New Albany to Celebrate New Life For Vacant Building

Posted: Updated:
The building has been vacant since 1977. (file photo courtesy Denton Floyd Real Estate Group) The building has been vacant since 1977. (file photo courtesy Denton Floyd Real Estate Group)

State and local officials will Thursday celebrate the renovation of the former M. Fine & Sons shirt factory in New Albany. The $15 million project involves transforming the nearly century-old building into affordable independent and assisted living housing.

The 100,000-square-foot building is expected to open in 2018 and includes 108 independent and assisted living units. The Indiana Economic Development Corp. says the building is expected to create up to 66 jobs and enhance the Floyd County city's quality of place.

The building was constructed in 1922 and has been vacant since 1977. The IEDC offered developer Denton Floyd Real Estate Group up to $2.5 million in industrial recovery tax credits, which are awarded to "companies who are willing to invest in former industrial facilities requiring significant rehabilitation or remodeling expenses.

Lieutenant Governor Suzanne Crouch and New Albany Mayor Jeff Gahan will be on hand for the celebration.

Editor's Note: A previous version of this story listed the price of the project at $12.5 million.

  • Perspectives

    • Want A Guaranteed Negative Return?

      Here we go again! On Wednesday, August 14th, we watched the Dow Jones Industrial Average (DJIA) drop over 800 points.  The previous Monday the Dow ended down over 700 points. But what you may have missed is the sharp downward move in interest rates that has intensified with the recent stock market volatility. What does this mean for your portfolio?



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • (courtesy: Frank Logan/Military Vehicle Preservation Assoc.)

      Historic Military Convoy to Cross Indiana

      A sentinel moment of U.S. history is playing out Sunday in South Bend when the recreation of the U.S. Army Transcontinental Military Convoy rolls into town. Approximately 70 historic military vehicles are retracing the original 1919 cross country trip which traveled along the famed Lincoln Highway.

    • West Lafayette Center Breaks Ground

      West Lafayette city officials this week broke ground on the $31.5 million West Lafayette Wellness and Aquatic Center at Cumberland Park. Plans for the 72,000-square-foot project feature a natatorium, three gymnasiums, exercise machines, free weights and community rooms. 

    • Forbes Ranks Top Colleges; 3 Indiana Schools Make the Cut

      Forbes released its 12th annual ranking of America’s Top Colleges based on direct benefits a university or college provides its students. Several Indiana universities made the list in some “sub-categories”, like Grateful Graduates Index, but the University of Notre Dame was the only school in the state to break the top 20 overall rankings.

    • Caito Foods was founded in 1965.

      Caito Foods to Cut Jobs

      Michigan-based SpartanNash (Nasdaq: SPTN) has decided to discontinue the Indianapolis-based Caito Fresh Kitchen operations. The grocery retailer-distributor acquired Caito Foods Service in January 2017 for $217 million. The company broke ground on its $32 million fresh kitchen process facility in 2015. 

    • Photo courtesy of W.A. Jones

      Foundation Investment Partners Acquires W.A. Jones

      Cleveland-based private equity firm Foundation Investment Partners has acquired Whitley County-based truck parts distributor W.A. Jones. Terms of the transaction were not disclosed.