ANDERSON — Investors are bringing new life to four apartment complexes in the near downtown area with plans to add more than 200 newly remodeled units within the next year.
The Delaware Court, Beverly Terrace and Tower Apartments buildings have sat vacant for several years, and only a portion of the Arbor Village Apartments has been utilized.
Anderson Mayor Thomas Broderick Jr. is encouraged by the projects.
“The folks making investments in Anderson feel strong about the local community,” he said. “They see real potential in Anderson. There is a lot of downtown activity taking place with the opening of new restaurants and three breweries.
“There are folks interested in downtown housing,” he added. “The properties are being upgraded. These investors will be here for a long time. Right now there is a lot of momentum in the downtown area. People have a different perspective of Anderson; there is a level of excitement and energy about the community.”
City officials hope the additional housing opportunities downtown will generate interest in the opening of a grocery store in the area.
Here’s a look at the four projects:
TOWER APARTMENTS
Built in 1926, the Tower Apartments building at 11th and Jackson streets has been vacant for seven years, but Nathan Toulman plans to remodel it and have it opened by the middle of 2018.
Greg Winkler, executive director of the Anderson Economic Development Department, said the group has been looking at the site for the past nine months.
He said quality homes are important to the younger generation.
“This is a part of our economic development strategy,” Winkler te he r said. “We want to energize the downtown district and create a sense of place.”
The expected investment in the Tower building is $1.9 million.
Toulman said the Tower Apartments could be the heartbeat for downtown development in Anderson.
The intent is to remodel 31 one-bedroom and six two-bedroom apartments.
Toulman said 32 of the apartments will be priced at market rates, and five units will be considered affordable housing as required by the city.
The intent is to demolish the former Boat Club building on 11th Street to provide additional parking for the apartment building.
Toulman said the ground floor will be rehabilitated for commercial space, which could include a restaurant or offices.
“These will be high quality units,” he said. “This will be something not located in the city now.”
The Anderson Redevelopment Commission will be asked to consider the issuing of a $400,000 bond for the renovation of the apartments through a Tax Increment Financing Bond.
Winkler said the bond will be structured in a way so that it will not affect the remainder of the TIF District. He said if the tax revenues are not enough to make the bond payment, the investors will be required to make up the shortfall.
Work is expected to start in January or February.
BEVERLY TERRACE
Matt Quinney of Plainfield purchased the apartments on Central Avenue to provide 37 apartments.
He recently purchased the Hudson House apartments at Ninth Street and Central Avenue, which is fully occupied.
“For about a year, I watched the Beverly Terrace,” Quinney said. “I want to bring it back to what it once was.”
The plan is to open one floor at a time, although all the mechanical systems will be replaced at the same time, he said.
Quinney purchased the building for $150,000 and has a $500,000 budget for the remodeling work.
There will be 32 one-bedroom and seven two-bedroom apartments that will rent for $600 to $700 per month.
“The first thing that brought me to Anderson was the price of real estate,” Quinney said. “I love downtown areas and I’m attracted to the old buildings. When the Beverly Terrace is done, I will look for another project in Anderson.”
ARBOR VILLAGE
BLP Indiana LLC recently purchased the Arbor Village Apartments on East Eighth Street and is currently in the process of remodeling all of the buildings. Once completed, the complex will contain 94 apartments renting at the local market rate.
Building permits indicate a remodeling cost of approximately $500,000. Dylan Linsky, manager said the name is being changed to Parq on Eighth Street.
“We bought it in July,” he said. “The people who sold it to us made one of the five buildings livable.
“We’re doing a complete remodeling,” Linsky said. “We want to have the first building completed by the end of the year.
“We were searching for opportunities,” he said. “Our goal is to make this a premier placed for live.”
DELAWARE COURT
Triton Investments out of Fort Wayne is in the process of completing a $1 million renovation of the Delaware Court apartments at the corner of Tenth and Brown-Delaware streets.
There will be 43 apartments available when the units become available within the next few months.