YMCA Future: Hotel Covington Addition
COVINGTON, Ky. – Two historic buildings on one of Covington’s most visible intersections will be developed by the same people who created Hotel Covington.
With much of the two buildings’ 72,000 square feet of space having sat vacant since 2015, Salyers said the mixed-use development will include:
- A “bourbon distillery experience” that will serve as a northern trailhead for the Kentucky bourbon industry, with details to emerge later.
- About 60 VIP and Presidential suites serviced by staff and management of the nearby Hotel Covington.
- And 10,000 square feet of office space, with tenants to be announced later.
“We’ve labored quietly for three years to create a new future for this important site, and we’re thrilled to partner with a developer – the Salyers Group – that has a history of delivering on big projects in Covington,” Mayor Joe Meyer said. “For too long this corner has been all but vacant, but soon it will be attracting tourism, over 100 jobs, and a restored storefront to the YMCA building.”
Covington bought the buildings from the Kentucky Community & Technical College System for $1.69 million in late October and will recoup its investment by selling the site to the Salyers Group. The City’s involvement as the middleman was necessary for the deal to happen.
Covington officials pointed out that the project will produce a positive return on investment for the City through new payroll taxes and increased property values. It will be one of the first projects to take advantage of Covington’s federally designated Opportunity Zone.
“Our family has a long history of investing in downtown Covington, and over the years our investment in building and operating a hotel, reception halls and retail businesses have helped bring hundreds of thousands of people to the city,” van Rooyen said. “We see this development as the next catalytic project to further the current momentum in Covington and a great opportunity to restore another historic building in the heart of this wonderful community.”
- 614 Madison Ave., which recently housed Gateway Community & Technical College’s bookstore and administrative offices and before that a bank and a travel agency.
- 19 E. Pike St, a much larger building that wraps around the bookstore on two sides with large frontage on both Pike Street and Madison Avenue. It housed the Covington branch of the YMCA until 1987, then later the state’s Family Service Office. It’s been vacant since 2015.
The upper floors will be converted into 60 VIP and Presidential suites as a complement to the Hotel Covington’s nationally recognized hyper-local tailored experiences and amenities. The new suites will each have kitchenettes and will range from one-bedroom lofts of 400 square feet to three-bedroom penthouse suites of 1,500 square feet. A rooftop addition will offer more modern rooms with private terraces with great views of Covington. Each room will be catered to and serviced by the ever-expanding team at Hotel Covington and will thematically honor the rich history of the YMCA – a storied Covington landmark.
- Bring jobs to the urban core and add much-needed “cool vibe” office space in Covington.
- Build off the successful Hotel Covington experience.
- Tap into Kentucky’s $8.6 billion signature bourbon industry.
- Further expand Covington’s “walkability.”
- Add another dimension to a several-block area that’s crackling with energy brought by the hotel, Braxton Brewing Company, Duveneck Square apartments, an array of unique restaurants and drinking spots, new and old retail shops, and small office-oriented companies.
- And continue Covington’s penchant for finding new uses for beautiful old buildings.
Read City of Covington’s Article for more details.