The City of Fort Wright and the Jeff Wyler Automotive Family announced DWSB, LLC, has purchased property located on Dixie Highway in Fort Wright on behalf of the Jeff Wyler Automotive Family who has plans to redevelop the real estate.
“We are proud to invest in the Northern Kentucky market with a redevelopment project coordinated with the City of Fort Wright” David Wyler said. “Our focus is to build a strong partnership with the leadership and citizens of both Fort Wright and Kenton County to build a first-class facility serving the NKY market.”
In March, Kenton County tapped the Catalytic Fund and Planning & Development Services of Kenton County to serve as expert advisors on the deployment of Kenton County’s Redevelopment Funds. As part of that agreement, the Catalytic Fund, which has a proven track record of successful real estate investing in Northern Kentucky, vets city funding proposals to determine which projects stand to generate the maximum impact for residents.
Formal proposals for Redevelopment Fund dollars must be submitted by the city demonstrating its ability to provide a 10% match for any funding awarded. Eligible projects should generally be focused on property development – such as acquisition, renovation, site preparation, etc. – or right-of-way improvements that enhance the quality of life by ensuring safety and accessibility to all residents. Proposals that do not fall under these parameters can be shared and vetted with Planning and Development Services of Kenton County’s Community Development Department for potential eligibility or access to other funding opportunities. Previous Fund recipients include the Cities of Independence, Erlanger and Taylor Mill.
The Wyler Automotive Family’s acquisition is leveraging Kenton County’s Redevelopment Fund for this initiative. The City of Fort Wright has been approved to receive $1.35 million from the Kenton County Fiscal Court, and the City also will provide a $150,000 contribution from a Tax Increment Financing (TIF) District Fund the City created years ago to support redevelopment efforts along the Dixie Highway Corridor. These funds combined are a powerful tool to help with renovation, site preparation, right-of-way improvements and more.
“We’ve now invested resources from the Kenton County Redevelopment Fund in four projects, and each one helps bring meaningful projects to life,” Judge/Executive Kris Knochelmann said. “Fort Wright sits at the center of several major County Corridors, and with these dollars, city leaders can leverage connectivity to spark new economic activity.”
“As a family-owned and operated dealership, we take immense pride in our decades of serving Ohio, Kentucky and Indiana,” said David Wyler, CEO of Wyler Automotive. “We value and love each of our customers and the communities they live in, and we take great pride in giving back to the folks that help make us successful. It is an honor, and a responsibility we do not take lightly.”
Mayor Dave Hatter, on behalf of City Council and the Fort Wright Community, expressed his gratitude to the Wyler Automotive Family and the Kenton County Fiscal Court for their ongoing support and their substantial investment in Fort Wright.
“We have been working for years to make improvements to the Dixie Highway corridor so we are very excited about this redevelopment opportunity and the positive changes it will bring which include safety, aesthetics, jobs and revenue generation. We are grateful to Jeff Wyler Automotive Family and Kenton County for choosing to make a significant investment in our community, and we look forward to continuing to work collaboratively with both Kenton County and the Wyler Automotive Family on this exciting project that moves the City of Fort Wright and our region forward,” he said.
The specific use of the property has not yet been finalized but will most likely be associated with the retail luxury automotive industry.
More details will be forthcoming in the new year.
City of Fort Wright