COVINGTON — It’s entirely appropriate that the successful effort to relocate UpTech to its future home in Covington took a mix of developers, non-traditional funders, corporate sponsors and elected officials from around the region and across the river.
Before UpTech even entered the picture, the Center for Great Neighborhoods of Covington had made redeveloping Pike Street a critical part of ongoing efforts to revitalize and connect the city’s urban core with its more vibrant business and residential district along the Ohio River. The center was already bringing in non-traditional financing sources to help Kreutzjans and Tischbein develop the property.
Those sources included The Catalytic Fund, which has raised $10 million to help jump-start development in Northern Kentucky’s urban core. It was interested in the Pike Street property and liked the mixed-use approach.
Jeanne Schroer, the Catalytic Fund’s executive director, then connected with Kathy Schwab, executive director of the local chapter of LISC, which is based in Cincinnati. Investing in urban neighborhoods is part of LISC’s core mission.
The two organizations teamed up to provide Kreutzjans and Tischbein with the necessary financing to renovate the inside of the building. LISC loaned $703,000; the Catalytic Fund loaned $175,000. The Duke Energy Foundation also stepped up with a $35,000 urban revitalization grant.