Covington's Mutual Insurance Company building to become apartments

Covington’s old Mutual Insurance Company building will soon see new life. Ashley Commercial Group hopes to start work on the $2.5 million mixed residential and commercial project by mid-March.
 
The 100-year-old building sits at the corner of Madison Avenue and Pike Street, across from Covington’s old city hall, which is being converted into a luxury hotel. Built in 1915, the building has been vacant for most of the past decade. There have been several efforts to renovate it, and it has been home to several businesses, including German Mutual Fire Insurance Co. and Goetz Jewelers.
 
The project will include first-floor commercial space and 15 upscale, one-bedroom apartments on the second and third floors of the building. Work is expected to take about 10 months to complete.
 
Last January, the city of Covington purchased the building for $430,000, with plans to develop it. Ashley became involved shortly after, and is working with the city and the Northern Kentucky Catalytic Fund to get the project going. It’s also working with Duke Energy on a grant to fund part of the project.
 
The city of Covington still owns the property, but Ashley has plans to buy it.
 
By Caitlin Koenig
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