Another key foundation has pledged support for the development of SparkHaus, a hub designed to assist entrepreneurs in Northern Kentucky. The R.C. Durr Foundation is contributing $250,000 to this initiative, which aims to unite founders, funders, and support organizations under one roof. This project is led by Kenton County, the Northern Kentucky Port Authority, and Blue North.
Kenton County Judge/Executive Kris Knochelmann commented on the contribution: “R.C. Durr was a phenomenal example of the power of entrepreneurship. Our hope is to give those who might be inspired by his legacy the platform and resources in SparkHaus they need to create Northern Kentucky’s next great company, so they, too, can go on to have the long-lasting community impact of R.C. Durr.”
Wilbert Ziegler, president of the Durr Foundation, expressed satisfaction with joining other investors: “We are pleased to join the growing list of investors who recognize the critical need to help fuel more Northern Kentucky success stories.”
The project has received donations from several other entities including the Carol Ann & Ralph V. Haile Jr. Foundation, Drees Homes Foundation, Ried Schott, Corporex Cos., St. Elizabeth Foundation, Milburn Family Foundation, Duke Energy Urban Revitalization Initiative, Fischer Homes and John Cain.
Additionally, The Catalytic Fund will finance an extra $2.5 million towards construction costs.
Upon completion, SparkHaus will feature over 30 private offices as well as adaptable meeting and event spaces intended to foster collaboration among entrepreneurs and provide opportunities for investors and support organizations.
The General Assembly has also allocated $6 million for this project in its latest budget while in 2023 NKY Port deployed $3 million from Kenton County’s state-backed site development fund.
Earlier this year saw approval from the Kentucky Heritage Council for up to $2.04 million in Kentucky Historic Rehabilitation Tax Credits related to converting what was once a historic Montgomery Ward department store into SparkHaus.
Furthermore, approximately $4 million in federal historic tax credits are expected to be utilized for this venture.
SparkHaus' total estimated cost is $17 million with Urban Sites overseeing construction efforts ahead of its planned opening in late summer 2025.