The City of La Porte continues to make strides in its redevelopment project, NewPorte Landing. On July 25, the Greater La Porte Economic Development Corporation and Flaherty & Collins Properties announced plans to build a 200-unit multifamily development on the NewPorte Landing site. GLEDC selected Flaherty & Collins Properties to spearhead the project.
Julie Collier, Vice President of Development and Lead Project Developer for Flaherty & Collins Properties, said the project has the likelihood of being “a major economic catalyst.”
“With a development like this, we’re usually looking at a $50,000,000+ economic impact for the downtown,” said Collier. “Direct and indirect. When you put new residents into an area, they can really help bolster your neighborhood and your downtown.”
David Flaherty, Principal Chief Executive Officer, seconded Collier’s prediction.
“It’s also great for businesses in the area…it will be a real advantage for employers that are here now to help keep and retain people, and attract people,” Flaherty said. “And it’s not just the downtown area—it’s really the ripple effect. If you’ve got a strong core in your city, a real strong downtown, that has a ripple effect throughout the whole community.”
Flaherty & Collins Properties building plans include two buildings totaling approximately 167,000 square feet and 200 new living spaces. The development will take place along the shores of Clear Lake and will feature many unique amenities, such as a resort-style pool with a wet deck, an outdoor courtyard featuring a fire pit and grilling station, a pet wash and bark park, a fitness center with Fitness OnDemand technology, and bike storage and repair. Apartments will feature granite countertops, tile backsplashes in kitchen areas, and stainless-steel appliances.
“I’m super excited about this project,” said Mayor Mark Krentz. “Flaherty & Collins are a top-notch developer; I’ve gotten to know them better in the time we looked into the company for the project. The development of NewPorte Landing needs to have vertical evidence of something great happening, and we’re going to see that with the Flaherty & Collins residential project.”
“This a real home run for the City of La Porte,” Krentz said. “It’s going to have a great impact on additional development at NewPorte Landing, and it’s also going to have a great impact on focusing a spotlight on the City of La Porte. I’m very proud of our city; we have a lot to offer. This is a nice punctuation mark on something that will really get this thing rocking and rolling.”
Based out of Indianapolis, Flaherty & Collins Properties has nearly $2 billion currently under development throughout the nation. The company has projects underway in Kansas City, Washington, D.C., Elkhart, Mishawaka, Kokomo, Indianapolis, and Covington, KY. Flaherty & Collins Properties also manages over 115 properties and nearly 17,000 units nationwide.
This new development in NewPorte Landing represents a capital investment of more than $30,000,000. The La Porte Redevelopment Commission is supporting the project with Tax Increment Financing. Construction is set to begin next summer with an opening set for late 2020.
“The timetable for this project fits very well with the work the Redevelopment Commission has been doing in NewPorte Landing,” said Redevelopment Commission President Don Berchem. “With the opening of the Dunes Event Center, Dunkin Donuts, and Starbucks, we have really gained some ground and are excited to see the continued growth of NewPorte Landing.”