A New Albany developer today announced plans to construct a 336-unit upscale apartment complex in west New Albany.
John Young, a local builder and developer, said construction will start in May on the first phase of 64 units in the complex to be called Park Place. The first phase is expected to be open for tenants by November or December, he said.
It will be located on the north side of Bratton Road, west of the New Albany Sportsplex. The site is immediately east of Union Health Care Center and wraps around behind the center.
“I’m very bullish on New Albany,” Young said. “This project will be successful and there will be a lot more development coming in.
“If the market is here like we think it is, we will move right into the other phases of construction,” he said.
The multi-million-dollar complex, which will have a gated entrance, will include, one, two and three-bedroom units and a community building with a business center, fitness center, swimming pool and other features.
Young said the site could accommodate 432 apartments, but he decided to build 336 to allow for “more green space and heavy landscaping.”
The first phase includes the community building, over-sized pool and five two-story apartment buildings. The façade will be a combination of brick and fiber-cement siding, Young said, and all of the units will have enclosed balconies or patios. Sound-deadening material will be installed between the floors, he added.
The apartments will have nine-foot ceilings, washer and dryer hookups and well-appointed kitchens and bathrooms. The entryways, kitchens and baths will have ceramic-tile floors with carpeting in the main living area and bedrooms, he said.
The units will be pre-wired for Metrocast cable and high-speed internet, Young said.
The apartments will be larger than typical units in the region, Young said. One-bedroom units have 741 square feet and lease for $705 a month. Two-bedroom units have 1,199 square-feet and cost $925, and three-bedroom units contain 1,356 square-feet and rent for $1,050. The two and three-bedroom apartments include two bathrooms.
The first phase includes 24 one-bedroom, 32 two-bedroom and 8 three-bedroom apartments, he said.
Young said Park Place is by far the most ambitious project he has undertaken, and he praised BNA Bank and its president, Bo Collins, for providing the financing.
“Our community bank has leaned over backwards at every step of the way to help make this project happen,” he said.
Young said he would be selecting one or more contractors to handle the construction soon.
Park Place will be managed by Young’s Five Star Realty. Leasing information can be obtained by calling 534-5025.