An old furniture store in downtown Covington that’s sat vacant for nearly two years has a new name as efforts to rehab the space into an entrepreneurial hub continue to take shape.
Kenton County is partnering with Blue North, a Northern Kentucky-focused entrepreneurship support group, and the Northern Kentucky Port Authority to transform the former Sims Furniture building, located at 727 Madison Ave. at the corner of West Eighth Street, into the SparkHaus.
In addition to revealing the branding behind the space, officials today offered insight into its target completion date, while also tapping a developer for the project in Urban Sites, a veteran in the apartment, office and retail sector in Greater Cincinnati.
The Business Courier and Cincy Inno first detailed plans for the building in May 2023 when the Kenton County Fiscal Court approved using a pool of site development funds – an amount not to exceed $3 million – to purchase the property through the port.
The project aims to bring together founders, investors and support organizations under one roof – an amenity that’s lacking on the Northern Kentucky side of the Ohio River, officials have said.
“A thriving business environment, alongside education and public safety, is the bedrock of any successful community," Judge/Executive Kris Knochelmann said in a news release. "And with SparkHaus, we have the opportunity to create a welcoming, community-oriented space for entrepreneurs at each stage of their journey.”
For the project's branding, Blue North partnered with Covington Creates, an organization that brings together multiple Northern Kentucky branding and design agencies.
Prior to housing Sim’s Furniture, the building, which measures 48,000 square feet, was a Montgomery Ward department store. There are still features of that retailer's “Spirit of Progress” imagery on the facade. It's something the new branding for SparkHaus builds upon.
The vision behind SparkHaus is three-fold, the release said:
- Capital: A primary objective in creating SparkHaus is establishing a space where funders – from seed-stage venture capitalists to Northern Kentucky’s largest private equity groups – can interact with one another and other growing companies.
- Growth: With a wide variety of flexible space, SparkHaus aims to be a destination for companies growing and scaling. It will be designed to serve companies regardless of their size, from one-man shops to teams of 10 or more until they grow into a more long-term location.
- Collisions: By bringing together founders, investors and support organizations, SparkHaus will foster a collaborative environment.
In 2023, nearly 30 startups in Northern Kentucky raised more than $10 million in grants and venture capital, attracting investment from firms in California, New York City and Chicago.
With a facility like SparkHaus, “the potential in the years to come is limitless,” Dave Knox, executive director of Blue North, said in the release.
"2023 has been a year of tremendous momentum for entrepreneurship in Northern Kentucky, and SparkHaus will be a further tipping point for the community,” he said.
Total project costs are not yet finalized. Kenton County and its partners are working to raise private dollars to help finance the effort. The building’s rehab was last estimated at $9 million-$10 million, according to a development plan from 2023.
Funding, among other factors, would dictate the pace of completion. Knochelmann said during his state of the country address Thursday, Jan. 25, the facility could be fully functional by the end of 2025.
The building, which is considered historically and architecturally significant, has been vacant since April 2022 and requires extensive exterior repair, including new windows, the development plan said.
“Renovation of the building will visually impact the Madison Avenue corridor by removing blight and preserving a historic asset,” the document read.
