COVINGTON — A groundbreaking ceremony was held Tuesday for two of Covington’s newest developments.
The ceremony was hosted by the Catalytic Development Funding Corp. of Northern Kentucky for Market Lofts and PikeStar.
Market Lofts will include 15 market-rate rental units. The PikeStar development will have seven rental units and a commercial space housing UpTech, a company that supports start-up businesses in Northern Kentucky.
The new developments come as an effort to build up Covington’s Pike Street Corridor.
“We think that this area, particularly this corridor, has a wonderful potential to be a quality, urban living and working space, and we think the architecture is phenomenal. It can’t be duplicated,” said Catalytic Development Funding Corp. President Jeanne Schroe.
The funding from this project came from several lending organizations, as well as the City of Covington and Duke Energy.
Developers expect the commercial space to be ready by mid-September. The apartments are scheduled to be completed by early 2014.
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