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Floyd believes southern Indiana is still about 3,000 apartments short of the demand for the growing population.
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The upscale apartments will be located at 4501 Town Center Boulevard.
Choosing to keep the city as the company's home base was a priority for its co-founders.
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The new development was announced Monday morning. It's called Lou 2.2 and there are 10 complexes in the plan.
Prices for the 264 units in The Slate will range from $984 to $1,526 a month.