Another key foundation is backing efforts to create a hub for entrepreneurs aiming to grow their businesses in Northern Kentucky.
The R.C. Durr Foundation is contributing $250,000 to the creation of SparkHaus, a one-stop shop for entrepreneurs that brings together three pillars of a strong entrepreneurial ecosystem – founders, funders and support organizations. SparkHaus is being spearheaded by Kenton County, the Northern Kentucky Port Authority and Blue North.
“R.C. Durr was a phenomenal example of the power of entrepreneurship,” Kenton County Judge/Executive Kris Knochelmann said. “Our hope is to give those who might be inspired by his legacy the platform and resources in SparkHaus they need to create Northern Kentucky’s next great company, so they, too, can go on to have the long-lasting community impact of R.C. Durr.”
“We are pleased to join the growing list of investors who recognize the critical need to help fuel more Northern Kentucky success stories,” Wilbert Ziegler, president of the Durr Foundation, stated.
Other donors include: the Carol Ann & Ralph V. Haile Jr. Foundation, Drees Homes Foundation, Ried Schott, Corporex Cos., the St. Elizabeth Foundation, the Milburn Family Foundation, the Duke Energy Urban Revitalization Initiative, Fischer Homes and John Cain.
Separately, the Catalytic Fund will finance an additional $2.5 million for the project’s construction
Once complete, SparkHaus will offer more than 30 private offices and versatile meeting and event spaces. These elements combined will create a community where founders can learn from each other’s experiences, investors can offer insights into leveraging growth, and support organizations can fuel connectivity.
In addition to this support, the General Assembly committed $6 million to the project in its most recent budget and, in 2023, the NKY Port deployed $3 million from Kenton County’s state-backed site development fund.
Earlier this year, the Kentucky Heritage Council approved up to $2.04 million in Kentucky Historic Rehabilitation Tax Credits for the conversion of the space, previously the historic Montgomery Ward department store.
The project is also expected to utilize roughly $4 million in federal historic tax credits.
In total, SparkHaus is anticipated to cost $17 million. Construction is being spearheaded by Urban Sites, with SparkHaus anticipated to open in late-summer 2025.
Kenton County Fiscal Court