COVINGTON —Two new ventures in Northern Kentucky are well on their way to building up the urban core along Covington’s Pike Street Corridor.
A groundbreaking for the future home of UpTech, Northern Kentucky’s informatics startup accelerator, at PikeStar and a new market-rate apartment building at Market Lofts, was hosted Tuesday by The Catalytic Fund of Northern Kentucky.
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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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.
COVINGTON — When the Catalytic Fund was launched in August 2008, hopes were high in the community. The fund’s mission was to raise $10 million in capital to help jump-start development in Northern Kentucky’s urban core.
Then the recession set in.
The initial goal of raising that capital in a year stretched into two years, then three and finally into five; the fund reached the $10 million mark last November.
Now, nearly six years after its launch, the fund is finally embarking upon its first project: a $130,000 gap-financing loan for a $1 million apartment development in Covington’s emerging Pike Street corridor.
COVINGTON — To resident Jeanne Schroer, this urban city is a gem.
Tasked with helping to revitalize Northern Kentucky’s urban core, Schroer, executive director of the Catalytic Development Funding Corp. of Northern Kentucky, lives, works and volunteers in Covington, and her efforts have been a catalyst for positive change.
Schroer – and others working toward a similar mission of positive change in Covington – will be honored Wednesday at the Center for Great Neighborhoods of Covington’s annual celebration event.
NEWPORT — Northern Kentucky’s riverfront is open for business, and the region’s leaders are committed to helping spur development in any way that they can.
That was the message more than 100 developers and investors heard Wednesday at Northern Kentucky Developers Day, a daylong conference to showcase new and existing opportunities in the region’s six riverfront cities.
COVINGTON, Ky. (May 11, 2012) – The Catalytic Development Fund Corp. of Northern Kentucky has reached its initial fundraising goal of $10 million thanks to recent investment commitments from PNC Bank and Fifth Third’s Community Development Corporation (CDC).
PNC increased to $2.5 million its initial investment of $2 million and Fifth Third committed $1 million.
“This is a tremendous milestone for the Catalytic Fund and for Northern Kentucky,” said Jeanne Schroer, the fund’s executive director. “We thank PNC, Fifth Third and all of the fund’s investors for believing in and supporting the Fund’s mission and goals and for believing in our community.
Northern Kentucky’s first-ever development fund has raised $10 million and will begin financing projects in the region’s urban core before year’s end.
The Catalytic Development Fund Corp. of Northern Kentucky was launched in 2007 with a $1 million pledge from Corporex Cos. CEO Bill Butler. Proponents have been working ever since to raise an initial $10 million to begin its work. They believe that $10 million can be leveraged to help finance as much as $100 million in developments in Covington, Newport, Ludlow, Bellevue and Dayton. Fund officials hope to grow the fund to $20 million and eventually to have an even greater impact.
Investments by PNC Bank and the Fifth Third Community Development Corp. helped the new fund reach its $10 million goal, said Jeanne Schroer, the nonprofit’s executive director. Other major donors include Bank of Kentucky, Central Bank, Duke Energy, First Financial Bank, U.S. Bank and the Carol Ann and Ralph Haile/U.S. Bank Foundation.
The fund was the creation of the Urban Renaissance Team of Vision 2015, Northern Kentucky’s regional planning effort. The goal is to stimulate more development in the urban core in hopes that the region’s success along the riverfront can move south into the river cities’ empty homes and storefronts.
Three organizations are seeing progress in their charge to transform Northern Kentucky’s urban landscape.The Catalytic Development Funding Corporation of Northern Kentucky, Southbank Partners, and the bioLOGIC Corporation are reshaping the region as a destination spot for companies and residents.The Catalytic Development Funding Corporation is on a mission to attract projects to Northern Kentucky that stimulate re-population in the urban community or job creation. The Fund, established in 2010, is nearing its projected goal of $10 million to provide gap financing for urban revitalization development, says Jeanne Schroer, executive director of the Catalytic Fund.“The fund is nearing its completion,” Schroer says. “We’re now at the point where we’re actively underwriting and seeking projects for investment. We are hoping to make a major announcement very shortly.”Progress has been swift, Schroer says, and she foresees no problems with the fund reaching its goal.“We’re working on many investment commitments which will take the fund over $10 million,” Schroer says. “It will be a lot easier for more investors to then come into the fund. It’s always hard as a start-up, but once you get a start, it’s a lot easier for (investors) to join.”