COVINGTON, Ky. — Fischer Homes, one of the region’s largest home builders and real estate developers, will officially relocate its corporate headquarters to Covington.
The move was announced at a press conference, held in conjunction with the City of Covington, Tuesday morning at the old site of First District Elementary on Scott Street.
“We believe Covington offers a uniquely business-friendly environment and a fantastic community for our associates to live, work and thrive,” said Greg Fischer, chairman of Fischer Homes, in a press release. “Our intent is to become an active and engaged corporate citizen, contributing positively to the city’s ongoing success.”
The relocation plan, which would see the company move from its current headquarters in unincorporated Boone County (the building has an Erlanger mailing address), came out of a collaboration between several entities. The company, Kenton County, the city and the van Rooyen Group, a private investment firm, worked together to make the move happen. Eventually, the entire company’s portfolio will relocate, which includes Fischer Homes itself, subsidiary Grand Communities, Victory Mortgage, Homestead Title Agency and Acendion Collective, to the new building.
A job development incentive from the city, which would facilitate the move, appears on the agenda for Tuesday’s city commission caucus meeting. City documents indicate the city estimates Fischer would bring about 350 jobs to Covington with average salaries of about $90,000 per year. The incentive of 1.25% of taxable payroll will bring in about $3.7 million over the ten-year term of the incentive, according to the city.
A transfer of up to $100,000 in tax incremental financing, or TIF, funds also appears on Tuesday’s caucus agenda. The transfer would provide over 300 parking spaces for the company at Covington’s Midtown Garage. Tax incremental financing is a common municipal development measure whereby property taxes from a particular property are diverted away from general city services and redirected back into the development itself. This is a way of offsetting development expenses.
The Covington Economic Development Authority voted to authorize the TIF funding last week. The Covington Parking Authority will also need to approve the financing, once the city commission approves it.
“The City of Covington would be proud to welcome The Fischer Group to our community,” said Mayor Ron Washington in the same release. “It’s especially meaningful that the builder behind one of Covington’s newest neighborhoods is planning to relocate here. As the region’s largest home builder, Fischer Homes will be a valuable addition to our business community, and we look forward to a strong partnership as we continue building a vibrant and thriving Covington.”
The building itself was first constructed in 1939 and currently takes up about 65,000 square feet of space. Planned renovations would see the building’s footprint expand to about 95,000, complete with updated amenities. The renovations will likely cost between $10 million and $11 million, according to city documents and Fischer’s release. David Spaulding, president of the Acenidon Collective, Fischer’s mixed use subsidiary, told LINK nky that the building won’t need to be rezoned, but there is a historic overlay in the area. The building’s expansion will feature a modern addition to the building’s historic structure.
Spaulding said the building should be up and running by 2027.
“This partnership represents a meaningful step toward further energizing Covington’s vibrant community,” said Guy van Rooyen, CEO of the van Rooyen Group, who also developed Hotel Covington. “We look forward to the positive impacts this collaboration can achieve.”
“Considering Covington for our new headquarters is about reinforcing our long-term commitment to Northern Kentucky,” Fischer said. “We are excited about the prospect of further embedding ourselves into the fabric of this community and contributing positively for years to come.”
The city’s job development incentive, as well as the parking authority incentive, were placed on the consent agenda for the legislative meeting on May 13. The city commission will cast a final vote to approve the measures on that date.
This story originally appeared on our partner's website LINK nky.
