$40 million apartment project in MainStrasse moving forward bizjournals.com/cincinnati/news/2017/03/14/40-million-apartment-project-in-mainstrasse.html
Tom Demeropolis A large, luxury apartment project in Covington’s MainStrasse Village is preparing to break ground soon. The development also has a new name. Flaherty & Collins Properties is developing the two-acre site at 501 Main St. into a 189-unit luxury apartment building called River Haus. In total, this is a nearly $40 million project.
Deron Kintner, general counsel with Flaherty & Collins, said the location and surrounding area made this an attractive site for the residential development. “First and foremost, you have MainStrasse Village, a built-in amenity that, quite frankly, you don’t often get when doing a development like this,” Kintner told me. Plus, he said, the site is within walking distance of downtown Cincinnati. “There has not been a property like this in Covington,” Kintner said. “That market hasn’t been tapped yet.” About 70 percent of the apartments at River Haus will be one-bedroom units with twobedroom units making up the remainder. Kintner said rent will range from about $1,000 to $2,000 per month. The apartments will be built on top of a 314-space parking garage. The first floor also will have a 4,000-square-foot space for a commercial tenant. Flaherty & Collins hasn’t started marketing the space yet. The apartments will have amenities similar to other “best-in-class” apartments in the Cincinnati region, Kintner said. The one-bedroom apartments will be about 750 square feet, while the two-bedroom units will be about 1,100 square feet. River Haus will have two courtyards, as the building is designed in an “A” shape, with a saltwater pool, outdoor kitchen, grills, a sky deck, a fitness center and WiFi throughout.
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“It will have all the bells and whistles,� Kintner said. Covington approved a development agreement with Flaherty & Collins for the redevelopment of the two-acre, 501 Main St. site in October 2016. The development agreement includes the project design and the financing structure. The existing building at 501 Main St., a long-dormant bank building, will be demolished to make way for River Haus. Construction of the parking garage will be first. The garage is expected to take about six months and parking will become available to the public as residential units are completed.
Greater Cincinnati Crane Watch Cincinnati is in the middle of a construction boom. With so many development and redevelopment‌
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