Flaherty & Collins Properties and the City of La Porte, Indiana, will break ground on The Banks, a $35 million mixed-use development that will bring a high-end apartment complex and retail space to the city’s NewPorte Landing development.
A ground-breaking ceremony will be held at 402 Truesdell Ave. in La Porte Sept. 25.
The Banks is a 194-unit mixed-use development that includes 5,000 square feet of retail space. It will be located on a four-acre parcel at the NewPorte Landing development site, located just off Clear Lake near Truesdell Avenue and Hoelocker Drive.
The development will provide amenities such as a resort-style pool with wet deck, 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.
The development represents a capital investment of about $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.
The project should be completed by the first quarter of 2022.
