City Partners with Investor to Revitalize Charlestown Road Corridor

Major Investment Brings New Life to Efforts that Began in 2019

At Tuesday’s New Albany Redevelopment Commission meeting, board members approved a measure to assist developer Brian Forrest with Hoagland Commercial Realtors in his effort to revitalize Colonial Manor on Charlestown Road. Mr. Forrest purchased Colonial Manor, and is expected to invest $6.5 million into the property for various improvements. NARC board members pledged $1 million to the project for infrastructure, façade work, lighting, parking lot improvements, trees, and more along Charlestown Road.

The City of New Albany has been targeting the Charlestown Road area, including Colonial Manor, for redevelopment efforts for years, including an attempt to purchase the property in 2019. Through public meetings, the city had initially proposed numerous options for the property in 2019, including full residential options, mixed-use developments, and full commercial developments. Unfortunately, the City Council (at that time) rejected the purchase agreement, but the redevelopment efforts have found new life with this project that coincides with original options presented regarding commercial use.

“Revitalization efforts have been kick started by Mr. Forrest and the New Albany Redevelopment Commission,” stated Mayor Jeff Gahan. “We will now move forward with the best possible option and begin resurrecting the Charlestown Road corridor immediately.”

A rendering showing potential improvements to colonial manor.

Mr. Forrest reported to the New Albany Redevelopment Commission that he already has long-term office tenants in place for Colonial Manor that will immediately bring 111 new jobs to the area. 60 additional jobs are expected within the next few years. The average salary for the positions is above Floyd County average.

Mr. Forrest stated, “I have been watching Colonial Manor for the past few years hoping to do something and revitalize it like I’ve done in other communities. When I had a couple of large service-oriented tenants reach out and say they needed to be in that area, I thought it would be a perfect fit. With the City of New Albany’s assistance, we are now making that a reality. The goal is to have it filled with retail, medical and service-oriented tenants.”

Because of the type of work that the expected tenants perform, approximately 500 visitors are expected to the property each day. This is expected to have major economic benefits to surrounding restaurants, shops, and services. Stay tuned for more exciting news about upcoming improvements to one of New Albany’s most vital neighborhoods.