BELLEVUE, Ky. — City leaders say the 'missing piece to the puzzle' in connecting several parts of Bellevue could be coming with the city's largest-ever development.
The seven-acre, city-owned property on the Ohio River is bounded by Fairfield Avenue to the south, Berry Avenue to the west and Lafayette Avenue to the east. The city approved a development agreement with Neyer Properties during a city council meeting Aug. 10.
Bellevue City Councilmember Ryan Salzman said he’s excited to see the impact the project will have on the city.
"For the citizens of Bellevue, and the people coming to visit here, it really is, it’s going to be transformational," Salzman said.
What’s to come? Plans call for 239 multi-family housing units, 21 single-family homes, a 104-room hotel, a 425-space parking garage and 15,500 sq. ft. of office and retail space. City leaders say 190 jobs will be created when the development is completed.
Salzman said they’re working with Neyer Properties to ensure the development connects well to the Fairfield Avenue corridor.
"It should fit in very well," Salzman said. "Developers have said how committed they are to preserving sight lines and view lines. It’s going to be a taller building but they’re not asking for anything in excess for what is currently allowed in Bellevue."
Dan Neyer, CEO and president of Neyer Properties, agreed.
"This will be the largest development ever in the City of Bellevue," he said. "With our focus on mixed-use projects throughout the Tri-State, this development fits in well with how we can help the community be the best that they can be.”
Tax increment financing and industrial revenue bonds will be used to fund part of the project, according to Bellevue City Administrator Frank Warnock. With the property closing, the city will receive around $2.5 million. Mayor Charlie Cleves said during the Aug. 10 meeting that those funds would be used to retire existing bond debt.
Developers are hoping to break ground by late 2023 or early 2024. Construction is expected to be finished within three years.
Homeowners expressed concerns during the Aug. 10 council meeting in regards to excessive speed and traffic. City leaders like Salzman said they’re focused on working hand-in-hand with Neyer Properties to address those concerns.
“We’re going to have our staff, our elected officials going to be taking great care to ensure the comfort of the residents, and businesses that are here, but also the new residents and businesses we’re bringing in too,” said Salzman.
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