In recent weeks, uncertainties over when (if ever) oil demand will return to the pre-crisis levels have increased with demand recovery basically stalled and China appearing to slow down its oil imports.Ī lot of the major players on the oil market, including some of the largest independent oil traders such as Trafigura and Mercuria, have been bearish on oil near term, expecting global stocks to build in the fourth quarter – due to weak demand – before starting to decline. election is another major uncertainty and whatever the result, the markets, including the energy market, will be impacted. China’s ability to continue propping up oil demand with record-high crude oil purchases is also called into question. Uncertainties about a second wave of COVID-19 and renewed restrictions on social gatherings in several major European economies are weighing on oil market sentiment. This year has been a year of uncertainties on all markets, including the oil market, but it looks as if uncertainties have grown since we entered the second half of 2020, instead of abating as analysts had predicted earlier this year. Oil has been stuck in a narrow trading range in the low $40s more or less since July after the market began to worry that even with large supply cuts from OPEC+ and curtailments in the U.S., demand will not recover fast and strong enough to draw down the record-high inventories that had built in the second quarter. "I think The Views has proven there are people who buy units as opposed to going the rental route.Oil prices are unlikely to move much higher from the current levels in the low $40s, at least not for the rest of the year, a growing number of analysts and industry professionals say. "We've seen the market come back," Zeltwanger said. Zeltwanger said he's confident if he can build on the former Gateway site, it will be successful. The Pulse Lofts apartments in Covington and the second tower of the SouthShore complex and the Aqua on the Levee complex in Newport are recent examples of developers opting to build apartments instead of condos. The condo market has waned in recent years in Northern Kentucky's urban core, with developers opting to build apartments. He's sold all but four of the 67 condos in The Views.
Zeltwanger said there's more of a demand for condos and homes with views of Covington and Cincinnati. "I have sketches creating a village in that area, connecting people with walking paths, with retail and restaurants." "I've always had a vision for that property," Zeltwanger said. Maybe a new restaurant or shop on the site could also serve the new residents, he said. In addition to homes, he envisions walking trails connecting it to nearby Devou Park and downtown Covington. Since building The Views, Zeltwanger said he envisioned continuing the development up above on the Gateway property.
Joshua One wanted to build a mix of 100-150 condos and single-family homes similar to The Views subdivision it built in 2008 a little lower on the same Covington hillside, said Paul Zeltwanger, managing member of Joshua One.
The state will put the property out to bid again, but no date has been set.Ĭovington-based developer Joshua One bid the highest at $3 million. While officials with the Kentucky Community and Technical College System wouldn't say what their asking price is, the assessed value of the property at $5 million will be taken into consideration, said Michelle Sjogren, spokeswoman for Gateway. The property's owner, Kentucky Community and Technical College System, wanted more money and rejected the bids.ĭevelopers want to build anywhere from 45 single family homes to 250 apartments on the site along Amsterdam Road, based on interviews conducted by The Enquirer. "It is the last place where there's an incredible view for development, but the market is what the market is," Covington City Commissioner Steve Frank told The Enquirer earlier this month.įive developers bid $1.5 million to $3 million to buy and develop the 25 acres on the border of Covington and Park Hills, according to bid documents obtained by The Enquirer. Gateway Community and Technical College's vacant campus on a hillside overlooking Covington remains in limbo as developers and the state wrangle over price. What should happen to one of the last pieces of Northern Kentucky land with million-dollar views?
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