Posted on 07/01/2017 7:30:56 PM PDT by 2ndDivisionVet
NEW ALBANY — The plans for Denton Floyd Real Estate Group’s amenities-heavy assisted living facility on Main Street have gotten bigger and better since the company first announced in 2015 that it would rehabilitating New Albany’s former M. Fine & Sons shirt factory.
Construction on the $12.5 million project, called Mansion on Main, started two months ago after almost two years of predevelopment work on Denton Floyd’s part, including architectural approval and financing work.
“This building has sat vacant and in disrepair for money years,” said Brandon Denton, co-founder of Denton Floyd, in an email. “It is a massive structure at over 100,000-square feet. Renovating this eye sore back to its original glory and filling it with 108 new residents will create a nice supplement to the already beautiful mansion row on Main Street that it book ends, as well as create further vibrancy downtown.”
Mansion on Main, slated to open in 2018, was originally only supposed to include 94 units, but that was increased after “further engineering,” Denton said. A mix of affordable and private pay units will be available at the facility.
When first announced, Denton Floyd didn’t provide details about the amenities the facility would hold. Now, there are several to list, including a movie theater, spa, cafe, bar, beauty salon, therapy room, fitness center, a chapel, a private dining room, game room, arts and craft room, activities room, walking trail, gazebo and garden.
“Our facility will truly be the best in class,” Denton said.
Mansion on Main will also create 66 new jobs.
The M. Fine building, built in the 1920s, has been “underutilized” for almost twenty years since the factory closed in 1997. Denton, whose company is based in Louisville, said in a previous interview with the News and Tribune that he was attracted to investing in the area because of the City of New Albany’s improvements to Main Street, as well as a $2.5 million tax credit from the state's Indiana Economic Development Corp.
The City of New Albany is also supportive of the development.
“I think it’s going to be a wonderful addition to downtown New Albany,” said Mayor Jeff Gahan, who added that the facility will complement the city’s Main Street work.
The city is matching the state’s contribution to Mansion on Main — really $1.846 million and very little of which will be out of pocket, said David Duggins, New Albany’s director of economic development and redevelopment.
One way the city will match the credit is by creating two parking lots on either side of the M. Fine building for $85,000. The lots, one 20,400-square feet and the other 19,200-square feet, will be available for public and residential access.
The city has also accounted for how it will match the rest of the state’s contribution. Mansion on Main’s $1.152 million Urban Enterprise Zone tax credit that it receives for being located in the zone is part of the plan, as well as $50,000 the city spent to purchase the future parking lots, the $250,000 the city already spent on the Main Street project and the $249,000 value of Mansion on Main residents' parking for 10 years.
Also part of the match is a $65,000 railroad property that the city took possession of, but did not have to pay for because it was an underutilized property.
Denton praised the city for their help.
“Mayor Gahan and David Duggins with economic redevelopment, along with the Indiana Economic Development Corporation have all been integral in making this project a reality,” he said. “Without their assistance and shared vision of what this project will do to further the economic development of the city, the building would have remained a blight for years to come.”
People interested in living at Mansion on Main can email Denton Floyd at info@dentonfloyd.com. The company will be launching a website for the project in a few months.
Near you?
For me m Delaware county, it’s just down highway 3 south to 65, then south til you hit the Ohio river.
I was always telling my Dad I was going to room with him at his assisted living apt., it was nice.
No more yard work, snow removal, home repairs. Just lay around the shack and drink Ripple. Wonder what kind of swag you gotta come up with.
Fireworks going off, just got some sedatives yesterday from the vet for my bulldog. I love the smell of burnt powder.
I love hearing this news. It has been empty for years.
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