consultants are sandburs

Tuesday, February 10, 2015

David Flaherty doing what he does best ...

Architecturally unyielding -- photo credit, here.
... and that is speculating for profit in real estate with a hand one way or another touching or close to a public purse; this time again not in his home state of Indiana, but apparently in New Albany, Ohio, across the river from Louisville (if I read the bizjournals.com included map correctly).

Elements of style, on the ground, as much as in the deal, have a sameness that at times is not only distinct, but in some measure definitive of Flaherty's adventuring panache:

Upscale apartments planned for former Coyle site in New Albany
Feb 4, 2015, 1:48pm EST Updated: Feb 4, 2015, 2:20pm EST
By - Carolyn Tribble Greer

A $16 million upscale apartment complex is in the works for the former Coyle Chevrolet property on Spring Street in downtown New Albany.

The News and Tribune reports that the Indiana Economic Development Corp. has granted preliminary approval of a $3.3 million state tax credit to Flaherty & Collins Properties of Indianapolis for the project. The IEDC will make a final decision on the credit after a March 12 hearing, according to the report, and city leaders said the project could start later this year.

[link in original, italics added] The linked News and Tribune item, source of the above image, adds:

It’s an estimated $16 million development that would include multiple five-story apartment buildings and a renovation of the Coyle showroom into restaurant and office space.

[...] The financial firm Crowe Horwath administered an economic impact study for the city based on the project, and they are estimating the development would spur $30 million in investment within five years while creating 100 jobs.

New Albany Mayor Jeff Gahan said the city has been targeting ways to bring more residents to downtown, and added discussions with Flaherty & Collins have been ongoing for about a year.

It feeds into what Gahan calls “the business of residency.”

“It’s all about attracting a population that will come to New Albany, that will spend their time and resources in New Albany and who appreciate a great place to live,” he said Wednesday. “These are the kinds of developments that cities all over the state and country are fighting for.”

The for-lease apartments will be generally targeted to families making about $50,000 to $60,000 annually, and the complex would include several amenities geared toward young professionals. Estimates call for about 200 people to live in the complex, and that would generate more consumer spending downtown, city officials said.

“It’s really all about the ripple effect on this,” said David Duggins, director of economic development and redevelopment for New Albany.

The apartment complex is likely to include a pool, a park area for tenants to walk their dogs and an outdoor kitchen with flat screen televisions.

[italics added] Deja vu, all over again? However, it appears as if they get a restaurant, not some dentist. For millions less total cash at play than in Ramsey. Also there's no report of give-away gratis parking perks sweetening the deal for the Flaherty firm, there.

Unlike the defunct Riverview project, the city isn’t being asked to construct a major piece of infrastructure. The Riverview development called for the city to build a parking garage to be paid back with tax-increment financing revenue.

There will be on-site surface parking and likely some canopy-covered parking for the apartment complex.

Perhaps high-density TOD walkability buzzword stuff is not part of the deal, there.

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