Ceremony marks start of construction of The Banks complex

 

Officials and developers toss shovelfuls of sand to signify the start of The Banks’ construction.

Story and photo by WNLP’s Beth Boardman

Heavy-equipment operators quieted their engines for a bit Friday, while state and city dignitaries gathered to toss the first dirt for construction of The Banks apartment/retail complex just west of Clear Lake.

The shovels full of clean sand were a stark contrast to the truckloads of brownfield soil removed from the former Allis-Chalmers farm implement production site.

 

Mayor Tom Dermody reminded those gathered that while A-C was “the center of industry” that economically sustained La Porte for the better part of the 20th century, it’s now “the center of redevelopment and revitalization” as The Banks and other new businesses appear on the area christened a few decades ago as NewPorte Landing.

Dermody gave credit to several former mayors and their administrations who kept the NewPorte Landing dream alive and shepherded it forward, including Elmo Gonzalez, Carl Krentz, Leigh Morris, Kathy Chroback, Blair Milo, and Mark Krentz. Milo, Morris and Mark Krentz attended the groundbreaking. He also thanked the La Porte Economic Advancement Foundation and Redevelopment Commission for their work.

The long road to redevelopment included acquiring properties, removing contaminated soil, demolishing old buildings, and convincing new developers to commit to the formerly stark area.
“Our goal is 30 by 30 — 30,000 residents (in La Porte) by 2030,” Dermody said.

David Flaherty, CEO of The Banks developers Flaherty & Collins of Indianapolis, echoed Dermody’s prediction that out-of-towners will be drawn to La Porte by the residence/retail space as well as developments he’s sure will follow in the future.

“Success breeds success,” Flaherty said. “People will choose to come and live in La Porte,” especially young professionals, he predicted. He anticipates a $45 million impact on the community within five years of The Banks’ opening, scheduled for the first quarter of 2022. The development’s cost is $35 million, including city tax increment finance (TIF) funds, state tax credits and Flaherty & Collins investments.

As for amenities at The Banks, the first level will feature retail stores while the upper floors will consist of nearly 200 high-level apartments with modern amenities. An in-ground pool, a courtyard with grill station and fire pit, a pet wash and park area, a fitness center, and bike storage/repair are planned.

For more information and images of The Banks, visit https://www.liveatthebanks.com/

 

A few of the construction workers already working at the site pause to watch the ceremony.

7 Responses to “Ceremony marks start of construction of The Banks complex”

  1. Jeffery

    Sep 27. 2020

    Be careful what you ask for LP. Ask Texas how things are going with Californians moving in. Begging for Chicagoans to come here will surely send the town into a Democrat stronghold. Progress is a dangerous game.

    Reply to this comment
    • Dan In LP

      Sep 28. 2020

      Yes Jeffrey, Equality, decency, economic freedom; I quiver at the thought….Yeah, lets keep LP just the way it is for the next 30 years with little economic growth, few sit down restaurants that offer more than an hamburger, a shortage of decent homes, and a tax base that is struggling, all for the sake of keeping those damn liberals where they belong.

      Reply to this comment
  2. SuzQuz

    Sep 28. 2020

    Is it going to be called “The Banks” because that’s what you’ll have to break in order to afford to live there? Haha!

    Seems like I recall a few years ago reading/hearing that the ground was quite toxic due to Allis-Chalmers. Fervently hope that is not the case. Or that it has somehow been taken card of.

    I agree with Jeffery concerning Chicago people flooding into La Porte.

    Reply to this comment
    • Beth Boardman

      Sep 28. 2020

      SuzQuz, the story notes that contaminated soil was removed.

      Reply to this comment
    • Laportean

      Sep 28. 2020

      Excited for some new housing options in LaPorte which the city and county is seriously lacking. People moving here expect new construction and upscale living. Because it is not offered here they are flocking to surrounding towns which offer this. People who purchase these units will be bringing their money and spending to LaPorte which will give a boost to the economy. Wish this option had been available several years ago. Now let’s start working on bringing non-chain restaurants to LaPorte.

      Reply to this comment
  3. Disgusted

    Sep 28. 2020

    The traffic flow on Pine Lake Ave, Weller Ave, Truesdell Ave, Hoelocker Dr, Rockwood Street, McClung Road, Park Street, Bach Street, Boston Street, and surrounding streets will increase 100%…but this article or any other isn’t going to mention this.
    I was born and raised in La Porte, and the politicians here have absolutely ruined this once great town.

    Want proof?

    Hoelocker Dr & Clear Lake Blvd. speaks for itself.

    This is beyond repulsive.

    Reply to this comment
  4. scottie

    Oct 01. 2020

    This is going to cause surrounding property value to go up 13-18%. I LOVE IT!

    Reply to this comment

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