Redevelopment Plans Moves Full Steam Ahead
COVINGTON - Yesterday, the City finalized its sale of the Mutual Building located on the corner of Madison Avenue and Pike Street in the center of the Covington Central Business District. The developer is Ashley Commercial Group who plans to redevelop the space to accommodate both residential and commercial space, including a 15 unit (1 bedroom) apartment building. Financial support for the project comes from The City of Covington, The Catalytic Development Funding Corp. of Northern Kentucky, Federal and State Historic Tax Credits, the Duke Energy Revitalization Initiative and private financing sources. The primary lender is Citizens Bank of Northern Kentucky.
The 30,000 square foot building has sat vacant and in disrepair for over 20 years, yet it sits on one of the most prominent corners and is one of the most stately buildings in Covington. By enhancing the distinct features of this 100 year old gem, the project will transform this historic building into a contemporary mixed use development with both apartments and first floor commercial space. According to Ashley Lead Developer Bill Kreutzjans, “Through the use of authentic materials and sophisticated finishes, the Mutual Building defines Urban Renewal.”
The project is located right across the street from the future site of the 116-room Hotel Covington, another development project underway in the Coppins Building at 638 Madison Avenue.
The City purchased the building in 2012 with hopes of finding a developer for the property. Plans for the sale were announced in June 2013 when Ashley Builders approached the City with interest to purchase the building.