Tourism Development Act; KIRA/TIF Incentive Reviews

Hunden Partners evaluated the City of Covington’s application for the Cabinet of Economic Development’s TIF incentive program to redevelop an area within the Covington Central Riverfront District into mixed-use development. The City proposed to redevelop a 31.6-acre area along the southern bank of the Ohio River through the Covington Central Riverfront Project. The estimated total cost of the Project was approximately $314.3 million, including $81 million in public infrastructure improvements.

Specific components of the project included:

• Expansion of the Northern Kentucky Convention Center, adding 111,000 square feet
• Development of multiple parking structures totaling 1,370 spaces
• Development of 348 apartment units
• Development of 200,000 square feet of office space and 87,800 square feet of retail space
• Development of 177 new hotel rooms
• Public infrastructure improvements, including a new City Hall, roads, street lighting, utilities, public spaces and parks, sidewalks, and transportation facilities

Hunden prepared a report that outlined approved public infrastructure costs, projected financial feasibility, and economic impact.

In 2025, the Covington Central Riverfront is in active development, with construction underway on the first mixed-use phase known as Covington Pointe. Additional phases continue to move forward, including a $67.2-million residential and commercial Project on Blocks M and N and new RFPs issued for remaining parcels, overall transforming the 31.6-acre riverfront site into a multi-phase, mixed-use district.