NEWPORT, Ky. -- The Cincinnati-based North American Properties closed on its purchase of Newport on the Levee Friday, the company announced.
North American Properties didn't immediately disclose the sale price, but said it in a news release that it plans to invest more than $100 million in the 360,000-square-foot mixed-use property along the Ohio River.
"As a Cincinnati-based company, we are dedicated to investing in the region and are committed to elevating the entire Newport on the Levee experience for the local community," Tom Williams, president and CEO of North American Properties, said in a written statement. "Newport on the Levee is a regional landmark and we are proud to bring our local ownership and passion to the re-imagination of a truly irreplaceable property."
North American Properties plans to announce renovations, construction and new tenants over the next few months.
The company said it plans to continue hosting events like the 90-day "Winter Wonder on the Levee" that is already underway with Christmas lights, fireworks, concerts and other festivities.
The news release didn't specify whether North American Properties intends to follow through with the Skywheel project that was announced for the levee in 2015, but company managing partner and chief investment officer Tim Perry previously told WCPO that it is not integral to their plans.
"Our vision focuses on the 'New' within Newport on the Levee. New chef-driven restaurants, new vibrant entertainment options, new creative workspaces that will all enhance the existing property that sits on top of 2,200 covered parking spaces with irreplaceable city and river views" Perry said in a written statement. "Once our renovation is complete, there will be nothing like this in the entire Midwest."
