NEWPORT, Ky. - The city moved closer to transforming an industrial area near the Ohio riverfront into a family entertainment district when city commissioners agreed Monday to buy Posey Flats from Hosea
Rehab.
The contract calls for Newport to pay $96,624 to Hosea Rehab for the building at 101-111 E. Third St. That's about $5 per square foot less than other recent acquisitions in the redevelopment area, Newport City Solicitor Mike Schulkens said.
So far, the city has spent $5.4 million to acquire property for the aquarium and the adjacent Newport Centre entertainment district, said Newport Finance Director Phil Ciafardini.
Both projects will be on a 10-acre tract between the L&N and Taylor Southgate bridges, part of the Third Street Redevelopment Area. Mr. Schulkens said Newport officials are still negotiating with the owners of three businesses in the area: Bridge Liquor Store at Third and Saratoga streets, Division Overhead Door Inc. at 113 E. Second St., and Eckert Welding Co. at 110 Monmouth St.
''Our total property acquisition down there is going to be well in excess of $6 million,'' Mr. Ciafardini predicted before Monday's city commission meeting. ''With all the development down there associated with the aquarium and the (Millennium) Monument, we felt it was in our best interests to go ahead and lock it in now.''
About three weeks ago, Second Street was closed from Columbia to Monmouth streets in preparation for construction of the aquarium foundation, said Chris Novak, Newport community services director. Since then, workers have been removing asbestos from buildings and have demolished five businesses in the vicinity of Second and York streets. Madame Sheba's and the adjacent Ohio Motors building ''are half-gone,'' and should be down by the end of today, Mr. Novak said.
In a related matter Monday, Newport City Commission authorized spending up to $9,000 to move telephone lines in the Third Street Redevelopment Area to accommodate construction. The dedication and ground-breaking of the $40 million aquarium at Second and York streets is set for Nov. 20.
