this year, Al. Neyer and Urban Sites finished construction on The Hayden, a $34 million redevelopment of the former Kenton County Administration Building and Jail located at 103 E. 3rd St. in Covington’s Roebling Point neighborhood. The mixed-use development transformed the dilapidated 12-story building into a 144,000 square feet, 133-unit luxury apartment tower. Al. Neyer and Urban Sites featured The Hayden in their bid.
The only Northern Kentucky redevelopment project Urban Sites has worked on thus far is The Hayden.
The joint bid outlines plans for the apartment complex to include 25% studios, 50% one-bedroom, and 25% two-bedroom rental units. In terms of potential rent prices, the bid details that Neyer and Urban Sites want the rent to be priced to be 80% to 120% of the area’s average median income and appeal to workers at local employers like Fidelity Investments and St. Elizabeth Healthcare.
Tenant amenities include a clubhouse, fitness center, and conference room/business center.
“Having recently completed The Hayden at Roebling Point together, we are extremely excited by the prospect of continuing our investment in Kenton County and the City of Covington,” Al. Neyer Senior Vice President of the Cincinnati Market John Bumgarner and Urban Sites Chief Development Officer Danny Lipson wrote to county leaders in the bid. “As with the Hayden, we look forward to the opportunity to help the County execute its vision for economic
growth within Covington.”
Construction on the apartments is anticipated to be completed throughout a single 13-month phase, according to a timeline provided in the bid. Construction is slated to commence upon the completion of the parking garage. The apartment building is expected to be in service by April 2026.
The project is expected further to fuel a renewal of the 12th Street Corridor. Furthermore, the bid recognizes the 12th Street Corridor as a primary gateway into Covington for drivers coming off the Interstate, so both firms said they want to “contribute aesthetically to the urban fabric and draw people into the area.”
“The dynamism, if you will, of that block is going to be totally changed,” Knochelmann said.
