Indianapolis-based Flaherty & Collins Properties and the city of La Porte will Friday break ground on a $35 million mixed-use development. The company says The Banks will bring nearly 200 high-end apartment units and 5,000 square feet of retail space to NewPorte Landing.
Flaherty & Collins says the development will include a resort-style pool, outdoor courtyard and a pet park, among others.
“The economic impact of our development will be tremendous for La Porte – an estimated $45 million over the first five years,” said Julie Collier, vice president of development and lead project developer for Flaherty & Collins Properties. “The Banks will bring new residents to the area and with strong disposable income to make employee recruiting easier and help support the local business. These new residences will help drive the demand for further development in the NewPorte Landing area.”
The developer says the project is scheduled to be completed by 2022.
The La Porte Redevelopment Commission is helping to support the project with Tax Increment Financing.