Surplus Real Property Sale For Economic Development; 438 Scott Boulevard

The City of Covington, Kentucky's Department of Economic Development is soliciting proposals for the sale and redevelopment of a surplus city-owned property located at 438 Scott Boulevard in downtown Covington. This Request for Proposals (RFP) seeks qualified developers to acquire and redevelop a 12,384 square-foot historic structure with three floors, a partially finished basement, and an elevator situated at the intersection of Kentucky Routes 17 and 8. Proposals must include a proposed acquisition price, detailed development plan, evidence of financial capacity, and documentation of intended use with specific emphasis on economic impact, job creation, and property value enhancement. The evaluation criteria weight developer experience and financial capacity (15%), market and financial feasibility with verified funding sources (10%), proposed purchase price (15%), intended use (10%), presence of a tenant commitment through letter of intent or similar documentation (25%), projected economic impact including job creation (10%), project completion timeline (5%), and proposal completeness (10%). Respondents must provide three proposal copies—one original with original signatures, one printed copy, and one digital PDF on USB drive—for physical delivery to the City's Finance Department by 10:00 A.M. on April 23, 2026. Property tours are available by pre-scheduled appointment between April 2 and April 21, 2026, with completion of an Accident Waiver and Release of Liability form required for site access. The Request for Information (RFI) deadline is April 10, 2026, with city responses published by April 15, 2026, and the estimated award date is 30 to 90 days following the proposal due date.

No specific set-aside designations or disadvantaged enterprise restrictions are explicitly outlined in the RFP documentation provided. All respondents must demonstrate current occupational licensing, good standing with the city, compliance with all legal requirements, and provide a minimum of two years of audited financial statements to establish financial capacity and operational capability. The property is offered "AS IS" with no warranties, with successful respondents assuming all risks and responsibility for title verification and property condition assessment; the city will convey the property via Quit Claim Deed with no financial incentives or subsidies available for development. Upon acquisition, successful developers will receive a parking arrangement with the City Center Garage providing up to 50 weekday daytime spaces at $50 per month for eight years to support tenant operations. While the acquisition price will be a negotiated component based on individual proposals rather than a fixed budget, the city's cost basis information indicates the property was acquired for $1,450,000 with carrying costs of approximately $2,250 monthly, providing context for valuation considerations; the final award will be based on highest and best use evaluation across all weighted criteria rather than price alone.