Terry DeMio

tdemio@enquirer.com

COVINGTON – The city is making headway on a development on a parking lot at Washington and Pike streets that appears to be part of a larger plan for the urban core.

The Covington City Commission has approved a mixed-use development agreement with 730 Washington, LLC, but will not disclose details, saying the developer has not completed plans yet. It could include residential, commercial, parking and public space.

"We're on the verge of multiple transformational opportunities," said Commissioner Steve Frank. "By the time we are done, Covington is going to be as transformed as Over-the-Rhine and ...Uptown ... and Clifton."

He could not comment specifically about the plan but noted that development in Covington allows for the developer to "make money," with fewer costs associated with development than north, in Cincinnati neighborhoods.

The commissioners met Thursday in an executive session to discuss the economic development project.

When they finished, they had a public meeting and unanimously agreed on a land swap: A city parking lot at Third and Garrard streets was traded for a privately owned Washington and Pike street lot, said Covington City Manager Larry Klein said Friday.

That's a large surface lot that, technically, is at 109 Pike St.

Champ Realty, a subsidiary of Corporex in Covington, owned the lot, which was traded – at no cost to either the city or the realty business.

Then the commissioners approved entering a master development agreement with 730 Washington, LLC "for them to do development on the site," Klein said.

The Northern Kentucky Catalytic Development Funding Corp. is "assisting with the development process," said President Jeanne Schroer, and noted that the project plans are not yet finished.

"We're all working on a potential project that involves that lot," Schroer said. "The project is in the due-diligence stage."

The Catalytic Fund is a private sector, not-for-profit organization that assists in financing and other services for developers of residential and commercial real estate projects in Northern Kentucky's river cities.

City officials would not comment further because the developer's plans are not yet completed, and therefore can remain confidential.

The city expects to release more information next week, Klein said.■