Indianapolis-based Kittle Property Group Inc. has opened a new $43 million housing complex in New Albany. Monon Crossing was built on the site of the former StemWood Corp. lumber mill, which closed in 2015.
The complex has 240 apartments, ranging from one to four bedrooms. Kittle says the apartments are geared toward residents earning between 50% – 70% of area median income.
“Being able to redevelop the old Stemwood site has presented some unique challenges, but we are excited to revitalize this area of New Albany,” said a Kittle Property Group representative. “We are happy to give local community members an affordable housing option and we are ready to welcome them to their new home.”
Construction on the property began in August 2020.
The property management company says the centralized location offers easy access to shopping, restaurants, and recreational opportunities.