COVINGTON, Ky. — New life could be coming to a massive property in Covington.
Right now, a boarded-up, red brick building spans the block at the corner of 12th Street and Madison Avenue occupied by the former Duro Bag manufacturing site.
Now, the City of Covington has partnered with several other organizations to acquire the property, which the city called "a highly visible and historically significant facility."
WATCH: How the acquisition of the former Durobag facility is a step forward for Covington's revitalization efforts
The former manufacturing facility was founded by David Shor in 1953. At the height of its operation, it was the world's largest paper bag manufacturer with more than 2,500 employees.
The business was bought out in 2014 and slowly ceased operations at the site.
Covington city officials said the landmark property sits on eight acres at a critical intersection that will "unlock the next stage of the city's revitalization."
In recent years, the City of Covington has made a strong push forward in revitalizing the city and historic properties within it, mainly north of 12th Street. Mayor Ron Washington says that this property is a “critical piece” in continuing their progress.
"Redevelopment south of 12th Street is essential of Covington’s future," Washington said. "When we invest here, we are investing in people who have long deserved to share, fully, in the city’s progress."
The property was purchased with future funding and support from the Catalytic Fund of Northern Kentucky, the city itself, Kenton County and the Northern Kentucky Port Authority. BE NKY Growth Partnership has also invested in the project, the city said.
Leaders have not yet announced any future plans for the site, which cost around $4.5 million. Planning for the site won't begin until closing is complete in the first quarter of 2026, according to a press release.
Covington leaders said partners involved in the acquisition plan to stabilize the property, in preparation for privately-led development in the future.
"I think mixed use is definitely going to be the vision for this, and what those mixes are, we are open to discussions with developers," said Christine Russell, executive director of the Northern Kentucky Port Authority.
Russell said that partial demolition could be an option when construction begins, but their priority is honoring the historical buildings on the property.
"Full-scale demolition is not on the list for us," Russell said.
Covington leaders said that this new redevelopment will strengthen Covington neighborhoods, create jobs and benefit the community.
