The construction of a Fairfield mixed-use project has been planned for Bellevue City, in Kentucky. According to the developer, Neyer Properties, this will be its second project with the city, estimated at $115 million. Upon completion, the development is expected to bring apartments, a new hotel, single-family homes, plus office and retail spaces.
Recently, an agreement was reached between the developer and Bellevue City Council on the sale of a city-owned riverfront property. With this agreement in place, the Fairfield mixed-use project will be built at a seven acre-plot near Ohio River. This selected site is bound by the Ohio River to the north and Fairfield Avenue to the south. But towards the east of the property lies Lafayette Avenue, while Berry Avenue is to the west.
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Frank Warnock, Bellevue City’s administrator said there were still a few details left to sort out on the development agreement. But overall, the Fairfield mixed-use development was quite beneficial to the city and would also bring immediate financial benefits. The city would receive $2.5 million at the property’s closing sale, to cover debts associated with bonds issued in 2012.
Development plans for the Fairfield mixed-use project
Development plans for the Fairfield mixed-use project will cover the construction of a 2-story building along Fairfield Avenue. This building will be a mix of street-level retail components, along with second-floor offices and apartments. In addition to the commercial development, a 4-story apartment building will also be built to the North. This will feature over 200 units positioned above a two-level parking garage.
Furthermore, the Fairfield mixed-use project will include 20 row houses, which will be priced at around $1 million. Lastly, a boutique hotel consisting of 100- to 120-rooms has been planned as part of the development. Construction on the project is scheduled to begin by late 2023 or early 2024.
The Neyer Properties’s CEO, Neyer, said the Fairfield mixed-use project would be the largest development of its kind in the city. He further stated that the construction would take about three years to reach completion. Especially since, it’s large and a combination of four different projects on the site. In the long run, the project is expected to create up to 800 construction jobs and 190 employment opportunities when complete.