The building commonly referred to as 501 Main, a reference to its address, is closer to making way for a new development, as is the large parking lot behind it.

The City of Covington has selected a preferred developer for the city-owned building and the lot that serves Mainstrasse Village. On Tuesday, the city commission unanimously voted to enter into a preferred developer deal with Indianapolis-based Flaherty & Collins for a project that will also include Cincinnati-based Al Neyer, LLC and PDT Architects.

Just what the project will be that land on the 2.4 acre site is not known. Those details come later.

"The location of the property makes it an excellent opportunity for redevelopment," Economic Development Manager Geoff Milz said. "It was important that the City found a highly qualified team who could creatively and innovatively realize its potential."

Members of the city commission acknowledged that they struggled with the decision in selecting a preferred developer - not because of any lack of faith in Flaherty & Collins, but because there was another strong contender. As late as Friday, the city commission had not yet reached a conclusive decision.

The River City News has learned that the second developer seeking to create a project on the site is Capital Investment Group, one of the groups involved in Aqua on the Levee in Newport. In all, five companies interviewed with city staff prior to the field being narrowed to two.

Flaherty & Collins will develop a site-specific redevelopment plan for the parking lot and the building. David Flaherty said on Tuesday evening that he is "excited" to begin the project.

"Our history goes back to this site in 2003 and we've had our eye on it and wanted to develop it for a long time," Flaherty said. "We've got a lot of good ideas." The ultimate idea will "make a real statement for downtown Covington," he said. "And we hope this is the first of many developments we can do here in your city." According to the firm's website, Flaherty & Collins has developed a high-rise luxury residential tower in Indianapolis, a market rate apartment building in St. Paul, and a variety of mixed-use suburban projects across the Midwest.

"The City envisions a mixed-use for the property, including commercial and residential space and parking, with a design that acknowledges the historical context of the neighborhood," Milz said. "We will work with the community to make sure the final development concept meets their needs as well as the City's vision."

It was stated on Tuesday that the development will include parking for any new residential creation as well as parking for the businesses. The parking lot has long been popular with Mainstrasse customers and this month, for the first time, became a pay-to-park lot.

The development news comes on the heels of another massive mixed-use development coming to the city's downtown. Duveneck Square will be constructed at 7th & Washington Streets and will ultimately feature commercial spaces and more than 170 residential units.

The City of Covington has owned 501 Main Street since 2005 and has attempted in the past to land a developer or to figure out a positive use for it. Once the design concept and financing details are completed and approved, the City will execute a sale and development agreement with Flaherty & Collins.

-Michael Monks, editor & publisher

Photo: Mainstrasse parking lot (RCN file)