Ending a four-year lawsuit over the disputed value of property in downtown Covington, Corporex has agreed to pay a group of developers a total of $1.2 million to settle the case.

        That paves the way for Corporex to redevelop the property as a high-rise building that would include retail stores, offices and condominiums. It was not clear Saturday, however, over what period of time that would be.

        “There has been some question over the time frame,” said Jay Fossett, Covington city attorney. “I'm looking at that right now on behalf of the city.”

        The land, at 214 Scott Blvd., the former Coach and Four Restaurant near the Kenton County administration building, is the last parcel in a 1988 redevelopment agreement the city has with the Corporex development company.

        Under the agreement, Covington-based Corporex, whose chairman is Bill Butler, has the right of first refusal to redevelop any piece of land the city has seized by eminent domain under its urban-renewal powers.

        The city took that parcel in 1988 for payment of $771,000 from the Northern Kentucky-based Renaissance Group, which later sued, arguing the land was worth much more. In the settlement, Corporex, through the city of Covington, will pay Renaissance $429,000 — the difference in the amount already paid and the amount in the settlement.

        “It was a contentious fight for four years,” said Phil Taliaferro, a Covington attorney who represented the Renaissance Group. “My guys are ecstatic. Nobody has ever gotten that much for property in that area.

        “They hit a home run.”

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