By Andy Furman
NKyTribune staff writer
Ann Street Limited, a new infill housing development bringing 11 brand-new, single-family upscale homes to Ann Street between 10th and 11th Streets in Newport’s Westside neighborhood was announced Thursday and construction is underway.
Bill Butler, chairman of the Board and CEO of Corporex, which he founded in 1965, spoke to the throng of VIPs in attendance Thursday.
“The project,” Butler told the Northern Kentucky Tribune, “was initiated by Corporex and funded by Urban Community Developers, Inc., a nonprofit organization. “It’s a great opportunity and should bring up the character of the entire neighborhood.
“All the neighborhood homes will be enhanced by Ann Street Limited.”
Butler is founder and visionary of UCDI, which focuses on strengthening Northern Kentucky’s river-city neighborhoods through thoughtfully designed infill housing quality construction, neighborhood reinvestment, and collaborative partnerships.
UCDI works to transform vacant and underutilized properties into homes that complement the character and fabric of existing communities while creating long-term value for homeowners, neighbors, and the community. To date, UCDI has successfully completed four infill home projects in Covington, along with the Samaritan Car Care Clinic, a project built to support the Covington-based social service agency.
“I grew up in the urban corridor – Covington to be exact,” he said. “This is a great resource for the community; and I believe it has not been done in any other Northern Kentucky community.
“Ann Street Limited is about more than building homes; it is about investing in a neighborhood with deep roots and real momentum. This project is about spurring growth and reinvestment in the urban corridor where I grew up.”
Mark Ramler, principal of Mansion Hill Fine Properties, which is leading sales for the development, said Ann Street Limited offers buyers a rare opportunity to own a modern, low maintenance home in a connected urban setting.
“With rooftop outdoor space, off-street parking, room to grow, and access to nearby restaurants, businesses, the riverfront, Covington, and downtown Cincinnati,” he said. “This is a smart opportunity to invest in both a home and a neighborhood with momentum.”
Homes starting in the upper $500s offer up to 2,200-square feet of space, a 300-foot roof-top deck, off-street parking, and a flexible floor plan with full basements, he said.
Every home at Ann Street Limited comes with a significant and rare financial advantage; through an Industrial Revenue Bond (IRB) and Payment in Lieu of Taxes (PILOT) agreement; property tax is locked-in for 30 years from closing.
Ann Street Limited homeowners pay a fixed rate on a fixed value – for three decades.
This prompted Newport Mayor Tom Guidugli, Jr., to say, “Newport is a city on the move. This is more than construction. It is investment. It is revitalization. And it is a sign of confidence in Newport and in the future of this neighborhood.”
The mayor went on to thank the partners of the project – Team Newport, Bill Butler, UCDI, The Catalytic Fund, and Heritage Bank for helping to bring the vision to life, he said.
“This is exactly what is possible when public and private partners work together with a shared vision,” he added.
“No public monies at all were used for Ann Street Limited,” Butler said.
“Our purpose is to support high-impact, quality regional development,” Jeanne Schroer, CEO and President of The Catalytic Fund told the Tribune. “Ann Street Limited is an example of smart, sustainable urban growth.”
But for at least one potential new neighbor, well, that growth doesn’t sit well – for now.
“I hope this project makes the area better,” Liz Voelker, who has livee at 1018 Ann Street for three years, told the Tribune. “I was upset at first when I heard about the project.”
The mother of five – with a set of twins – all boys, saw her kids playing in those vacant lots now used to raise 11 new homes.
“More than that,” she said, “the construction is intense. We’re barley able to get on our own street.”
The Ann Street Hub, located at 134 W. 10th Street serves as a dedicated on-site resource throughout the sales process for current residents and prospective buyers, offering access to city and neighborhood improvement programs and grant opportunities.
“This is what momentum looks like – this is what partnership looks like,” Mayor Giudugli said.