School to Make Way for Apartments
- Jun 29, 2015
School district officials in Newport, Ky., have selected a developer to tear down a school building and build a multi-family project on the site.
According to the Cincinnati Enquirer, CRG Residential edged out five competitors with its $2.6 million bid on the Newport Intermediate School building at 101 E. Fourth St. The Newport Independent School Board accepted CRG’s bid on June 22. However, Newport Intermediate will be open for the 2015-2016 school year. The deal will not close until Aug. 1, 2016, after the district relocates the school’s 450 third-, fourth- and fifth-graders.
In the meantime, Carmel, Ind.-based CRG will develop the project’s designs and obtain the necessary approvals. Although an architect has not been selected, David George, CRG’s vice president of development, told the Enquirer that his company intends to build a four-story building with about 200 one- and two-bedroom units and first-floor retail or restaurants. He added that the apartments will resemble those at nearby Monmouth Row.
CRG did not reveal how much it intends to invest in the project. In an interview for the Cincinnati Business Courier, David George also said that, once work starts, construction should take about a year and a half. This means that the new apartments could be ready by the end of 2017 or the start of 2018.