COVINGTON, Ky. – The City has selected a preferred developer for the City-owned property located at 501 Main Street.

A development team headed by Indianapolis-based Flaherty & Collins Properties and including Cincinnati-based Al. Neyer, LLC and PDT Architects will be given the opportunity to create a redevelopment plan for the site, a 2.4 acre property immediately adjacent to the heart of MainStrasse Village.

“The location of the property makes it an excellent opportunity for redevelopment,” Economic Development Manager Geoff Milz said. “It was important that the City found a highly qualified team who could creatively and innovatively realize its potential.”

This past December, the City issued a request for qualifications from professional developers. Five responses were received and each was evaluated for experience, commitment, vision, financial ability, and the technical competence necessary to execute a successful redevelopment of the site in full collaboration with the City.

All five candidates were interviewed by City staff before being narrowed down to two finalists who were thoroughly vetted by the Mayor and Commissioners. A final decision was made following site visits to see examples the finalists’ projects.

The City will enter into a preferred development agreement with Flaherty & Collins, who will then develop site-specific redevelopment plan for the property.

“The City envisions a mixed-use for the property, including commercial and residential space and parking, with a design that acknowledges the historical context of the neighborhood,” Milz said. “We will work with the community to make sure the final development concept meets their needs as well as the City’s vision.”

Once the design concept and financing details are completed and approved, the City will execute a sale and development agreement with Flaherty & Collins.