NEW ALBANY, IN (WAVE) – More businesses and housing is on the way in southern Indiana. New Albany's first "micro loft" apartments will soon be built in uptown while near State Street, the Daisy Lane expansion will bring multiple new businesses.
The corner of Market and Vincennes St. in New Albany is about to get a micro makeover - by building micro lofts.
"We're talking 300 square feet," said Paul Barber, one of the developers bringing Lancaster Lofts to life in New Albany.
The lofts may seem small to some but they're perfect for recent college graduates or empty nesters in need of a compact, affordable space. It's a need in the community and overall region, Barber said.
"Affordable housing is needed for sure," Barber said.
"And they are absolutely thriving in larger cities," said Matt Toole, one of the developers behind the Lancaster Lofts project.
50 units in all will be built as the Lancaster Lofts, named for the former Tommy Lancaster restaurant in town.
"It was right here, that's right, just right behind us here," Toole said. There will be retail space underneath the lofts, possibly a restaurant.
"Maybe even another cafe of some sort," Toole said. "We even mentioned, talked about seeing if the Lancaster family may want to have something like that as well."
Once construction gets going, it'll take eight to 10 months to build the lofts, letting people move in in less than a year.
The Lancaster Lofts are not the only new development underway.
"We've got a few things going on in New Albany we're really proud of," said New Albany mayor Jeff Gahan.
The Summit Springs development along Daisy Lane is moving forward, as construction to a Taco Bell nears completion and work to build a Fairfield Inn Marriott moves forward with crews laying the foundation. Downtown, the Reisz Furniture building will soon become the future city hall. It's one of a handful of historic preservation projects the downtown is undergoing, preserving the town's unique history and architecture.
"Lot of new development, got some historic preservation going on at the same time and I think that's really important. We don't want to lose the fiber and historic feel that New Albany has," Gahan said.
"We want to bring a new energy here and this is going to be a kickstart for a new, energized and revitalized uptown corridor in New Albany," Barber said.
Gahan said the city is working to find a balance between preserving the old and embracing the new, helping to draw both residents and visitors to town.