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Developer Plans $800M Riverfront Community

NEWPORT, KY-Corporex plans to transform a former-public housing site into 1.1 million sf of office, 1,000 homes, 300,000 sf of retail and more.

By Danielle Anderson | Updated on November 21, 2006

NEWPORT, KY-Corporex Cos., a Covington-based developer, plans to erect an $800-million mixed-used community on a former public housing site at the confluence of the Ohio and Licking rivers. Initial plans for Ovation include 1.1 million sf of office space, about 1,000 homes, 300,000 sf of retail space, hotels and new civic spaces.

Debra Vicchiarelli, chief marketing officer of Corporex, tells GlobeSt.com that her company expects to close on the 14-acre site in the next 30 days. The developer plans to begin construction on the massive project, which could take a decade or more to develop, within the next year.

Earlier this year, the City of Newport selected Corporex from a group of five developers vying for the rights to develop the prime site across the river from Cincinnati. In a proposal submitted to the city, Corporex envisions a large outdoor courtyard with fountains and music as the core of the Ovation development. The courtyard, which will play host to holiday celebrations, will be ringed by 114,000 sf of retail. Elsewhere in the mixed-use community an 88,000-sf retail building will house retailers catering to the day-to-day needs of the neighborhood’s residents.

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