In mid-February, a new apartment project was announced to help further enhance Covington's already booming downtown.
Set to open this summer, Madison Flats will be home to 13 one-bedroom apartments and five storefronts. The new development, located in the 800 block of Madison Avenue, is led by local firm Orleans Development.
Each apartment will be of modeled in a modern European style with crisp, clean lines and simple floor plans that will include hardwood floors, stainless steel appliances, chrome fixtures and more. A courtyard and other amenities will also be available to residents of the apartment complex. Rent for each apartment is expected to run from $600-875 a month, depending on the floor plan.
One of the unique aspects of the project is the presence of a storefront, which will allow potential startups the opportunity to participate in a rent subsidy program that will refund payroll taxes annually for up to five years. This plan, targeted for new Covington businesses, provides an incentive for property and business owners to lend a hand in redeveloping the area.
Orleans Development, which was founded in 2005, hopes that the Flats will capitalize on the revitalization of downtown Covington, which has seen an increase in residential opportunities over the last several years. Principal Founder Tony Kreutzjans has helped the firm become a leader in rebuilding Northern Kentucky.
According to Kreutzjans, the recent shift from suburban living to being in the hub of a city like Cincinnati or Covington is appealing to millennials and other young professionals. The need for more urban housing is on the rise with startups and new businesses flocking to downtown Covington.
Other Orleans projects include Market Lofts, Pike Street Lofts, PikeStar and bioLOGIC, all of which are adaptive reuse projects that aim to the architectural and historical significance of each building.
Orleans Development is also involved in the redevelopment of the Boone Block building, converting it into nine 3-story townhomes. Although construction has just begun on the project, four homes have already been sold, a trend that Orleans Development expects to see when the Flats apartments are available for rent in a few months.