New Albany, Ind. Development Gaining Momentum

Photo by Jerod Clapp
Photo by Jerod Clapp

Flaherty & Collins Properties has partnered with the City of New Albany  and the Indiana Economic Development Corp. (IEDC) on the development of the former Coyle Chevrolet property on Spring Street in New Albany, Indiana. The project includes 157 apartment homes and retail.

“We are thrilled to partner with the city of New Albany and the IEDC to make this development a reality,” said Austin Carmony, lead developer of the project with Flaherty & Collins Properties. “This public/private partnership brings a luxury residential mixed-use development to downtown New Albany that will add approximately 200 residents with disposable incomes to the area that will further support local businesses. The project will build on the strong economic development that is already occurring downtown, making the area vibrant, walkable and full of activity.”

The luxury apartments will include what will be the finest amenities in New Albany, such as a resort-style pool with cabanas, Fitness Center, dog park, Cyber Cafe and outdoor kitchen. The $16 million project includes at least two apartment buildings and the renovation of the Coyle showroom into retail space featuring a restaurant. Part
of the space will be used for office space for operations of the buildings.

Per the story published in The Courier-Journal, the city anticipates the project will bring $15 million into the downtown area for residential living. A financial analysis conducted by Crowe Horwath LLP indicates a total economic impact of around $30 million over five years, and the creation of about 100 new jobs.

The IEDC awarded $3.3 million to the project through the Industrial Recovery Tax Credit Program, designed to assist communities in developing large vacant structures.

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