The Next Big Covington Residential Development Project Looks to Be This One
The Downtown Covington residential renaissance will get another boost if this next possible deal comes to fruition.
The massive historic structure at the southeast corner of Fourth Street & Scott Boulevard known as the Boone Block is the target of a possible redevelopment. The Covington City Commission on Tuesday will consider a mostly forgivable $350,000 loan to a proposed residential development.
This is the first step in what could be an expensive undertaking and details on the project are limited, though the units created at the site would likely be for purchase instead of for rent, The River City News was told. There would be nine single-family townhomes.
The funds for the city loan would come from the Covington Economic Development Program and the Community Investment Program, and Assistant City Solicitor Bryce Rhoades said that the complicated deal would include some form of profit-sharing that would help the city recoup some of the loan.
The Boone Block is located at 402-422 Scott Blvd. and is owned by the Beverage Properties, Inc. The Kenton County Property Valuation Administrator values the building at $750,000. Beverage Properties is registered to Greg and Susan Depenbrock, according to the Kentucky Secretary of State.
The developer, according to the city commission agenda, is Boone Block, LLC, an entity whose address is 118 East Fifth Street, the same as Orleans Development which recently completed the Market Lofts, the Times Star Lofts, and manages the Pulse Lofts, among other Covington urban redevelopment projects. The new LLC was formed Thursday.
The Boone Block is currently mostly vacant and its upper floors' windows are boarded up. On the street level, Dick's Liquors operates and there is also a barber shop.
The residential project would join the Mutual Building's luxury apartment development that is under construction and the forthcoming Doctors Building apartment redevelopment as the newest Downtown Covington efforts.
-Michael Monks, editor & publisher
Photo: The Boone Block Building/RCN