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Gateway announces sale of property on Amsterdam Road to CondoView LLC for $3.2 million


Gateway Community & Technical College has announced that the sale of the property on 1025 Amsterdam Road has closed.

The purchase price was $3.2 million. It was purchased by CondoView, LLC.

CondoView LLC’s records on file with the state Secretary of State’s office shows the organization president and managing members to be William Borek and the office to be office to be in Cincinnati. Its registered agent is Marcie Rottinghaus of Cold Spring. It was organized in 2014 by James H. Smith III.

A Gateway spokesperson said the entire proceeds from the sale of this property will be deposited into the Gateway Urban Campus project that was authorized in the 2010-2012 budget state budget. 

The Urban Campus project is still active and was authorized for $11,850,000.  To date, approximately $6.2 million has been spent on acquisitions and construction all within the city limits of Covington. 

Gateway Community & Technical College received approval from the Secretary of the Finance and Administration Cabinet to accept the bid of $3.2M received on Feb.16 as fair market value for the property at 1025 Amsterdam Road.

Gateway solicited offers via sealed bids in June 2016 and received bids ranging from $1.15M to $3M. The cost of demolition and property zoning were cited by bidders as impacting bid amounts.

In February 2017, a second sealed bid opening took place, a $3.2M offer was received.

The offer was sent to the Secretary of Finance and Administration who determined that fair market value for the property has been attained through a competitive bid process in the open market.

“We are pleased to receive approval from the Secretary of Finance and Administration to accept this bid and look forward to continuing our commitment to Covington and the northern Kentucky region through the Urban Metro Campus,” said Dr. Fernando Figueroa, president of Gateway Community & Technical College, at the time.

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You may be interested in this earlier NKyTribune story about the property.


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