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Hilltop Property in Covington Sells for $3.2 Million

It has sweeping views of the Cincinnati skyline and something new may soon sit upon this hilltop site on the Covington-Park Hills border.

Gateway Community & Technical College received approval Wednesday from the Secretary of the Kentucky Finance and Administration Cabinet to accept a bid of $3.2 million, received by the college on February 16 through a competitive bid process.

The winning bidder was not identified in a news release, and prospective plans for the site were not released. The River City News will update this story if more information is given.

Gateway first solicited bids in June 2016 and the bids ranged from $1.15 million to $3 million. The total cost of demolition and the property's zoning were cited by bidders as impacting their offers.

No bid was accepted.

In February, new bids were solicited.

The $3.2 million offer was sent to the Secretary of Finance and Administration, who determined that fair market value for the property has been attained through a competitive bid process in the open market.

“We are pleased to receive approval from the Secretary of Finance and Administration to accept this bid and look forward to continuing our commitment to Covington and the northern Kentucky region through the Urban Metro Campus,” said Dr. Fernando Figueroa, president of Gateway Community & Technical College, in a statement.

For photos and a previous story on the property, click here.

-Staff report