New development opens at Keystone Towers site

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A site that was once an eyesore is now home to a new residential development.

Mayor Greg Ballard, along with members of the community and representatives of The Whitsett Group, officially opened the new development on the old Keystone Towers site.

Phase one of the Point on Fall Creek includes 59 one- and two-bedroom apartments, an exercise room, community room, business center with internet access, community laundry room and secured apartment building entrances.

Mayor Ballard praised the public-private partnership that made the project happen.

"In less than two years we have turned a public safety and health hazard into a new neighborhood centerpiece," he said.

Keystone Towers was condemned and closed in 2008. The city took over the property in 2011 and imploded Keystone Towers on August 28, 2011.

The Department of Metropolitan Development awarded a contract to redevelop the site to The Whitsett Group. The city is contributing about $2.6 million of the $16.8 million Point at Fall Creek project through the Neighborhood Stabilization Program funded by the U.S. Department of Housing and Urban Development.

Construction on phase two is set to begin on November 15, 2013. It will feature 50 one-bedroom affordable housing apartments.