NEW ALBANY —
The developer of a vacant building along Charlestown Road said the tenants he’s bringing to the location might not be “sexy” in terms of broad appeal, but in his opinion, they are the kinds of establishments that can help fill the somewhat ghostly commercial corridor.
Matt Oakley, age 27, ran unsuccessfully for New Albany City Council this year. Despite the loss, he said he’s still interested in improving the city.
By redeveloping the former Social Security and Walgreen’s building at 2660 Charlestown Road, Oakely believes he can inspire other investors to consider the corridor of businesses.
Dollar General has signed-on to expand to the location next year, and it will occupy 11,000 square feet of the building. The remaining 9,000 square feet will be taken by the New Albany chapter of Choices for Women.
“I think we need people to take risks,” said Oakley, who purchased the building earlier this year around the same time other businesses in the area were moving out of the corridor.
Sonic, Wendy’s and Taco Tico are just a few of the businesses that have either closed or moved to a different location over the past 18 months. Some officials have stated the southwestern section of Charlestown Road hasn’t been the same since Kroger vacated Colonial Manor and moved closer to Interstate 265.
But Oakley said that hasn’t discouraged him from funding one of the largest redevelopments in the area in recent years.
“I like to see things be renewed, whether it’s houses, whether it’s buildings, heck, whether it’s people,” he said.
There has been some positive activity in the area lately, as Save-a-Lot grocery recently opened in Colonial Manor, though the Dollar General there will be moving out next year to expand to Oakley’s building.
A new roof, interior and HVAC system were among the upgrades Oakley footed for the property, as well as a fresh parking lot.
The New Albany City Council recently approved an incentive program where property owners can receive a loan of up to 20 percent of their project cost not to exceed $50,000 to fill vacant commercial lots with businesses.
The interest rate for the loans is set at 3 percent, and the maximum length of a note would be 20 years.
While Oakley didn’t receive a city-issued loan to redevelop his building, Director of Community Development and Deputy Mayor Carl Malysz said his project is the type of improvement the program is intended to encourage.
“That’s exactly what we hope to see happen out there — these vacant, unused buildings get purchased, they get renovated and new tenants come in,” he said.
No loans have been made yet through the program, which was approved in October, Malysz said. The reason is because the city is still finalizing the details of the program, which must ratified by the New Albany Redevelopment Commission since the loan pool is funded by tax-increment financing revenue.
“We haven’t accepted any formal applications yet, but there most certainly have been calls and expressed interest,” Malysz said.
Oakley said Your Community Bank deserves credit for being willing to finance the building purchase and improvements for his project.
“They take on deals most banks wouldn’t,” he said.
Oakley also credited the city for footing infrastructure improvements this year along Charlestown Road.
The two tenants that will occupy the building next year might not garner national or regional attention, but Oakley said they are solid and credible establishments.
“It gets the corridor redeveloped, it brings a tax base to the corridor and it gets it cleaned up,” he said.
While there has been a surge in new business and publicity for downtown over the past four years, Oakley said elected officials and civic organizations shouldn’t forget about areas like Charlestown Road.
“It’s a huge corridor, and there are lots of residents that live there,” Oakley said. “I hope that the city doesn’t lose sight of other corridors while they focus on downtown.”
Recent Local News
Former Walgreen’s building in New Albany soon to be occupied
Oakley’s project to help fill vacant Charlestown Road corridor
- Recent Local News
-
-
SWEET TREAT: Volunteers see the attraction of annual Starlight Strawberry Festival
-
Board chair: Parks district best solution for New Albany and Floyd County
Mayor Jeff Gahan’s veto of a new parks deal between the city and county was upheld earlier this month by the New Albany City Council. While the Floyd County Council agreed to still pay an additional $100,000 toward the parks department for the remainder of the year, the city and county remain under a prior agreement that led to funding discrepancies in the past.
-
THE 'V' WORD: SUB: Prosser Career Education Center moves away from stigma of ‘vocational’ school
- TARC sets Memorial Day and Kennedy Bridge route changes
- Indiana man releases hostages, fatally shoots self
-
Vietnam veteran receives medals 46 years after active duty ends
- More travelers to hit the road this Memorial Day weekend
-
Pence talks bridges, jobs during Southern Indiana swing
“I think everyone senses with the recent bridges agreement, the potential for extraordinary growth,” said Mike Pence, a U.S. House member who is seeking to replace Gov. Mitch Daniels and retain the gubernatorial seat for the Republican Party.
- Police: Gunman has hostages in Indiana realty office
-
Delaware woman dies in I-65 crash
-
Collingsworth Family to perform at Silver Heights Retreat Center in New Albany
The Collingsworth Family will be making a return trip to the Silver Heights Retreat and Camp Center in New Albany on Thursday, June 7.
-
Clark County approves self-insurance plan
Clark County Insurance Agent-of-Record Diane Swank presented health insurance renewal options at the council meeting Monday, but the county’s fiscal body decided to recess its meeting in order to review a proposal to move the county to a self-insured plan.
-
New theater directors at NAHS and FCHS ready for their programs
As the curtain falls on the careers of the teachers who put the theater programs of Floyd Central and New Albany high schools on the map, the new blood coming in have big hopes for the programs they’re taking over.
-
Jeff to start enforcing insurance ordinances
A 2004 ordinance that dictates how much city retirees pay for health insurance – ignored for years by Jeffersonville officials – looks like it will now be enforced.
-
Top Gun showing Saturday at the New Albany riverfront
In honor of Memorial Day, the city of New Albany will show the movie “Top Gun” on its new 40-foot screen at the Riverfront Amphitheater Saturday.
- More Recent Local News Headlines
-
