Sale of Newport on the Levee Closes
Newport on the Levee is officially sold.
Cincinnati-based North American Properties announced Friday that it closed on the purchase of the Levee on Friday, the company announced.
It was previously owned by California-based the Price Group.
The 360,000-sq. ft. attraction has fought vacancy and business turnover in recent years. North American Properties plans to invest $100 million into the Levee.
“As a Cincinnati-based company, we are dedicated to investing in the region and are committed to elevating the entire Newport on the Levee experience for the local community,” explained Tom Williams, president and CEO of North American Properties. “Newport on the Levee is a regional landmark and we are proud to bring our local ownership and passion to the re-imagination of a truly irreplaceable property.”
North American partnered with Boston-based real estate private equity firm Long Wharf Capital on the acquisition and US Bank’s Cincinnati office provided debt financing. Locally real estate specialists Jeffrey R Anderson company and 360 Partners, who previously teamed up to deliver the Kenwood Collection, will lease and manage the redevelopment.
Plans for the first phase of renovations, construction, and new tenants will be announced over the coming months, with the complete reimagination happening over the next year. Key features will include major physical improvements as well as significant new energy with exciting tenants and an action-packed event calendar that is already in full swing, the company said.
“Winter Wonder on the Levee” is a 90-day holiday program that has already drawn thousands of visitors to enjoy Christmas lights, fireworks, concerts, Kentucky’s largest skating rink, and other holiday festivities.
“Our vision focuses on the new within Newport on the Levee. New chef-driven restaurants, new vibrant entertainment options, new creative workspaces that will all enhance the existing property that sits on top of 2,200 covered parking spaces with irreplaceable city and river views,” Tim Perry, managing partner and chief investment officer at North American, said in a news release. “Once our renovation is complete, there will be nothing like this in the entire Midwest.”
At the time of the closing, North American leaders and Newport city officials indicated that the project is drawing significant attention from national retailers and restaurateurs from nearby Louisville and as far as California and New York.