Downtown Covington Building to Become 8 Apartments, Maybe More
The next downtown Covington building slated to be transformed into multi-family residential use is 809-811 Madison Avenue.
Currently, the building has two commercial tenants on the street level - a shoe store and an antiques shop.
Previously, the City of Covington was working with the building's owner - California-based D&M Company, LLC - to subsidize the development of three upper-level apartments. The number is now expected to be eight upper-level residences.
Later, there may be even more apartments added.
"(The developer) is working to do maybe four more," said Jeremy Wallace, the city's community development manager who oversees disbursement of federal grants related to housing. He said D&M is working with Planning & Development Services to work out issues related to putting the additional units on the lower floor.
According to Kenton County property records, the sprawling L-shaped building that faces Madison and also wraps northward to have frontage on Eighth Street, too, was purchased last October for $642,000. D&M's principal is Michael Albaum of Algoura Hills, California.
At next week's city commission meeting, approval is expected to award $160,000 in upper-floor rehab loans from the City of Covington's share of federal community development block grant (CDBG) funds. Regulations require that five of the eight units meet CDBG guidelines for affordability.
The loan represents $20,000 for each residential unit to be created.
The terms of the loan are for five years, and the loan is forgivable. The loan, the guidelines state, should not amount to more than 50 percent of the post-rehab value.
Written by Michael Monks, editor & publisher
Photo: 809-811 Madison Avenue (RCN)