COVINGTON, Ky. — Corporex, a privately held investment firm serving as master developer of Ovation, the 25-acre mixed-use development covering nearly five city blocks in Newport at the confluence of the Ohio and Licking rivers, has secured an anchor tenant for the development’s new office building.
MegaCorp Logistics, a transportation logistics firm specializing in full and less-than-truckload shipments (dry van, refrigerated, flatbed, intermodal, air, etc.) throughout North America in the food, manufacturing, retail, government, textiles, and metals/building materials industries, has signed a long-term lease agreement with Corporex. The firm will occupy two floors, or 40%, of the first office building located within the Ovation development.
“MegaCorp is excited to announce a major investment in our Greater Cincinnati operations by doubling our current size. Ovation and the city of Newport put us in a strategic location right in the heart of the region. We actively sought an energetic and catalytic environment to help us attract and retain top talent and Ovation offers all of this and more to our employees,” said Bob Klare, president of MegaCorp Logistics. “We have the AEG/PromoWest Music Pavilion right next to us, walkability, and an outstanding view of downtown Cincinnati from the riverfront. This modern space will be a wonderful place for our colleagues to work, socialize and bond with their teams. We’re looking forward to seeing the planned hotels, bars, restaurants and fitness club come to fruition because I know that our employees will be eager to enjoy these amenities.”
MegaCorp Logistics is currently ranked as one of Transport Topics’ Top Logistics providers in America. They also rank as the 30th largest, U.S.-Based Full-Truckload Brokerage company according to Transport Topics. With headquarters in Wilmington, N.C., the company has had a significant hub presence in Northern Kentucky for 12 years. While challenges within the supply chain industry remain, MegaCorp is a leader in innovation, quality, reliability, integrity and dedication to their customers and their specific needs.
The MegaCorp regional headquarters is expected to bring nearly 250 to 300 jobs to the Newport riverfront.
“We are thrilled to continue to see such interest and momentum along the riverfront here in Newport,” said Thomas Fromme, Newport City Manager. “With three of the region’s largest cranes in the air, the overall investment in the city has never been higher, largely due to what is happening at Ovation.”
Corporex began construction on the 100,000 s.f., five-story office building in October of 2021. Located at 200 W. Third St. in Newport, Ky., construction of the building is expected to be complete by the end of 2022 with MegaCorp occupying their new space in the first quarter of 2023.
“Corporex has always been forward thinking on large-scale developments like Ovation,” said Alan Bogart, senior vice president of construction at Corporex. “We ordered steel and other materials in advance to circumvent the significant challenges others in our industry have faced, such as inflation and supply chain issues, allowing us to continue to meet our deadlines for the project with little disruption.”
In addition to finalizing the Class-A office building, Corporex recently kicked off construction on the 132-room Hilton Homewood Suites Hotel that will feature a plaza-level restaurant with a bar and a rooftop bar. These are the final structures included under Phase II of the Ovation development project.
Construction on Phase III continues and includes a 1,600-parking space structure that will serve as the foundation for for-sale and for-rent residential units, retail, entertainment and a membership fitness and social club along the riverfront. The company recently began presales of the residential units in March and looks to have nearly 20% of the 88, for-sale luxury units presold by the end of May.
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