Tall & Urban News

Real-estate investment firm Corporex is developing an $800-million-to-$1-billion mixed-use project in Newport, Kentucky. Construction is to begin in 2019. 
 
The 35-acre (14-hectare) project, which will overlook downtown Cincinnati from across the Ohio River, will include 5 million square feet (464,515 square meters) of residential, commercial and public space. In the works are a combination of 942 for-rent and for-purchase residential units, 500 hotel rooms, 280,0000 square feet (26,012 square meters) of retail, 1 million square feet (92,903 square meters) of offices, a theater, conference center, marina, public plazas, recreation facilities, trails, riverfront improvements and a public parking garage, which is planned to rise first. 
 
The developer will put up $70 million of its own money to begin the project and will self-perform master planning, infrastructure, podium parking and hotel elements. The company plans to partner with other developers on the project’s other mixed-use components, such as residential. The Newport City Commission recently approved a five-year extension for the TIF (tax increment financing) district from which the developer will be paid. The TIF will now expire in September 2047. 
 
For more on this story, go to Construction Dive.