Strauss Troy client, the Catalytic Development Funding Corporation of Northern Kentucky (the Catalytic Fund) provided funding for the renovation of the iconic Mutual Building in the heart of Covington’s emerging business district. The renovation begins on Tuesday, July 15 with a ceremonial groundbreaking ceremony, which will be attended by local business and community leaders.
The Mutual Building was built in 1921 and is located at 619-629 Madison Avenue. It originally housed the Covington Industrial Club (a precursor to the Chamber of Commerce), offices for the Mutual Insurance Company and several restaurants. For the last 20 years, this architecturally significant, three-story building has been vacant.
The $2,660,000 renovation project will convert the 27,000 square-foot building into 11,000 square-feet of basement and street-level commercial space along with 15 market-rate apartment units on the building’s upper floors.
The renovation of the Mutual Building plays an important role in helping to create a critical mass of development and activity in the Madison and Pike Street corridors in downtown Covington. This renovation is an example of the type of project the Catalytic Fund invests in and supports throughout Northern Kentucky’s urban core.
Click here to read an article from the Cincinnati Business Courier providing additional information about the groundbreaking ceremony and renovation.
The Catalytic Fund is a private sector, not for profit organization providing financing assistance and related services for developers of quality residential and commercial real estate projects in Northern Kentucky’s urban cities of Ludlow, Covington, Newport, Bellevue and Dayton. For more information, visit thecatalyticfund.org.