Former IRS Site Redev: Cincinnati Property Development

Last Updated on: 1st March 2025, 04:02 am

The transformation of a 23-acre area in Covington is reshaping the city’s landscape. Once home to a federal facility, this space is now being reimagined as a vibrant mixed-use neighborhood. Located near the Ohio River and bordered by Madison Avenue and Fourth Street, the project is a cornerstone of the city’s revitalization efforts¹.

The city has taken on the role of master developer, guiding the project through a multi-phase RFP process. This approach ensures that the development aligns with broader goals for growth and community enhancement. The site’s strategic location makes it a key player in connecting Covington to surrounding areas².

This initiative is more than just a construction project. It’s a vision for the future, aiming to attract private investment, create jobs, and transform the community. With infrastructure work already underway, the project is set to bring lasting benefits to the region¹.

Key Takeaways

The 23-acre site is being developed into a mixed-use neighborhood in Covington.
The city is leading the project as the master developer.
Key streets like Fourth Street and Madison Avenue border the site.
The project aims to boost jobs and private investment in the area.
Infrastructure work is a major focus, with significant progress already made.

Project Background & City Vision

Covington’s ambitious plan to redevelop a key area is setting the stage for a modern, vibrant community. This initiative is rooted in the city’s rich history and its commitment to growth. The area, once home to a federal facility, holds significant historical value and is now being transformed into a thriving neighborhood³.

Covington riverfront development

Historical Context of the IRS Site and Covington

The site’s history dates back decades, serving as a cornerstone of the city’s industrial and residential fabric. It previously housed a mix of homes, retail spaces, and industrial buildings, reflecting Covington’s diverse legacy³. This transformation aims to honor that history while creating a forward-looking community.

City’s Redevelopment and Master Planning Initiatives

The city’s vision includes restoring the classic street grid and introducing a mix of commercial, residential, and public spaces. This approach ensures a pedestrian-friendly environment that connects seamlessly with the riverfront⁴. Supported by over $100 million in public investment, the master plan focuses on creating a contemporary urban landscape.

Local developer David McAleese highlights the project’s potential, stating, “This is a once-in-a-lifetime opportunity to reshape Covington’s future.” The plan also includes detailed infrastructure improvements, such as streets, sidewalks, and utilities, to support the new neighborhood⁴.

For more details on the progress on the former IRS site, visit this link.

Former IRS Site Redev Property Development Cincinnati

A key area in Covington is undergoing a significant transformation, blending history with modern innovation. The 23-acre parcel, bordered by the Ohio River to the north, Fourth Street to the south, Madison Avenue to the east, and the Clay Wade Bailey Bridge to the west, is being redeveloped into a vibrant, mixed-use neighborhood⁵.

Covington riverfront development

Site Location, Boundaries, and Land Use

The site’s strategic location within the Covington Central Riverfront makes it a cornerstone of the city’s revitalization efforts. The master plan outlines a detailed layout, including commercial, residential, and public spaces designed to enhance community life⁶.

The riverfront location plays a crucial role in the development strategy. It offers stunning views and easy access to the Ohio River, making it a prime spot for both residents and visitors. The plan also emphasizes pedestrian-friendly designs, with new streets, sidewalks, and green spaces to improve connectivity⁷.

Infrastructure improvements are a major focus. The project includes the construction of a 670-car public parking garage and extensive utility upgrades. These enhancements will support the new neighborhood and ensure long-term sustainability⁵.

Feature	Details
Location	Covington Central Riverfront
Size	23 acres
Borders	Ohio River, Fourth Street, Madison Avenue, Clay Wade Bailey Bridge
Land Use	Commercial, Residential, Public Spaces
Infrastructure	New streets, sidewalks, green spaces, parking garage

This project is part of a larger Northern Kentucky riverfront development initiative, which aims to create a walkable, integrated community. With over $100 million in public investment, the city is committed to making this vision a reality⁶.

Current Developments and Future Plans

Covington’s riverfront is buzzing with activity as new developments take shape. The city’s vision for a vibrant, mixed-use neighborhood is becoming a reality, with construction underway and significant funding secured. This section provides an update on the progress, funding milestones, and community insights shaping this transformative project.

Construction Progress and Timeline Updates

Phase One of the project began in April and is expected to take 18 months to complete. This phase includes the construction of streets, sidewalks, 16 townhomes, and a 250-unit apartment building⁸. The site has already seen 27,000 cubic yards of fill dirt moved to raise its profile to the height of the Ohio River floodwall, with an additional 30,000 cubic yards planned for Phase One⁷.

Visible building construction is set to begin next year, marking a significant milestone in the project’s timeline. The focus remains on creating a pedestrian-friendly environment with new streets, sidewalks, and green spaces⁸.

Covington riverfront construction

Funding, Investment, and Economic Impact

The project has secured substantial funding, including a $10 million allocation from the Commonwealth of Kentucky and a $16.3 million federal grant for Phase Two of public infrastructure⁸. These investments are part of a larger $5 billion initiative to develop Northern Kentucky’s riverfront⁸.

Public infrastructure improvements, such as streets, sidewalks, and utilities, are backed by a $15 million budget for Phase One⁷. This funding ensures the project’s long-term sustainability and economic impact on the region.

Funding Source	Amount
Commonwealth of Kentucky	$10 million
Federal Grant	$16.3 million
Phase One Infrastructure	$15 million
Total Riverfront Investment	$5 billion

Community and Developer Insights on the New Neighborhood

Local developers and community members are enthusiastic about the project’s potential. “This is a once-in-a-lifetime opportunity to reshape Covington’s future,” says David McAleese, a key developer involved in the project. The plan emphasizes connectivity and design improvements, ensuring the new neighborhood integrates seamlessly with the riverfront⁷.

Residents are excited about the 16 townhomes and 250-unit apartment building, which will provide modern living spaces while preserving the area’s historical charm⁸. The project is expected to attract private investment and create jobs, further boosting the local economy⁷.

Conclusion

The collective efforts of the city, developers, and community are shaping a brighter future for Covington. This project, rooted in a rich historical legacy, promises to merge the past with modern urban design, creating a vibrant and connected neighborhood⁹.

Significant public investments and ongoing construction milestones highlight the long-term benefits for the region. The phased approach ensures a thoughtful and sustainable transformation, with infrastructure improvements paving the way for future growth¹⁰.

As the vision unfolds, the area near Fourth Street will become a hub of activity, blending residential, commercial, and public spaces. This collaborative effort is set to redefine the economic and cultural landscape, offering a promising future for all involved⁹.

FAQ

What is the history behind the Covington riverfront project?

The area has a rich history tied to the IRS site, which played a key role in the city’s growth. The redevelopment aims to honor this past while creating a vibrant future.

Where is the former IRS site located?

It’s situated along the riverfront in Covington, bordered by Fourth Street and other key landmarks, making it a prime spot for development.

What are the goals of the master planning for this area?

The city’s vision focuses on transforming the land into a mixed-use neighborhood, blending residential, commercial, and recreational spaces to boost the local economy.

How is the construction progressing?

Work is underway, with updates shared regularly. The timeline includes phased development to ensure quality and community involvement.

Who is leading the redevelopment efforts?

A mix of local developers and city planners are collaborating to bring this project to life, ensuring it aligns with community needs.

What is the expected economic impact of this project?

The redevelopment is projected to create jobs, attract businesses, and enhance the riverfront, boosting the overall economy of Covington.

How can the community get involved?

Residents can attend public meetings, share feedback, and stay updated through city channels to contribute to shaping the new neighborhood.