COVINGTON, Ky — The development project at the former IRS site in Covington just got an some extra financial help.
The project was awarded a roughly $16.3 million federal RAISE grant to help pay for public infrastructure components, including wide sidewalks, a land bridge and a public parking garage.
“We are providing that skeleton for all the private development to come in and fill in those new city blocks that we're providing to them,” said Elizabeth Wetzel, director of special projects and intergovernmental affairs for the City of Covington.
The 23-acre site will eventually include new market-rate housing, a restored street grid, public green spaces, retail, restaurants as well as pedestrian and bike infrastructure.
The city itself is investing more than $100 million for master planning, site acquisition, demolition and more.
“It will be an entirely new neighborhood,” she said.
Wetzel said the project will bring in new residents and businesses, which in turn will bring in more revenue to the city.
She said the city is expected to wrap up its part of the work in about four years. Then, private developers will come in to develop housing, retail space and more.
The grant allows the project to stay on track with its timeline, Wetzel said.
Residents and businesses nearby say the project has been a long time coming.
“Covington has gone through a lot of changes over the years,” said Leslie Vickers, vice president of enterprise at The Point Arc. “Whatever we can do in this community to make it better, that's what we want to be a part of.”
Mike Maydak, a Covington resident and artist, said the changes are welcome, but they've taken some time.
“People were always talking about revitalizing Covington and it's happened, but it's been slow,” he said.
You can view the latest renderings of the project and learn more here.
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