BY GREGORY A. HALL
The Cincinnati Enquirer
COVINGTON -- This week, Covington Landing will mark its first birthday under control of the city. It may not see its second.
After a five-year bankruptcy proceeding that dogged the restaurant and entertainment barges, the city hopes the landing will change hands this time on happier terms because a developer wants it.
"The landing is paying its bills," said city Economic Development Director Ella Frye.
On Thursday, Cincinnati-based brokerage firm CB Richard Ellis took over as the city's manager at the landing.
"I think it'll improve the day-to-day operations, and
they could potentially assist us in marketing the facility as well," City Manager Greg Jarvis said.
In August, the city commission authorized more than $60,000 in repairs and improvements to the landing as an incentive to potential buyers. The work includes repairing and improving the hull, which leaked in several spots, and new ramps that will move up and down with the river's changing levels.
" . . . We'll more aggressively market it once we get the improvements completed," Mr. Jarvis said.
Mrs. Frye said more improvements could be made, but some likely would be paid for by tenants.
The eight-year-old landing's early years were dogged by the financial troubles. The bankruptcy proceedings began in 1992. The complex was started by Gary Wachs and the late Ben Bernstein. The city took over the complex from a partnership, led by developer Bill Butler and hotel manager Dan Fay, who blamed many of their problems on access from the other side of the city's floodwall. They wanted a second floodwall entrance, at the RiverCenter parking garage. Next month's opening of the Northern Kentucky Convention Center just south on Madison Avenue and the opening of the Marriott hotel early next year are expected to make the landing even more lucrative for a buyer.
