Downtown Covington's former YMCA and Gateway Bookstore will get new life with luxury suites, a "bourbon distillery experience" and office space with a $22.5 million-plus renovation, according to a recent announcement by the City of Covington, Salyers Group and vR Group.
The 72,000-square-foot space is split between two three-story buildings and is located on the corner of Madison Avenue and Pike Street, a highly trafficked and visible area within the city. The developers working on the new project are the same team as the one behind Hotel Covington.
“We’ve labored quietly for three years to create a new future for this important site, and we’re thrilled to partner with a developer — the Salyers Group — that has a history of delivering on big projects in Covington,” Mayor Joe Meyer said in a press release. “For too long this corner has been all but vacant, but soon it will be attracting tourism, over 100 jobs and a restored storefront to the YMCA building.”
The first floor will feature an urban distillery and "bourbon experience" in addition to 10,000 square feet of commercial office space, according to Guy van Rooyen, president of the Salyers Group.
The second and third floors will be transformed into 60 presidential and VIP suites, each equipped with a kitchenette. The rooms will range from 400-square-foot, one-bedroom lofts to three-bedroom penthouses. According to the release, there will also be a rooftop addition with rooms featuring private terraces that overlook the city.
"Each room will be catered to and serviced by the ever-expanding team at Hotel Covington and will thematically honor the rich history of the YMCA — a storied Covington landmark," reads the release.
Ground-breaking for the new development is scheduled for January 2020.
According to Covington's economic development director Tom West, the development is important for the Covington community because it will expand the area's walkability, boost bourbon tourism, create jobs, expand on Hotel Covington's brand, add a "cool vibe" office space to the city and continue to revive Covington's historic buildings.
“We’re really focused both on creating jobs and on nurturing developments that help us attract employers who then create jobs,” West said. “By working closely with the Salyers Group, we will do both with this multi-layered project.”
