The City of New Albany, the IEDC, and the Lieutenant Governor’s office joined property developer Denton Floyd Real Estate Group and building operator Vitality Senior Services to celebrate the redevelopment of the historic M. Fine building along Main Street in New Albany.
The historic structure will be rehabilitated into an assisted living facility, hosting over 108 units that are a mix of affordable housing and private pay.
“This historic building has been out of service for nearly 20 years, and unless a certain group of local and State people, both public and private, come together at the right time, chances are that this building would have sat vacant for another 20 years or been lost,” stated Mayor Jeff Gahan. “This is truly a huge victory for the people of New Albany, and it would not have happened without the work and cooperation between the city, the State of Indiana, and the developers.”
Lieutenant Governor Suzanne Crouch spoke at the event, and was encouraged to see the former factory being redeveloped for new use.
“We are thrilled to celebrate the revitalization of the former M. Fine & Sons building in New Albany,” said Lt. Governor Suzanne Crouch. “The building that has sat vacant for decades will be transformed into a place that provides affordable housing for senior citizens and enhances New Albany’s downtown quality of place, creating a destination where people want to live, work and play.”
Denton Floyd Real Estate Group is a full service real estate investment, development, construction, and property management firm. Its portfolio and services span across Southern Indiana, Louisville, and Lexington. Denton Floyd specializes in adaptive reuse projects. It takes pride in revitalizing aging and distressed/abandoned properties by renovating them back to their original historic character and creating a suitable use that fits the current economic needs of the area.
The $15 million project came together through a tax credit from the Indiana Economic Development Corporation and the City of New Albany.
The city’s investment comes in the form of a $1.15 million Urban Enterprise Zone tax credit, parking lots for the property, and the Main Street Improvement Project.
“I would like to thank both the State of Indiana and the City of New Albany for helping make this project a reality, both the IEDC staff and Mayor Gahan were integral in getting this project underway. The pro-business mentality of the state and local governments solidified our final decision to proceed with this investment opportunity," stated Brandon Denton, Co-Founder of Denton Floyd Real Estate Group.
The building will be operated by Vitality Senior Services, a locally owned, premiere provider of senior services management, possesses over twenty-four years of successful senior housing, health care services and site development experience. Vitality specializes in assisted living, skilled nursing and rehabilitative services.
“On behalf of Vitality Senior Services, I want to thank our partners at Denton Floyd and State and local officials for bringing this project to fruition. The Mansion on Main is unique, the blending of historical features with state of the art amenities, will garner national attention for its innovation in adaptive reuse projects,” stated Todd Marsh, CEO of Vitality Senior Services.
For more information about the project itself, or to inquire about living at the property in the future, contact Todd Marsh with Vitality Senior Services at 812-914-1161.