COVINGTON, KY – Flaherty & Collins Properties has announced the ground breaking of RiverHaus, a $50 million mixed-use, luxury residential apartment development in Covington at the former site of Mainstrasse. An official ground breaking ceremony will be held on Wednesday, December 13, 2017, at 12pm (noon) local time. The event will take place at 501 Main Street in Covington.
“The RiverHaus project at 501 Main is another outstanding economic development success for Covington,” said David Johnston, City Manager of Covington. “RiverHaus will create much needed, quality market rate housing, which will bring people to the city who want to live here. This project, and many others you will hear about over the next few months, are focused to revitalize our City’s urban core, bringing opportunities that will bring more people to our downtown, resulting in new customers to our existing businesses. It may also lead to new business ventures locating in the area due to the increased customer base. Finally, this project will help increase the supply of parking in the Mainstrasse area that is sorely needed.”
RiverHaus will consist of 192 luxury market rate apartment homes and 3,100 square feet of retail. Comprised of studios, one and two-bedroom apartment homes, the development will boast the finest amenities in the Northern Kentucky market.
“We are very excited to partner with the City of Covington on this fantastic new mixed-use development, which we believe will be the destination for luxury urban living in Covington,” says Deron Kintner, general counsel and lead project developer for Flaherty & Collins Properties.
Residents will enjoy nearly 7,000 square feet of amenities, including an amenity courtyard, featuring fire pits, bar, lounge areas, grilling station, and saltwater pool with a large wet deck. A sky deck will give residents views of the Covington and Cincinnati skyline. Interior features include a coffee lounge, club room, conference room, pet wash, bike storage and repair, gaming and study lounge and 24-hour fitness center featuring Fitness OnDemand®. The project includes a guest suite and concierge services.
Apartments will include polished quartz kitchen countertops, cultured marble vanity tops with integral sinks, tile backsplash in kitchen, stainless steel appliances, undermount faucets and sinks, LED lighting in entries, kitchens, bathrooms and closets.
TCF is providing the construction loan for the project. Core Real Estate Capital provided additional financial support of the development.
PACE Equity, the leading project developer and funder of CPACE (Commercial PACE) projects on a national basis, is providing approximately 10% of total development funding, at $4,400,000, for RiverHaus. The project represents an exciting milestone as the largest PACE multifamily new construction project nationally. TCF Bank is the major funding bank on the development.
“This project is the largest new construction multifamily project on a national basis to utilize PACE financing, which is very exciting,” Beau Engman, PACE Equity Founder & President. “It’s always great to see PACE utilized to transform a vacant lot into such a fantastic project for the area.”
Additional project partners include PDT/SFA Architects, Civil & Environmental Consultants, Inc., and Harrison Lynch & Brumlee. Flaherty & Collins Construction is the general contractor.
The project, at 341,925 square feet, plans to be completed in 2019.