Project partners, neighbors and community leaders will gather on Friday to celebrate the ground-breaking of a project that will complete a transformational redevelopment of three adjacent buildings on Pike Street in Covington.
Pike Star Phase II is located at 114 West Pike Street. The four-story building was built in 1900. Occupied for many years by The A. L. Boehmer Paint Co. as a retail store, the building is often referred to as Tanino’s, after its last tenant. Vacant for more than a decade, soon its 2,300 square feet of street-level office space will be occupied by micro-finance and business education nonprofit Bad Girl Ventures. Four upper-story apartments will complete the mixed-use makeover of 108 – 114 West Pike Street as part of the reemerging Pike Street commercial district.
Like many urban mixed-use projects, a number of partnerships were required to facilitate the execution of the Pike Star project, Phases I and II. Project partners for Pike Star, LLC, Tony Kreutzjans, of Orleans Development, Marc Tishbein, of Tischbein Design, and The Center for Great Neighborhoods, completed 108 – 112 Pike Street in 2013 (Phase 1), now home to 7 apartment dwellers and UpTech, Northern Kentucky’s informatics accelerator for entrepreneurs and small companies seeking growth opportunities.
A number of financing partners invested in the project, with a goal to bring more residents and daytime visitors to this part of the urban core. The Catalytic Fund, Duke Energy Foundation’s Urban Revitalization Grant Program and the City of Covington all invested in aspects of Phase I and II, in partnership with LISC, the primary source of financing for Pike Star Phase I. The Catalytic Fund provided gap financing in Phase I and construction financing for Phase II.
Permanent financing will be provided by Citizens Deposit Bank of Northern Kentucky. Total project cost is $559,000.
Jeanne Schroer, President and CEO of the Catalytic Fund explained, “the role of the Catalytic Fund is connecting place, product and people with capital to execute high impact revitalization projects. Pike Star, Phases I and II provide significant positive impact to Pike Street, Covington and the urban core as a whole because new residents and entrepreneurs are drawn to this location.”
Bad Girl Ventures Executive Director Nancy Aichholz and Board Chair Karen Finan agree that the new Pike Star office in Covington offers great impact for the organization and region at large. “BGV is a regional connector for women entrepreneurs who strive for education, connections and access to capital. We believe that Covington, as a front door to the NKY community, shares this vision and through this location we will have an outstanding opportunity to work with the entire region. With offices in Cincinnati and Cleveland as well, we plan for BGV programs, businesses and support network to have substantial impact on the community and its innovative culture.”
From The Catalytic Fund