Professional Mixed-Use Development Services At The Covington Central Riverfront Neighborhood Blocks C, D, And E

The City of Covington, Kentucky's Department of Economic Development is issuing Request for Proposals (RFP260401) to solicit qualified developers for professional mixed-use development services at Blocks C, D, and E of the Covington Central Riverfront (CCR) neighborhood. The procurement targets a 23-acre former IRS campus site that has completed demolition, environmental remediation, and horizontal infrastructure development. Developers may propose for all three blocks or individual parcels, with Block C consisting of three parcels (western, northern, and southeastern) designated for 2-5 story residential, retail, office, or mixed-use development, while Blocks D and E are designated for 2-5 story mixed-use with ground-level storefronts or walk-up units. Proposals must be submitted in sealed format by 10:00 A.M. on April 30, 2026, with site tours available by pre-scheduled appointment from April 3-24, 2026, and Requests for Information due by 11:00 A.M. on April 10, 2026. Evaluation will utilize competitive negotiation methodology with respondent interviews scheduled for the week of May 18, 2026, staff award recommendations for the week of May 25, 2026, and City Commission contractual award consideration anticipated for summer 2026. Proposals will be evaluated on technical competence (15 points), development concept (25 points), financial capacity (15 points), project schedule (10 points), purchase offer (20 points), Covington experience (10 points), and overall quality of submittal (5 points), totaling 100 points. Qualified developers should demonstrate experience with mixed-use urban development, financial capacity to execute their proposed concept, and familiarity with Covington's development patterns and objectives.

The RFP contains no specific set-aside designations or restrictions limiting responses to disadvantaged enterprises or other protected classifications. However, the site's location within a federally designated Opportunity Zone is highlighted, and developers are encouraged to evaluate Opportunity Zone Fund formation to potentially optimize project financing. The City has indicated willingness to consider targeted incentives if proposals demonstrate clear financing gaps while satisfying City goals, suggesting flexibility in the award structure. Property appraised values as of November 10, 2024, total approximately $7,920,000 across the three blocks: Block C at $2,100,000 (0.97 acres), Block D at $2,220,000 (0.74 acres), and Block E at $3,600,000 (1.15 acres), establishing the minimum purchase offer baseline. No incumbent vendors or current contractors are identified in the RFP. The City is serving as master developer with plans to sell individual parcels to multiple developers to encourage architectural diversity, and a 667-space public parking garage is planned as Phase II infrastructure available for potential use by future occupants of Blocks C, D, and E.