RiverHaus Ground Breaking in Covington, KY

Ceremonial turning of dirt

We had the pleasure of heading to Covington, Kentucky this week for the groundbreaking of our newest mixed-use, luxury apartment development – RiverHaus.

A $50 million mixed-use, luxury residential apartment development at the former site of Mainstrasse, RiverHaus consists of 192 luxury market rate apartment homes and 3,100 square feet of retail. Comprised of studios, one and two-bedroom apartment homes, the development will boast the finest amenities in the Northern Kentucky market.

Mayor Joseph Meyer

“This project is going to build on and add to the quality of life here on Mainstrasse,” said Covington Mayor Joseph Meyer.

Residents will enjoy nearly 7,000 square feet of amenities, including an amenity courtyard, featuring fire pits, bar, lounge areas, grilling station, and saltwater pool with a large wet deck. A sky deck will give residents views of the Covington and Cincinnati skyline. Interior features include a coffee lounge, club room, conference room, pet wash, bike storage and repair, gaming and study lounge and 24-hour fitness center featuring Fitness OnDemand®. The project includes a guest suite and concierge services.

“Everyone who lives in Covington will benefit from the impact this development will have,” said Flaherty & Collins Properties CEO David Flaherty.

Apartments will include polished quartz kitchen countertops, cultured marble vanity tops with integral sinks, tile backsplash in kitchen, stainless steel appliances, undermount faucets and sinks, LED lighting in entries, kitchens, bathrooms and closets.

“This project has been the vision of the city of Covington and we couldn’t have done it without them,” said Flaherty & Collins Properties lead project developer Deron Kintner. “We are very excited to partner with the City of Covington on this fantastic new mixed-use development, which we believe will be the destination for luxury urban living in Covington.”

RiverHaus Breaks Ground

TCF is providing the construction loan for the project. Core Real Estate Capital provided additional financial support of the development.

PACE Equity, the leading project developer and funder of CPACE (Commercial PACE) projects on a national basis, is providing approximately 10% of total development funding, at $4,400,000, for RiverHaus. The project represents an exciting milestone as the largest PACE multifamily new construction project nationally. TCF Bank is the major funding bank on the development.

“This project is the largest new construction multifamily project on a national basis to utilize PACE financing, which is very exciting,” Beau Engman, PACE Equity Founder & President. “It’s always great to see PACE utilized to transform a vacant lot into such a fantastic project for the area.”

Additional project partners include PDT/SFA Architects, Civil & Environmental Consultants, Inc., and Harrison Lynch & Brumlee. Flaherty & Collins Construction is the general contractor.

The project, at 341,925 square feet, plans to be completed in 2019.

Breaking New Ground – Stonewater at the Riverwalk in Elkhart

This week, F&C descended on Elkhart to break ground on Stonewater at the Riverwalk, a $32 million mixed-use development of luxury apartments and retail located in downtown Elkhart at the site of the former Elkhart Foundry. And our crew couldn’t have been happier with the excitement surrounding the project.

Stonewater at The Riverwalk will consist of 205 luxury market rate apartment homes and 6,300 square feet of retail space. Comprised of studios, one and two-bedroom apartment homes, the development will boast the finest amenities in the Elkhart market.

“We are very excited to partner with the City of Elkhart on this new mixed-use development, which we believe will be the destination for luxury urban living in Elkhart,” says Brian Prince, lead developer for Flaherty & Collins Properties.

Residents will enjoy over 6,800 square feet of amenities, including an amenity courtyard featuring fire pits, bar, lounge areas, grilling station and saltwater pool with a large wet deck. Additionally, the project includes a coffee lounge, conference room, pet wash, fireplace lounge, community demonstration kitchen, bike storage and repair, plus a gaming and study lounge. A 24-hour fitness center featuring Fitness onDemand® will be available for residents as well as concierge services.

In a release prior to the event, City of Elkhart Mayor Tim Neese talked about what a boon the project will be for the Elkhart.

“In addition to business attraction and retention, housing is an important component of the city’s economic development strategy,” said Mayor Neese. “Without adequate housing, the population of our city increases daily and declines in the evening, as employees return to their homes in adjacent communities and spend their hard-earned money dining and shopping elsewhere. The addition of 205 downtown units in Elkhart will help to capture a portion of that population, resulting in new income, property and sales tax revenue. We hope that this will be a catalyst for future development projects citywide and will welcome more people to live and invest in the city of Elkhart.”

Apartments will include cultured marble vanity tops with integral sinks, stainless steel appliances, washer and dryer, undermount faucets and sinks, as well as LED lighting in entries, kitchens and bathrooms.

Project partners include CSO Architects, American Structurepoint (Civil Engineer) and Lynch, Harrison & Brumleve, Inc. (Structural Engineer). Financing provided by First Source Bank. Flaherty & Collins Construction is the general contractor.

The project, at 237,337 square feet, plans to be completed by the Spring of 2019.

Breaking Ground at The Breakwater

A swarm of Flaherty & Collins Properties development, construction and marketing team members descended on New Albany for the groundbreaking of our newest project, The Breakwater.

You can check our more coverage of this exciting project and details here.

But what you came to the F&C blog for is the behind the scenes stuff, right?

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Our road crew got an early start and prepped our stage show quite well.

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Our Marketing Team, Derek Miller and Jaime Young, made the trip! Derek flew the drone for construction aerials and took all our awesome pictures of the event, while Jaime live-tweeted the proceedings.

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And here’s one of Derek’s aerial shots of the project site:

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Flaherty & Collins Properties CEO David Flaherty spoke about what the project will do for the City of New Albany and its residents. Among the highlights, a projected $30 million economic impact over the next five years and the creation of over 200 new construction jobs, not to mention the roughly 300 new residents that will be brought to downtown New Albany.

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Our Marketing & Communications Director, Brian Moore, played Master of Ceremonies for the event and introduced our wonderful guest speakers.

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We were joined by the City of New Albany Mayor, Jeff Gahan, who spoke of the vision it takes to put a project like this together.

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A good crowd – and the media – attended the ceremony to find out more about this project.

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We’re excited for this project to begin and see what it looks like in roughly 18 months!

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