News and Tribune

Recent Local News

December 12, 2012

Developer questions city’s aim for New Albany's riverfront corridor

New Albany Horizons granted extension on payment for property

NEW ALBANY — Developers who once proposed a $30 million project in downtown New Albany want to know the city’s vision for the riverfront area before proceeding with any investments.

On Tuesday, the New Albany Redevelopment Commission extended the due date on a mortgage note for six parcels of public property off Bank Street owed by the group New Albany Horizons LLC. In 2008, the commission agreed to sell the parcels to the group for $107,500, with final payment due by the end of this year. So far, the group has only paid property taxes on the lots.

New Albany Horizons already owns land around the public property, and eyed the parcels as part of its plan to construct residential, commercial and office space near the corridor of Bank and Main Streets.

Carl Holliday — a partner in New Albany Horizons — told the redevelopment commission Tuesday the group hasn’t started the project because of uncertainty over what will be developed around the property.

The city controls two key pieces of land near the six parcels that had been sought by Mainland Properties for the proposed River View development. However, the commission earlier this year rescinded an option on the two lots for Mainland Properties to allow Mayor Jeff Gahan’s administration to seek new request-for-proposals, or RFP, for the land.

New Albany Horizons has ownership of the property, with payment due on its note. Mainland Properties only had an option on the two public lots it sought for River View.

As for New Albany Horizons, Holliday initially requested a two-year extension on the note “until the city makes a decision on the entire riverfront area.”

“We’ve been kind of in a holding position,” he said.

Holliday said he met recently with Economic Developer David Duggins and Gahan, and was told the city may incorporate the New Albany Horizons’ property in a new plan for the corridor.

Parking is a big factor in terms of what the city may elect to pursue in the area.

Duggins said the city has an obligation to provide adequate parking for the Floyd County branch of the YMCA of Southern Indiana, which is adjacent to the properties in question. Proposed parking garages for the area range from $4 million to $12 million, and would have to be footed with public funds, Duggins continued. He said the administration is investigating ways “to make the parking structure smaller, but still live up to our obligations at the Y.”

Diane Benedetti, city council president and redevelopment member, requested the due date for the $107,500 payment be extended until Jan. 31 to allow the matter to be taken under consideration.

Irving Joshua, president of the redevelopment commission, said there’s no timetable on when the RFP for the former River View lots or plan for the corridor may be finished.

“We don’t know for sure how long that process is going to be before we get a clear picture as to who may be in that adjacent space,” Joshua told Holliday.

 

1
Text Only | Photo Reprints
Recent Local News
LOCAL MAGAZINES
Easter 2014 photos


Click on any photo to purchase it.

SPECIAL CONTENT
Twitter Updates
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
2013 Photos of the year


Take a look at our most memorable photos from 2013.