Mutual Building in Downtown Covington to Become Residential Development
UPDATE (10:37 p.m.): The River City News has learned that the upper two floors of the Mutual Building will be turned into approximately fourteen market-rate apartments and the developers are also responsible for the posh redevelopment of the Federal Reserve building in Downtown Cincinnati, now known as The Reserve apartments at Fourth & Race Streets. The City of Covington purchased the Mutual Building in December for $430,000.
The City of Covington will sell the Mutual Building, the prominent structure on the southwest corner of Madison Avenue and Pike Street, according to the agenda for Tuesday's city commission meeting.
The city purchased the building late last year.
According to the agenda the building to will be developed into residential rental spaces on the second and third floor with commercial opportunities at street level. The selling price is listed in the agenda as $450,000.
The sale, pending commission approval, will be to Mutual Building, LLC, which, according to the Kentucky Secretary of State website was organized by William Kreutzjans who is associated with Ashley Builders.
The move is another positive development for Downtown Covington's pending renaissance. The residential development will be taking place directly across the street from The Hotel Covington, which is slated to begin construction at the former Coppins Building and current City Hall later this year, and also across from two buildings that are part of the planned Gateway Community & Technical College urban campus, including the planned Barnes & Noble student bookstore at the southeast corner of Pike & Madison.
More details will made available at Tuesday's city commission meeting.
SEE ALSO: Take a tour inside the Mutual Building
Photo: The Mutual Building/RCN file