VIL­LAGE

The Covington News - - Front page -

restau­rants and a his­tory mu­seum. Un­for­tu­nately, due to the eco­nomic down­turn, many of the stores re­mained un-leased, and the mu­seum closed in 2009.

“It was a vic­tim of the re­ces­sion,” Van Dyke said “Ev­ery busi­ness space was pre-leased months be­fore (the open­ing in Oct. 2008), but then the mar­ket crashed. All but three ten­ants wanted am­i­ca­bly to get out of the pre-lease agree­ments. We let them.”

Without the busi­nesses, par­tic­u­larly the mu­seum, bring­ing in rev­enue and pay­ing rent, there was not enough in­come to pay for the loan.

Van Dyke hopes the Vil­lage will pick up when the econ­omy im­proves.

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