City Closes on Sale of Mutual Building
The City of Covington has closed on the sale of the Mutual Building, making way for the long vacant structure's redevelopment as a luxury apartment and office/retail site.
Ashley Commercial Group, whose landmark work includes the Federal Reserve apartment building in Downtown Cincinnati, will create fifteen one-bedroom apartments on the second and third floors and will make the first floor available for commercial opportunities.
The early 1920s building has been mostly vacant for more than two decades. The City announced the deal last June but nothing has been done in ways of construction.
In February, the developer and the Catalytic Fund's Jeanne Schroer, asked the city commission to restructure the deal. "I think the business district can thrive again and this building is an important part of that revival," Schroer said at the time. "The City recognizes how important this building is to the revitalization of our historic city center."
With the sale closed, work on the 30,000 square foot building is imminent.
"Through the use of authentic materials and sophisticated finishes, the Mutual Building defines urban renewal," said Bill Kreutzjans of Ashley Commercial Group, in a news release announcing the sale's closure.
(SEE ALSO: Take a photo tour inside the Mutual Building)
Photo: Mutual Building/RCN file