By Errol Castens/NEMS Daily Journal
NEW ALBANY – Developer and real estate broker John Young says he’ll start construction on a 64-unit apartment building in May that will be part of a 336-unit complex.
Park Place, planned with such amenities as 9-foot ceilings, private balconies or patios and acoustic insulation, will be built on Bratton Road, between Union Health Care Center and the New Albany Sportsplex and near the city’s major shopping and restaurant area.
“It’s close to everything happening in this little town, yet you’re not crowded with a lot of other stuff around,” Young said.
“We’re bullish not only on New Albany but on apartments,” he added. “The Five-Star Realty guys are getting calls every day wanting more rentals.”
The complex will include one-, two- and three-bedroom apartments, with monthly rents targeted from $705 to $1,050. Planned community features include a gated entry, swimming pool, fitness center and business center.
Construction on the first five buildings in the two-story development is expected to begin in May, with completion slated for November or December, followed by more buildings next year.
Young said he chose to build fewer apartments on the site than codes allowed in favor of making them larger to allow for more green space and premium landscaping.
Phil Nanney, executive director of the Union County Development Association, said that residential developments such as Park Place are crucial to Union County’s and New Albany’s making the most of their economic opportunities, including the nearby Toyota plant in Blue Springs.
“A housing development of this nature can only be seen as a positive as we move forward in our growth resulting from Toyota and the Tier 1 and Tier 2 suppliers locating in our region,” Nanney said.
Young said he believes Toyota only adds to the demand for new apartments.
“We’ll wind up making it a bigger project than if Toyota hadn’t come along,” he said. “We’ve been without a good apartment project for a long time.”
Contact Errol Castens at (662) 281-1069 or email@example.com.