Developers eyeing downtown New Albany property for luxury housin - WDRB 41 Louisville News

Developers eyeing downtown New Albany property for luxury housing

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LOUISVILLE, Ky. (WDRB) -- A major development could soon be coming to a vacant lot in downtown New Albany.

The former Coyle Chevrolet property has been vacant for a number of years, but the city now says it may soon be home to luxury apartments.

That could also mean good news for area businesses.

Sweet Stuff Bakery has been serving customers for almost 30 years, but owner Diane Christopher says business really took off when she relocated to Spring Street.

“Everything was going on in New Albany so we moved down here,” Christopher said. “It's been great, great for us.”

It could get even better as Christopher may one day have hundreds of people living a few blocks away.

In a statement, the New Albany Mayor's Office says the Indiana Economic Development Corporation awarded a preliminary $3.3 million credit to Indianapolis-based Flaherty Collins to develop a 157-unit upscale apartment complex.

“Now, a much needed downtown upscale residential living project will introduce the next phase of New Albany's rebirth,” Mayor Jeff Gahan said in a statement.

The money is part of the Industrial Recovery Tax Program, which helps communities develop large, vacant structures much like the Coyle property.

“Certainly having it populated would be much better than an empty building there,” Christopher said.

The city estimates the project will have a $30 million impact over a five-year period, and they believe it will create about 100 new jobs.

“I think it's fabulous -- great for downtown New Albany,” Christopher said. “I can't imagine that everybody wouldn't want to happen -- Lots of cupcake sales.”

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