Renovation Underway on Next New Batch of Downtown Covington Apartments
The downtown Covington residents boom continues this week with a groundbreaking celebration at the second phase of Pike Star, the historic building-turned-apartment community at 114 West Pike Street.
The four-story building, commonly referred to as the Tanino's Building after its most recent -- but long ago -- tenant, was built in 1900. Occupied historically for many years by the A.L. Boehmer Paint Company as a retail store, it has been vacant for more than a decade. Soon there will be 2,300 sq. ft. of street-level office space which will be occupied by micro-finance and business education nonprofit Bad Girls Ventures, and four upper level apartments.
Pike Star Phase I was completed last year and its impressive urban lofts were featured on the Catalytic Fund's successful Beyond the Curb downtown housing tour.
Orleans Development, the Center for Great Neighborhoods, and Marc Tischbein helped create the 7 apartment units and the UpTech retail space in phase one. The Catalytic Fund, Duke Energy, and the City of Covington invested in the project in partnership with Local Initiatives Support Corporation (LISC). Citizens Bank finances the $559,000 project.
"The role of the Catalytic Fund is connecting place, product and people with capital to execute high impact revitalization projects," said Jeanne Schroer, President and CEO of the Catalytic Fund. "Pike Star, phases one and two provide significant positive impact to Pike Street, Covington, and the urban core as a whole because new residents and entrepreneurs are drawn to this location.”
Bad Girl Ventures Executive Director Nancy Aichholz and Board Chair Karen Finan agree that the new Pike Star office in Covington offers great impact for the organization and region at large. “BGV is a regional connector for women entrepreneurs who strive for education, connections and access to capital," they said in a statement. "We believe that Covington, as a front door to the Northern Kentucky community, shares this vision and through this location we will have an outstanding opportunity to work with the entire region. With offices in Cincinnati and Cleveland as well, we plan for BGV programs, businesses and support network to have substantial impact on the community and its innovative culture.”
The latest apartment developments open near the Market Lofts, the Mutual Building, and the Doctor's Building, all of which filled up rapidly. Meanwhile, the Boone Block project, consisting of 9 upscale townhouses, is 2/3 sold before construction has been completed. Additionally, the newly announced Duveneck Square project is expected to bring more than 170 new apartment units in new construction as part of a massive development across the street from Pike Star at Washington & Pike Streets.