Rehab of former boxing gym showcases City’s use of federal funds for housing
COVINGTON, Ky. – In the middle of Covington’s urban core, on its main business thoroughfare, behind the walls of a three-story brick facade, a 1995 article in The Kentucky Post described an upper floor setting that would have surprised most people:
“… dimly lit, with holes in the plaster ceiling, broken windows and the hot feel of an attic. In the main room is a 17-foot-by-17-foot ring with a stretched canvas mat and padded, steel-cable ropes. Heavy bags, their covers split, and several speed bags hang from the ceiling. … On every wall is a faded collage of fight posters, newspaper clippings and photos – hundreds in all. It’s an illustrated history of boxing over the last decade, particularly in Greater Cincinnati …”
Such was Shamrock Gym, an old-school boxing place where -- under the tutelage of ex-fighter Terry O’Brien – you could run into the likes of “Iron” Mike Tyson’s chief sparring partner … a Newport fighter who had entered the ring with the “Hands of Stone” himself, Roberto Duran … a fighter who’d fought for the USBA super middleweight title … and countless others pounding the bags in pursuit of dreams.
Today, however, the interior of the L-shaped building at 809-811 Madison Ave. looks nothing like a sweaty, hole-in-the-wall gym, whether that’s Shamrock or the Lord’s Gym that followed it.
Instead, its 15 newly renovated apartments (and two street-level commercial spaces) are testament to the philosophy of “adaptive reuse” and how – throughout Covington – historic buildings are finding new life without losing their historic aura.
Often it’s with the City’s help.
A combination of one-, two-, and three-bedroom units, the Madison Avenue apartments boast features like granite countertops, stainless steel appliances, tiled showers, and innovative use of “saved” pieces, like beaded wood, wood cabinets, and internal brick faces. Large windows in some apartments look out over the Madison Avenue and Eighth Street streetscapes, while others have rooftop decks that look north over the City.
The project had a helping hand from the City of Covington, with loans offered through its Upper Floor Residential Rehab Program. Through requirements of the program, eight of the units have monthly rent limits that are deemed “affordable” based on the income of the tenant, with the others being market rate, said Jeremy Wallace, Covington’s Federal Grants Manager.
“The 809 Madison project is a perfect example of what this program is all about – creating affordable housing in mixed-use districts by giving new life to the upper floors of historic structures,” Wallace said. “By creating new affordable rental units and repurposing formally vacant space, this has been a real win-win for the City.”
The Madison Avenue project began in 2018 and progressed through three phases of development, with a fire temporarily delaying work, Wallace said.
Through the federally funded program, the City provided $20,000 per unit in the form of a deferred/forgivable loan to the owner/developer, D&M Company LLC, Wallace said.
D&M owner Michael Albaum said he was attracted to the property by Covington’s growing momentum and recognition of the shortage of housing in the urban core.
He initially planned a quick rehab of its loft apartments and storefront space. But the project evolved considerably as he and his architect explored and reimagined the space and he talked to Wallace about the Upper Floor Rehab program’s possibilities.
“The building was in really rough shape,” he said. “The scope (of our plans) was really narrow, but that scope blew up massively. I just kept asking, ‘What’s the highest and best use of the space?’ … And I felt good about the affordable housing component.”
Albaum said the value of the private investment in the project wound up reaching seven figures.
Realiant Property Management, the local property manager, said two residential units remain available, as do both commercial spaces. Realiant’s office number is (859) 479-8575.
Since 2014, 38 rental units have been completed through the City’s Upper Floor Rehab program, with projects in the Central Business District, the Ritte’s Corner area of Latonia, and Lewisburg, Wallace said.
The City didn’t fund the program this year because of low demand likely caused by the pandemic, Wallace said. But with several developers recently inquiring about the program, that may change in the coming budget cycle.
As it does every year, the City’s Neighborhood Services Department in March will use a survey and public hearing to seek public comment on how it should spend its federal Community Block Development Grant and HOME allocations. Affordable housing is a top priority of the allocations, which typically run to several million dollars, with programs that include homebuyer assistance, emergency home repairs, and substantial loans to community housing development organizations.
“If interest in the Upper Floor rehab program grows, we will certainly look to reinstitute it,” Wallace said. “The City has numerous programs that help facilitate the creation of affordable housing, and we want to put the money where it’s most effective.”
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