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February 19, 2012

US city receives three proposals for riverfront development

The city of Covington in Kentucky, US has received three proposals from development groups for riverfront projects along the Ohio river.

The city of Covington in Kentucky, US has received three proposals from development groups for riverfront projects along the Ohio river.

Boca Hotel Group has submitted a $50m proposal called The Sail Project which includes a 28-storey mixed-use building that would include a 128-room hotel, 136 luxury apartments, a rooftop restaurant and a ground-level restaurant.

Boca hopes to start construction in the first quarter of 2013, with an opening proposed for the end of 2014.

Boca has also submitted a proposal for The Kentucky Queen Hotel, Conference Center and Dinner Playhouse Project, worth $38m, which includes a hotel, a conference and entertainment centre and a 600-seat dinner theatre. Boca is proposing building the project on top of and on the south side of the earthen levee west of Madison Place and north of Rivercenter Boulevard.

The development schedule for this project is expected to be similar to The Sail Project.

Corporex Realty and Investment and Jeff Ruby Culinary Entertainment have submitted a proposal to reopen the Waterfront Restaurant in the first phase of its project and a boardwalk and second floating restaurant in the second phase.

The second phase would also include riverfront landscaping and improvements, a floating boardwalk, a marina and wharf.

The two-phase project proposed by Corporex/Ruby would relocate, refurbish and reopen the waterfront on the river at the northern end of Madison Avenue.

Covington commissioner Steve Casper said he would like to see all three projects developed along the river but there might not be enough funding.

"Odds are that it’s more money than we have but we can be creative and there are other opportunities for us that we may be able to finance," Casper said.

The city is expected to review the projects and make a decision in the next 90 days.

 

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