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COVINGTON, KY-The new, 1.7-mile Highland Ave., KY 10, extension road here not only provides a much needed opening to a coming $115-million extension building for Fidelity Investments, but also opens up more than 140 acres for new development. The firm is adding a 350,000-sf new office building, which will be open in December.

Fidelity has 450,000 sf of buildings now as part of its Midwest regional site on its 188-acre campus, one of nine across the country. This new building will consolidate the Midwest operations into one site, and add 1,500 jobs. The state gave the company $10 million in incentives to build the new facility and constructed the new road extension primarily to help funnel employees to the site and handle 50%, or 5,600 vehicles a day, of the company’s overall traffic volume.

The road runs from KY Rd. 17 at Highland Pike, to Magellan Way and Crosby Parkway, along mostly undeveloped land. “The new road makes the property more accessible to light industrial and residential development,” Dan Tobergte, president and CEO of the Northern Kentucky Tri-Ed, tells GlobeSt.com.

He says on the south side of the road, Eaton Asphalt has up to 50 acres that could be converted into multifamily residential property. However, the plant is very profitable, he says, and it could be awhile before the company decides to change the land use. “They would have to get that plant out of there west of the railroad tracks,” he says. “We’re trying to entice them to look at having developers put condos into the hillside, but I’d say it’s still an ‘if’ situation. They might not even do it, but we hope they’ll realize that the plant is not the highest use for the land.”

On the north side, he says, there’s another 90 acres available for industrial use. However, Tobergte says his group is still working with the city on how to get the site ready and arrange connections. “It’s also not imminent, there’s multiple property owners, and it’s close to the creek, so there’s floodplain issues. This is more in the three-to-five years away window,” he says.

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