NEWPORT, Ky. — A proposed housing development in Newport would remediate a contaminated property on Lowell Street that has sat largely vacant for decades.
PLK Communities has proposed the construction of 195 apartment homes with a pickleball facility on the lot once owned by the Newport Steel Company.
Newport Assistant City Manager Brian Steffen said he's been eager for the property to see development for the roughly three decades he's worked with the city.
"This is huge for the city, and it's huge for the west side," Steffen said.
Steffen said the "major lift" for new developers would be dealing with the polluted soil on the property and clearing out abandoned foundations, back-filled basements and an unknown number of utilities buried on the property.
"Essentially, the developer is going to have to remove four to five feet of soil across the whole seven-acre site," he said.
Check out PLK's development plans here:
PLK's proposal lists $5.1 million in remediation costs for the property.
Both the Newport Board of Commissioners and Newport Independent School District will need to approve incentives and industrial revenue bonds for the development. The commission is set to consider it at a meeting on April 7, with the school district considering approval at a meeting on April 23.
An overview of the proposal was presented on Wednesday before the Newport Independent School District Board. Board members will have to approve tax incentives that would affect district revenue.
The PLK proposal estimates more than 70 kids would be added to the district's schools, and the initial projected property tax revenue to the district would be around $240,000 annually, compared to $21,120 now.
Steffen said PLK has agreed to commission a walkability and biking safety study for the area and commit to spending $150,000 on tree planting in the area in the wake of Newport losing a $1,000,000 federal Arbor Day grant.
"There was no hesitation on their end," he said. "They saw the value in that. They saw the value in planting trees on the west side."
The assistant city manager said construction could begin in the fourth quarter of 2025 if plan approvals move quickly.
PLK said the development would include 132 two-bedroom units with rents estimated at $1,800 a month and 63 three-bedroom units with rents estimated at $2,300 a month.
School board chair Ramona Malone declined to comment about the presentation at Wednesday's meeting, saying she prefers to wait until the board acts.
PLK representatives didn't respond to a request for comment on Thursday.
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