Since the 1980s, Padgett Incorporated has owned the field and warehouse between Culbertson Avenue and East Oak Street in New Albany. Now, there are plans to transform that space into a mixed-use development.The Padgett District will bring more than 200 apartments and townhomes to the 300 block of Culbertson Avenue. The district will also be home to an entertainment venue." will have a bar, individual restaurant space and different venues for a distillery, breweries and different things like that," said Chad Sprigler, president of the Sprigler Company, the project's developer. The plan is to redevelop the old Padgett warehouse into loft-style apartments, which will be connected to the event venue. Then, a new apartment complex will be constructed in the adjacent field; it will have a pool, a park, and other amenities."It's a very impactful project for New Albany, so we're pretty excited about it," said Sprigler.Cory Cochran, the executive director of River Hills, said the project was selected by the Indiana Regional Development Authority to receive $5 million of READI funding. " is going to be used to reroute a 125-year-old stormwater drainage pipe that goes perpendicular through that property," said Cochran. Sprigler said, without that funding, the project would not have been able to move forward. "Within the next four or five years, I think that this site here in New Albany will be completely transformed," said Cochran. "It's going to have some gravity to it, similar to Jeffboat in Jeffersonville. It's going to really establish that northern side of downtown."The first phase will include relocating the stormwater drain, and is expected to start in mid-2025. The next phase, which includes construction and renovation, will begin by late 2025. The entire project is expected to be finished by early 2027.
Since the 1980s, Padgett Incorporated has owned the field and warehouse between Culbertson Avenue and East Oak Street in New Albany. Now, there are plans to transform that space into a mixed-use development.
The Padgett District will bring more than 200 apartments and townhomes to the 300 block of Culbertson Avenue. The district will also be home to an entertainment venue.
"[The venue] will have a bar, individual restaurant space and different venues for a distillery, breweries and different things like that," said Chad Sprigler, president of the Sprigler Company, the project's developer.
The plan is to redevelop the old Padgett warehouse into loft-style apartments, which will be connected to the event venue. Then, a new apartment complex will be constructed in the adjacent field; it will have a pool, a park, and other amenities.
"It's a very impactful project for New Albany, so we're pretty excited about it," said Sprigler.
Cory Cochran, the executive director of River Hills, said the project was selected by the Indiana Regional Development Authority to receive $5 million of READI funding.
"[That money] is going to be used to reroute a 125-year-old stormwater drainage pipe that goes perpendicular through that property," said Cochran.
Sprigler said, without that funding, the project would not have been able to move forward.
"Within the next four or five years, I think that this site here in New Albany will be completely transformed," said Cochran. "It's going to have some gravity to it, similar to Jeffboat in Jeffersonville. It's going to really establish that northern side of downtown."
The first phase will include relocating the stormwater drain, and is expected to start in mid-2025. The next phase, which includes construction and renovation, will begin by late 2025.
The entire project is expected to be finished by early 2027.