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# The Mansion on Main
//The Mansion on Main
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The Mansion on Main2021-03-09T20:14:51+00:00
### Project Description
## Project Type:
* Adaptive Reuse
* Industrial Recovery
* Historic Tax Credit
* Senior Living
## Project Location:
* New Albany, Indiana
## Project Objectives
* Infrastructure Negotiation
* Incentive Procurement
## Capital Investment
* $15 Million
## New Jobs and Homes
* 60 Jobs
* 108 New Units
## Square-Footage
* 113,000-square-foot facility redevelopment
### **The Mansion on Main**
The Mansion on Main is an exclusive assisted living development in the heart of New Albany. Developed by Denton Floyd Real Estate Group and operated by Vitality Senior Services, the property is located in the historic mansion row district, just blocks away from downtown New Albany. The Mansion on Main provides its residents a unique urban experience that incorporates all the amenities important to older adults.
**Project Overview**
What started as a concept to renovate the M. Fine building – a former shirt manufacturing facility with historical significance dating back to the 1920s – transformed into a noteworthy adaptive reuse project for both Louisville, Kentucky-based developer Denton Floyd Real Estate Group and the City of New Albany. This notable assisted living project has received local, state and national praise for the level of care and partnership achieved throughout the renovation process.
The Wheatley Group worked as a liaison between the developer and the necessary state and local agencies to bring this $15M project to fruition. The Mansion on Main constitutes both an industrial recovery and a historic redevelopment effort, turning the 100,000+ square foot building into 108 uniquely designed apartments and the creation of 60 new jobs. In support of this project, The Wheatley Group assisted the City of New Albany redevelopment staff with crafting a local match offer of infrastructure improvements and property tax credits in excess of $1.8M in value, while leading Denton Floyd’s team in an application for $2.5M in monetizable tax credits through the State of Indiana’s Industrial Recovery Tax Credit program.
**State and Local Incentives**
* Total estimated property tax savings for project: $1,152,000
* Total value of local infrastructure commitments: $694,000
* Total IRTC tax credit award from State of Indiana: $2,500,000
### Related Projects
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  February 23rd, 2021
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# Crest/Clarksville Lofts
//Crest/Clarksville Lofts
Crest/Clarksville Lofts2021-02-23T22:07:07+00:00
* Multifamily Development
* Clarksville, Indiana
* $3.1 Million
## New Units
* 40 New Units
## Project Amenities
* Pool
* Pet Spa and Dog Park
* Fire Pits
* BBQ/Picnic Area
* Game/Entertainment Room
### **Crest Motel/Clarksville Lofts**
Once a blighted and shuttered roadside motel in a highly visible area along US-31 bordering the Town of Clarksville’s primary commercial corridor, the Crest Motel was transformed by Denton Floyd Real Estate Group into a modern, updated apartment complex now known as Clarksville Lofts.
Operating in an advisory capacity on behalf of Louisville, Kentucky-based Denton Floyd Real Estate Group, The Wheatley Group helped identify the development opportunity and played a critical role assisting the developer during incentive negotiations directly with the Town of Clarksville, its Redevelopment Commission and Plan Commission. To aid in bringing this adaptive reuse project to fruition, the Redevelopment Commission and Denton Floyd entered into a development agreement ensuring delivery of a quality product in a timely manner, while the Town and Commission committed to a forgivable loan of nearly $660,000 to offset development costs associated with property acquisition and other soft costs.
Once a public nuisance, the property has undergone a $3.1M conversion into a modern 40-unit complex that is nearly 100% occupied, offering residents up-scale amenities that include contemporary finishes, a resort-style pool area, fire-pits and a community entertainment/game room.
**Local Incentives**
* Clarksville Redevelopment Commission contributed $659,967 forgivable loan, capitalized by Local Income Tax and backed by TIF increment resulting from the project
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# Bristol Precast
//Bristol Precast
Bristol Precast2021-02-23T22:07:15+00:00
* New Business Attraction
* Manufacturing
* Clark County, Indiana
* Site Selection and Incentive Procurement
## New Jobs
* Up to 100.
* 35,000-square-foot facility with plans to double that in the future.
### **Bristol Precast**
Bristol Precast (formerly Ohio Valley Precast LLC) is a concrete component manufacturer, specializing in concrete panels. The company is a subsidiary of Lexington, Kentucky-based design-builders Bristol Group, and focuses on precast concrete manufacturing operations. They serve a large client list that includes Hitachi Automotive, DHL, North American Stainless, Marriott, Hyatt, UPS and the U.S. General Services Administration.
Lexington, KY-based Bristol Group began to consider expansion options for a new regional precast concrete plant to serve the Midwest. The Wheatley Group was engaged to assist in evaluating site location options in southern Indiana, acting as site selection advisor for the executive team. Bristol Group ultimately selected a site in Clark County near the City of Charlestown and River Ridge Commerce Center.
The Wheatley Group coordinated state and local incentive offers, maximizing value for Bristol Group’s new operation. Bristol Group’s project commitments included the creation of up to 100 jobs and a capital investment of $12M in new building improvements and equipment. The Wheatley Group led various state and local project approval efforts, highlighted by:
* Establishment of an Economic Revitalization Area
* Attending associated public hearings
* Successful application for real and personal property tax abatement
* Successful application for state training grants and payroll credits
* Various aspects of project management, including zoning and public relations
* Total estimated tax savings for project through local abatement: $410,561
* Total payroll withholding tax credits awarded by State of Indiana: $625,000
* Total training grant awarded by State of Indiana: $50,000
* Total time to accomplish local public approvals: approximately 30 days