Flaherty & Collins Properties broke ground on Friday morning for The Banks, a $35 million mixed-use development that will bring a high-end apartment complex and retail space to NewPorte Landing in the City of La Porte.
The Banks is a 194-unit mixed-use development that includes 5,000 square feet of retail space. The Banks is located on a four-acre parcel of land near the shores of Clear Lake and NewPorte Landing near Truesdall Avenue and Hoelocker Drive.
This development is the first step for the City of La Porte. Mayor Tom Dermody emphasized his goal for the city: 30,000 residents by the year 2030.
“With the emphasis on working from home this year, we want people from Chicago to South Bend to come live the lake life and choose to work in La Porte. I can’t think of a better spot for them to live when they relocate to The Banks,” Dermody said.
The development will provide many unique amenities such as a resort-style pool with wet deck, an outdoor courtyard featuring a fire pit and grilling station, a pet wash and bark park, fitness center with Fitness OnDemand technology, and bike storage and repair. Apartments will feature granite countertops, tile backsplashes in kitchen area, and stainless-steel appliances.
This development has created an excitement in the city, especially current residents.
“With all the incredible amenities, luxury living, retail space, and a gorgeous view of Clear Lake, they are already lining up to live here. Our office has received calls from local residents interested in moving in before construction has even begun,” Dermody said.
The project is set to fill a void in the city’s housing shortage while providing a diverse type of residency for the city.
“This will fill a void that we have had, especially on the rental basis for luxury high end development with set amenities,” said Laura Konieczny, Redevelopment Commission President for the City of La Porte. “With the close proximity to Chicago and South Bend, it will give the flexibility to love where you live and love where you work.”
The development represents a capital investment of approximately $35 million, with Lake City Bank serving as construction lender and Foss as tax credit purchaser. The La Porte Redevelopment Commission is supporting the project with Tax Increment Financing.
We have been working on this project for almost four years now,” said Bert Cook, Executive Director of the La Porte Economic Advancement Partnership. “Flaherty and Collins has been a partner from the start. They recognized the advantages of being in La Porte and what they could bring to our community. We have been at the same table working on one common goal which was to see The Banks built in our community and to do what’s best for the citizens of La Porte.”
In order to make this project a success, many local partners teamed up with the City of La Porte. These partners include Flaherty & Collins Properties, Lake City Bank, La Porte Economic Advancement Partnership, Foss & Company, and the State of Indiana.
“We have seen some great partnerships form with the city the state and private businesses,” said Tim Franke, President of La Porte City Council. “We hope to continue those working relationships as we continue to build up La Porte. We want to bring young people back to our community, and now, with this project, there is more intrigue. The future is bright.”
The Banks is on track to be completed at the end of 2021. This project is just the start of the housing boom in La Porte.
“I’ve grown up here. This is my community. I am so proud of La Porte and I can’t tell you how excited for what’s next,” Dermody said.