NKyTribune staff
Gov. Matt Bevin joined City officials, community leaders and other stakeholders to celebrate the official groundbreaking of the Duveneck Square project in Covington Tuesday.
Bevin said there has been a growing demand in recent years for development of vibrant, urban areas.
“By building modern living and commercial spaces, Covington is taking advantage of Duveneck Square’s prime real estate,” Bevin said. “Projects like this one create a great opportunity for downtown communities to capitalize on that trend. Attraction of businesses and families is the key to revitalization, and I am excited by the upside possibilities that are emerging for Covington.”
The Duveneck Square project is a four-story, mixed-use urban development project located along Washington Street between Seventh and Eighth streets. It is expected to bring in a new cohort of residents and commercial tenants to the City’s Central Business District.
The project consists of two phases.
Phase 1 will produce 110 one-bedroom and two-bedroom units and upon its completion, Phase 2 construction, which will include a parking structure and retail, office and additional residential units, will commence.
Hosted by The Catalytic Fund, City of Covington, NorthPointe Group and Bellwether Enterprise, the Duveneck Square groundbreaking ceremony took place at Braxton Brewing Company.
A crowd of more than 200 attended the event, which is seen as a linchpin in the continued redevelopment of Covington’s urban core.
Jeanne Schroer, President/CEO, The Catalytic Fund called Duveneck Square a transformational project.
“This large scale market rate residential project demonstrates developer confidence in Covington’s desirability for those seeking a quality urban living experience,” Schroer said. “The Catalytic Fund was pleased to facilitate the development of this project in partnership with the City of Covington, Kenton County, and the Covington School Board and has been honored to work with the highly regarded Duveneck developers.”
Jerry Atkins, Senior Vice President, Bellwether Enterprise Real Estate Capital emphasized the importance of collaboration throughout the process.
“Pulling together a complex urban development requires the collaboration between so many groups and with Duveneck Square, we were blessed with a team that was committed to get this project done,” Atkins said.
“The financial commitment of lending partners First Financial Bank and Heritage Bank infused the necessary capital to bring 110 new apartment units and retail to this new hot spot in Covington being developed by NorthPointe Group. “A project three years in the making, Bellwether Enterprise was proud to play a role in delivering the capital solution for the Duveneck Square development.”
Upon the completion of speeches, the ceremony continued outside and included the official groundbreaking for the project.
“It is a good day in the COV to have arrived at ‘groundbreaking day’ for the Duveneck Square project, and to have Governor Bevin here to help us celebrate this moment of a project that has been in making since early 2014,” Covington Mayor Sherry Carran said.