Capital Investment Breaks Ground on $80M Project in Newport
- Nov 21, 2014
Cincinnati-based Capital Investment Group Inc. broke ground Nov. 20 on the $80 million expansion of Newport on the Levee. Called Aqua on the Levee, it will bring apartments, retail, parking spaces and Greater Cincinnati’s first Aloft hotel to the development in Newport, Ky.
The project will be developed on a three-acre surface parking lot, located just east of Newport on the Levee. Plans call for the construction of 238 luxury one-, two- and three-bedroom apartments, 8,300 square feet of retail space, and a parking garage with 800 spaces.
Capital Investment Group is partnering with Musselman Hotels to develop the 144-key, seven-story Aloft, which will feature a bar in the lobby and 10,000 square feet of meeting space. Louisville-based Musselman will manage the property.
In a statement, Gregg Fusaro, Regional Partner at Capital Investment, predicted that the development will be ”perfect for Millennials, young professionals who work downtown, and empty nesters who want to live in an exciting urban environment.”
City, state and local officials attended the groundbreaking ceremony. In a statement, Kentucky Gov. Steve Beshear said: “Newport on the Levee is a vibrant hub for dining and entertainment, and this development will create even more reasons to eat, work, and play in this area. The new project takes advantage of great views of the river and a pedestrian-friendly environment and we look forward to welcoming even more visitors to Newport.”
Elsewhere in Newport, Capital Investment Group developed the SouthShore condominium tower and the Vue 180. With Aqua on the Levee, its total investment in the city is now nearly $150 million.
Photo credit: www.facebook.com/newportonthelevee