NEW ALBANY — The New Albany Redevelopment Commission and the developer of a new apartment complex along Charlestown Road have reached an agreement that’s expected to bring stormwater improvements while removing a blighted building from the area.
The commission approved a development agreement Tuesday with Vitor Bueno and NB Development regarding the 24-unit apartment complex being constructed on the former Steinert’s Grill and Pub property at 2239 Charlestown Road.
In addition to some site development work, the commission will foot stormwater improvements that officials said will not only serve the apartment property but also the surrounding neighborhood.
In exchange, the developer will deed a former appliance store property adjacent to the apartment site to the commission.
“We’re excited for this partnership for this area of Charlestown Road,” said New Albany Redevelopment Director Josh Staten. “This is one that can really anchor that south area near Silver Street.”
The estimated $3 million investment in new housing units is a major benefit to the corridor, and the city will be able to improve a blighted, vacant property as a result of the deal, he continued.
As for the Steinert’s property, it has been vacant since the restaurant was gutted by a fire in 2008.
Bueno said the goal is to have an occupancy permit approved for the apartments by the end of April. The units are slated to range in size from 754 square feet to 1,131 square feet.
The city and redevelopment commission have targeted the southern portion of Charlestown Road in recent years for improvements through property acquisitions and other efforts.
“I think this really bookends that corridor. It adds shoppers, it adds people going to restaurants,” said Jason Applegate, a New Albany City Councilman and a member of the redevelopment commission.
“It’ll be nice to have something where the old Steinert’s was. It’s been a long time coming and I’m excited for the project.”