COVINGTON, Ky. – The Northern Kentucky Port Authority (NKY Port) announced today it entered into a purchase agreement for a landmark property at the corner of Madison Avenue and Martin Luther King Jr. Boulevard, the former Duro Bag manufacturing site, marking a pivotal step toward unlocking the next stage of Covington’s revitalization.

This step was made possible through regional collaboration, with lending support from the Catalytic Fund, and funding for the acquisition from the City of Covington, Kenton County, and the NKY Port, with investment from BE NKY Growth Partnership.

The property, which includes the Chesapeake & Ohio Railroad roundhouse, is nearly 8 acres at an integral, high-traffic intersection in the City of Covington. The former Duro Bag manufacturing facility is a more-than-200,000-square-foot industrial building.

The purchase price for the property is $4.5 million with an expected closing in Q1 2026. Planning for the site will begin once the closing is complete. The partners plan to stabilize the property in preparation for future privately-led development.

“This building is deeply sentimental to me—it represents what we built at Duro and, more importantly, the efforts of thousands of Duro employees, so many of whom call Northern Kentucky home,” shared Charles L. Shor. “I’m excited to see this legacy endure and take on new life. I’m grateful to the NKY Port and its partners for their leadership and for stepping forward to stabilize the property and help set the stage for Covington’s next chapter.”

Covington Mayor Ron Washington emphasized the property is a critical piece in unlocking redevelopment in the neighborhoods south of Martin Luther King Jr. Boulevard.

"The purchase and future development of the former Duro Bag site is a watershed moment for Covington’s Westside and Eastside neighborhoods,” said Washington. “This transformational project shows what’s possible when we partner with our regional organizations to drive bold, strategic investment. Together, we’re laying the foundation for economic growth that will reinvigorate and strengthen a core section of our community."

Kenton County Judge/Executive Kris Knochelmann stressed this is a once-in-a-lifetime opportunity to transform an important property and build on the revitalization in Covington moving south on Madison Avenue.

“This project showcases the power of collaboration and commitment to drive economic growth,” Knochelmann said. “By transforming a site that once fueled Covington’s industrial economy, we’re creating space for new investment, new jobs and new opportunities that will strengthen our entire community for decades to come.”

The Catalytic Fund is building on its legacy of successfully bringing historic commercial and residential properties to life in Northern Kentucky’s river cities by providing capital funds for this project.

“The Catalytic Fund is proud to contribute our capital assets with a loan to fund the acquisition of such an important and impactful property in Covington. We are grateful to the City of Covington, Kenton County and the NKY Port for collaborating to reactivate a cornerstone property in our urban core.”

The NKY Port was activated by BE NKY Growth Partnership to take on challenging real estate and economic development projects.

“Historic industrial properties and buildings often have many complex issues and the NKY Port is exactly the right organization to help bring this property back to life and catalyze new development south of Martin Luther King Jr. Boulevard,” said NKY Port Executive Director Christine Russell. “We are grateful to the Catalytic Fund, City of Covington and Kenton County for partnering with us to acquire such a central piece of history and revitalize it for generations to come.”

The property’s history is deeply intertwined with Covington’s identity. The Chesapeake & Ohio (C&O) Railway company helped shape the city’s early growth, building the Clay Wade Bailey Bridge to connect Covington and Cincinnati in the late 1800s and establishing Covington as a major hub in its rail network. The C&O Roundhouse is built in American Round Arch industrial style and is one of only a few roundhouses still standing in an urban area in the U.S.

“Charlie Shor built Duro Bag with a deep respect for the legacy of his father and the people who powered the company’s success,” Gerry Otto, CEO, Charles L. Shor Family Office added. “This property carries those memories and that meaning. We are encouraged by the NKY Port and its partners taking on the work to stabilize the site and prepare it for future development in a manner that honors the history of Covington and the industrial heritage that shaped this community.”

Duro Bag Manufacturing was founded in 1953 by David S. Shor in Ludlow, Kentucky. With Charlie Shor serving as CEO for more than three decades, he led the company out of significant financial challenges and grew it into the world’s largest paper bag manufacturer, employing more than 2,500 people across North America and maintaining corporate offices in Northern Kentucky. In July 2014, Hilex Poly Co. LLC acquired Duro Bag.