by Michael Monks
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Covington's request for proposals to develop the riverfront have been met with three responses from two companies including a joint proposal from Corporex and Jeff Ruby that aims to reopen the Waterfront at Covington Landing. Another two proposals come from the Bocal Hotel Group, LLC.
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Corporex & Jeff Ruby Unite to Reopen Waterfront
Their proposal includes two phases with the first focused on the Waterfront and then a second phase that would only begin when funding becomes available and would place a floating boardwalk and marina & wharf at the riverfront. Under this proposal, the Waterfront could be open as early as this summer at a new location just west of Covington Landing. Previously, the Waterfront operated on the river at the end of Bakewell before nature washed it away. Once funding is secured for what Corporex calls Phase II, Covington would have a new marina, a wharf, and a floating boardwalk. The proposal also includes a second floating restaurant east of the Waterfront's new location.
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The Sail Project
Price: $49.5 millionIn one proposal from Boca Hotel Group, called "The Sail Project", Covington would have a new 28-story mixed-use building that features a hotel with 128 rooms, 136 luxury apartments, and two restaurants (one on the rooftop and another at ground level) situated at the Overlook, west of the Landing. Construction would start in early 2013 and be complete by the end of 2014.
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The Kentucky Queen Hotel, Conference Center & Dinner Playhouse
Price: $37.75 million
Boca's second, less expensive proposal calls for an historically-themed hotel, conference center and entertainment district that would draw inspiration from the area's riverboat heritage. Boca suggests a parking garage for its development that would take place west of Madison Place and a 600-seat dinner playhouse across RiverCenter Boulevard where the IRS currently sits. (The IRS is looking for a new home within Covington and its prime real estate has long been a target for redevelopment by the City.) The plans include a New Orleans-themed restaurant/music venue that would face the river. This project would have the same construction timeline as Boca's other proposal, the Sail Project.
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