A popular Northern Kentucky Farmer’s Market is getting a new home.

The City of Covington is set to buy a small tract of land on Pike Street from Covington Independent Public Schools with the hope of eventually redeveloping it into space for housing, commercial space, parking and possibly a new home for the Covington Farmers Market, which currently operates on Washington Street.

“The city’s been dancing around a more permanent location for the farmers market for quite some time,” said Covington Commissioner Tim Downing.

The purchase agreement for the land will appear on the consent agenda for next week’s meeting of the Covington Board of Commissioners.

The property is located near John G. Carlisle Elementary School on Pike Street between Holman and Banklick Streets and includes a small parking lot, some open space and an old bank building. The land is only about three-quarters of an acre. The Covington Board of Education has offered the land to the city for $300,000.

Although the purchase is set to occur under the aegis of the city, the redevelopment of the plot will be headed up in a partnership between the Covington Motor Vehicle Parking Authority and a local nonprofit, the Center for Great Neighborhoods. The Covington Economic Development Authority has recommended $500,000 to partially bankroll the redevelopment.

“We’re super excited to be a part of it,” said Center for Great Neighborhoods Executive Director Shannon Ratterman.

The concept plan for how the area will be redeveloped is still very early in the planning process, but it includes expanding parking for the area, constructing a pavilion to permanently house the farmers market, as well as areas for commercial development and housing. The city will also build a sidewalk between Holman and Banklick.

The housing, said Covington Economic Development Director Tom West, would be “specifically targeted toward teachers in the area, so affordable to them.”

The school district put several conditions in their offer, mostly to preserve the area around the school. These included height restrictions on buildings in the space and explicit use restrictions for the farmers market, parking and open spaces. The city plans to subdivide the land into two parcels and sell each one to the parking authority and the Center for Great Neighborhoods, respectively.

“In the eight and a half years I’ve been here, this has been one of the easiest (projects),” said West. “Everybody is rowing the boat in the same direction.”

The city hopes to have development agreements from both the parking authority and the Center for Great Neighborhoods by the end of the month. The Covington Board of Commissioners will vote on the purchase agreement for the land at their meeting on June 9.

In addition, the city plans to host a public open house so members of the public can see details about the project plans on June 10 between 4 p.m. to 6 p.m. at John G. Carlisle Elementary on 910 Holman Street.