This Downtown Covington Building is Now Leasing!
The latest Downtown Covington residential and commercial development is now leasing.
The Mutual Building and its fifteen one-bedroom apartments are now available as are the three remaining commercial spaces. The $2.6 million redevelopment of the long-vacant historic building at the prominent intersection of Madison Avenue and Pike Street is a joint project between Ashley Commercial Group and the Salyers Group. It is across the street from the $25 million Hotel Covington project and where Gateway Community & Technical College is redeveloping an historic building to make way for a Barnes & Noble college bookstore.
A year ago, when the Mutual Building deal was restructured, Catalytic Fund president Jeanne Schroer said, "This is in a prime location that will create a critical mass where other things are happening such as the Hotel Covington, Gateway (Community & Technical College) and other projects such as UpTech, Covington City Hall. To me, this is Covington's number one spot for investment."
There are already two commercial tenants signed on to the first floor. The River City News will move its offices from the 300 block of Greenup Street to the Madison Avenue side of the building and flow - a shop for men will be moving from the 600 block of Scott Boulevard to the Pike Street side of the building where it will add Cutman Barbershop.
The remaining commercial spaces range in size from 1,800 to 4,100 sq. ft. while the apartment range from 730 to 1,400 sq. ft. Rent will range from $775 per month to $1,550. Apartments feature high ceilings, wood floors, granite countertops, stainless steel appliances, washer/dryer hookups, intercom access, and lower level storage.
Prior to its redevelopment, the building had sat mostly vacant for two decades after more than half a century as an important location for retail and businesses. The River City News took a tour inside the neglected space in the winter of 2013.
With the Mutual Building project nearing completion, the developers will jointly begin work on the Doctors Building, a large structure at the corner of Scott Boulevard and Seventh Street that will feature first floor commercial and upper floor residential and commercial.
For more information, visit: The Mutual Building