Hotel, Office Space Part of Next Phase of Newport's Ovation
A new hotel and office space are part of the second phase of Ovation in Newport.
A 125-room Homewood Suites by Hilton and roughly 100,000 square feet in prime office space were announced last week by Covington-based developer Corporex. Both are in the final stages of design and development.
The new hotel will have suites with skyline views and two bars, including one on the rooftop.
Plaza-level retail is also part of the plan.
Corporex hopes to break ground on the $45 million second phase by the end of the year.
“Some people might question our timing of this announcement,” said Tom Banta, managing director of Corporex. “But Corporex has historically done very well commencing work on major projects during a recession.”
“We expect the economy to be back to full strength when these projects come online and there are certain economic advantages to building when others are not.’
Construction commenced on Phase I of Ovation last fall with the 550-car structured parking garage which serves as the base for the unique indoor/outdoor concert venue. Work has continued on the music pavilion and Corporex expects to complete the venue before year end.
The 25-acres mixed-use Ovation development is located on the Ohio riverfront and will eventually be comprised of more than 900 residential units along with restaurants, retail, hotels, offices, and the music venue.