Newport’s old steel mill site, which has been vacant for roughly 25 years, could be the location of an $80 million development.
Developer PLK Communities is proposing 195 apartments, a commercial pickleball facility, funding for tree planting, and collaboration with the city on a bike and pedestrian safety study. The site is 17.23 acres, located along Route 9 at 910 Lowell Street, adjacent to the Licking River.
Out of the 195 units, 132 are two-bedroom units estimated to rent for $1,800, roughly 74% of the area median income; 63 are three-bedroom units estimated to rent for $2,300, roughly 77% of the area median income.
The residential portion of the site is estimated at $70 million, and the commercial pickleball operation, which will be open to the public and offer food service, is estimated at $10 million.
“The city of Newport at one time in its history had a significant industrial base, and as a result, a good portion of west Newport, in particular, has been highly polluted,” Newport City Manager John Hayden said. “This site is no different, and in fact, requires a significant amount of site remediation.”
According to site plans, a $5.1 million investment will be made in site cleanup. Hayden said the developer will have to dig about four feet into the ground and replace all of the soil at the 17-acre site.
Because of the large undertaking to remedy the site, Hayden said the development plan by PLK is only the second the city has received for the area. He said the other offer was for a concrete plant, which the city does not want.
PLK has done other regional projects, such as Factory 52 in Norwood and ILA Hyde Park.
As part of the project, Hayden said the developer has agreed to donate $150,000 to the city for tree planting. Newport announced in February that the federal government rescinded its $1.2 million tree grant from the Arbor Day Foundation. Through that grant, the city planned to plant 1,000 trees. Hayden said the city has been working hard in the private sector to recoup those funds.
PLK has also agreed to partner with the city on a study on bicycle and pedestrian safety in that area. Hayden said the city wants west Newport to be walkable.
“We want people to be able to go to this complex, enjoy the amenities there, even if you don’t live there,” he said. “If you want to walk to Ovation or walk to the riverfront. We have a $7.5 million park renovation at General James Taylor that is going to be undertaken this year. So, we want to build west-end access to the park as well.”
Hayden also said the Sanitation District has been interested in the site for a larger project that, if they were to go forward with it, would tie up the site for at least five to seven years. He said it would take a significant amount of time and the school district, county, and city would make close to zero revenue on the site.
What is the benefit to the school?
Hayden presented the project to the Newport Board of Education on March 26 because of a payment in lieu of taxes, also known as a Pilot, attached to the development. A Pilot gives the developer a certain property tax reduction to build the site. It requires approval by the school board.
According to development plans, the school’s share in the proposed Pilot is estimated to be $240,000 annually, compared to $21,120 today. The school will also receive tangible taxes from the development and its residents.
The plans estimate that 70-90 students would enroll in the district.
“As the board is aware, the school bus garage is also located on this corridor,” Hayden said. “So, this is an opportunity, if this site gets built, bookend that with New Riff Distillery down there and their rick houses. There’s a lot of room to develop, and we can see some really cool projects come to be that would enhance the value of the school’s property, should they ever decide to sell that. So, I think that’s significant.”
Newport Board of Education Attorney Brandon Voelker said the city brought in the district on its plans from the get-go. Newport Board of Education Chair Ramona Malone echoed that.
“We appreciate Mr. Hayden’s approach on this because me and Mr. Watts [Newport superintendent] had the meeting with you all, and I immediately brought it to the board for them to review it,” Malone said.
The board of education will vote on the Pilot at an April meeting. The project must also go before the Newport Board of Commissioners for final approval.
The post $80M development proposed for Newport’s vacant steel mill site appeared first on LINK nky.
