(La Porte, IN) - Groundbreaking was held Friday on what many believe will bring major economic revitalization to LaPorte.  200 resort type apartments, called “The Banks”, are going up at New Porte Landing near Clear Lake.

Mayor Tom Dermody said the former Allis Chalmers site, once the heart of industry and jobs in the city, will now become what drives the local economy once again. 

Flaherty and Collins Properties out of Indianapolis has developed other higher end residential properties nationwide, including some as close as Mishawaka and Elkhart.  David Flaherty, owner and CEO of the company, said the upscale housing has a track record of attracting mostly young professionals with disposable income to spend in the community and talent highly desired by local employers.  He said a lot of interest is already being expressed by local residents as potential tenants, but feels people from places like Valparaiso and Chicago will be attracted there as well since the development is unique to the area.

“The Banks” will feature amenities like a swimming pool and bicycle storage along with granite countertops and stainless steel kitchen appliances inside the unit.  Monthly rent for the one and two bedroom units will range from $900 to $1,500.  Construction is expected to take 18 months.