By Andy Furman
NKyTribune reporter
Move over – The Banks has some real competition.
The Ovation Project – a $1 billion, 25-acre project – was unveiled to media and VIPs Tuesday afternoon at the Ovation Experience Center in Newport.
The Experience Center is located under the PromoWest Pavilion at Ovation — that concert venue debuted in August, 2021.
And after the viewing, well, it could easily have received a Standing Ovation.
The project will sit at the confluence of the Ohio and Licking Rivers.
Corporex is investing over $180 million dollars in the next year to bring this project to life.
“Ovation will grow over three phases,” Tom Banta, managing director of Corporex told the assembled audience.
“Those phases,” he added, “will include approximately 500,000 square feet of Class A office space, 1,000 residential units, 524 hotel rooms, an Ovation Membership Club, and 125,000 square feet of retail and entertainment.”
Banta was quick to point out that the entire Ovation Project is bigger than downtown Cincinnati’s project – The Banks.
It has been the vision of Corporex to revitalize and develop the community near the river, with Newport being a key part.
Corporex purchased the land with the intention of creating a mixed-use development at a level this region has never seen before, according to Banta.
Banta said he follows the acronym – CASA – Color, Architecture, Sound and Art.
The Ovation Project seems to gain check marks on all four.
A total of 88 condos – to be called The Boardwalk Residences – will be 1,800-square feet units, with at least two bedrooms. They will be listed around “a million,” according to Banta; and will be in three separate buildings at 101 W. Fourth Street.
There will be eight different floor plans, and Banta said they will start collecting contracts for purchase, March 1st.
“We’ll have a preferred buyers list,” he said, “just like when we built the Ascent in Covington.”
Banta added that the condo units will sit above 36,000 square feet of street-level retail space overlooking the rivers.
Features in The Boardwalk condos will include: Fitness Center, Direct Elevator, concierge, Rooftop Pool, Private Balconies and connected appliances.
“In fact,” Banta said, “all appliances have already been ordered. We shouldn’t have a problem with delivery.”
Also, on the plan – an additional 500,000 square feet of retail and office space and a new 1,600 car parking garage.
That garage will serve as the base for the residential as well as the commercial spaces.
Tom Banta was quick to point out the Ovation Project is bigger than The Banks.
He forgot to mention — it’ll be better.
