Flaherty & Collins Properties has announced the ground-breaking of River Haus, a $50 million mixed-use, luxury residential apartment development in Covington, Kentucky, at the former site of Mainstrasse.
River Haus will consist of 192 luxury market-rate apartment homes and 3,100 square feet of retail. The development is comprised of studios, one- and two-bedroom apartment homes.
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.
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.
TCF is providing the construction loan for the project. Core Real Estate Capital provided additional financial support of the development.
PACE Equity is providing about 10 percent of total development funding, at $4.4 million, for River Haus. 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.
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.