New Albany’s downtown apartment complex is moving forward. The so-called Coyle Project comprises two blocks of Spring Street and calls for restoring a historic two-story structure in addition to building two new-construction buildings. The $16 million project, developed by Indianapolis-based Flaherty & Collins, will bring nearly 200 apartments to the core of New Albany on a site that has been surface level parking for decades.
Under the plan, a large portion of the site will remain surface parking, but three- and four-story buildings will line the blocks’ perimeter. The design of the complex was handled by Indianapolis-based firm Cripe.
The New Albany Redevelopment Commission (NARC) recently approved public financing for the project. Indiana Governor Mike Pence previously awarded the project $3.3 million in tax credits through the Indiana Economic Development Corporation. Officials capped public contributions at $4.9 million, according to the News & Tribune. These public funds have drawn criticism from others in the community who are calling the move a form of corporate welfare. Critics include mayoral candidate Roger Baylor, who has been keeping tabs on the process in his blog, NA Confidential.
The city also announced that the building will be Southern Indiana’s first residential complex with gigabit high speed internet. “We hope to entice…young professionals to our area by making investments in important technology infrastructure like gigabit-speed internet,” David Duggins, New Albany’s Director of Redevelopment & Economic Development, said in a statement.
The project’s apartments will be located in the new construction buildings while the former Coyle Dodge building will include 6,000 square feet of retail and office uses. No retail is planned in the new buildings. Other amenities include a pool and community spaces and rents will range from just under $800 to $1,200 a month.
Construction is expected to begin later this summer and wrap up about 18 months later.