LA PORTE, IN –Flaherty & Collins Properties and the City of La Porte will break ground on The Banks, a $35 million mixed-use development that will bring a high-end apartment complex and retail space to NewPorte Landing.
A groundbreaking ceremony will be held at 402 Truesdell Ave. in La Porte on Friday, September 25, 2020 at 10am CDT.
The Banks is a 194-unit mixed-use development that includes 5,000 square feet of retail space, will be located on a four-acre parcel at the NewPorte Landing development site, located just off Clear Lake near Truesdell Avenue and Hoelocker Drive.
“We could not be more excited to see this project becoming a reality here in La Porte,” Mayor Tom Dermody said. “Creating more options for diversified housing is critical as we look to recruit more people and businesses to our city, and the high-end quality provided by The Banks is just what we need to keep La Porte moving forward. We are thrilled to be working with Flaherty & Collins Properties and cannot wait to see the revitalization this brings to NewPorte Landing and the city as a whole.”
“We are looking forward to starting The Banks,” 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 in this project, especially at a time when we believe economic development is more important than ever. The Banks will be a vital component for helping the City realize its vision for NewPorte Landing, while giving new residents an exciting living destination that energizes the Clear Lake area.”
The development will provide 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 will feature granite countertops, tile backsplashes in kitchen area, and stainless-steel appliances.
“The economic impact of our development will be tremendous for La Porte – an estimated $45 million over the first five years,” said Collier. “The Banks will bring new residents to the area and with strong disposable income to make employee recruiting easier and help support the local business. These new residences will help drive the demand for further development in the NewPorte Landing area.”
The development represents a capital investment of approximately $35,000,000, with Lake City Bank serving as construction lender and Foss as tax credit purchaser. The La Porte Redevelopment Commission is supporting the project with Tax Increment Financing.
“We have no doubt The Banks will be a game-changing project for La Porte,” said Bert Cook, Executive Director of the La Porte Economic Advancement Partnership. “There is a desperate need for this type of housing in our market and we know current residents, and potential new residents, will be excited to call this development home.”
The project, at 220,461 square feet, should be completed by the first quarter of 2022.