F&C Announces Grand Opening of The Banks, a $35M Mixed-Use Development in La Porte, IN

LA PORTE, IN –Flaherty & Collins Properties will host a grand opening event for The Banks, a $35 million mixed-use development that will bring a high-end apartment complex and retail space to NewPorte Landing.

The grand opening will be held at 402 Truesdell Ave. in La Porte on Thursday, October 6, 2022 from 3-6pm CDT, with remarks and ribbon cutting at 3:30pm CDT.

The Banks is a 194-unit mixed-use development that includes 5,000 square feet of retail space located on a four-acre parcel at the NewPorte Landing development site, located just off Clear Lake near Truesdell Avenue and Chalmers Street.

“Bringing in high-quality, diversified housing was a top priority for this administration, and we could not have asked for better than The Banks,” said La Porte Mayor Tom Dermody. “We are grateful to Flaherty & Collins for their investment in our community and cannot wait to see the growth and continued improvements that this development will surely bring.”

The development features many unique amenities, such as a resort-style pool with wet deck, outdoor courtyard featuring a fire pit and grilling station, a pet wash and bark park, fitness center with Fitness OnDemand technology, and bike storage and repair. Apartments feature granite countertops, tile backsplashes, and stainless-steel appliances.

“It is always exciting to complete a project, and The Banks is no different,” said Julie Collier, Vice President of Development, Principal, and lead project developer for Flaherty & Collins Properties. “The City of La Porte and Indiana Economic Development Corporation have been great partners throughout the development of The Banks. We’re thrilled to open and create an exciting living destination that energizes the Clear Lake area.”

The development represents a capital investment of approximately $35,000,000. Lake City Bank served as construction lender and Foss as tax credit purchaser. The La Porte Redevelopment Commission supported the project with Tax Increment Financing. Flaherty & Collins Construction served as general contractor.

“This project was desperately needed in the City of La Porte.  Not only did multiple private housing studies identify this demand but prior to this construction La Porte lost countless potential residents who ended up in like facilities in neighboring communities.  The success of The Banks already highlights just how important this project is to our community.  I’d like to thank the La Porte Redevelopment Commission, La Porte Urban Enterprise Association, City Council, Indiana Economic Development Corporation and especially Flaherty & Collins for such a sizeable investment in our community,” said Bert Cook, Executive Director of the La Porte Economic Advancement Partnership.

The project broke ground in September 2020.