ANDERSON — The past year saw a renewed interest by developers in remodeling or constructing new housing in the downtown and near downtown area.
Those investors plan to invest about $18.6 million to either construct or upgrade as many as 257 units, many of them located in the core of the downtown area between 10th and 14th streets.
The activity in 2017 is a reversal of the exodus of residents in the greater downtown area. Most of the new development is hoping to entice younger residents to locate in the city’s core as new entertainment and dining venues begin to open in the area.
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.”
Currently under construction is the three-story Fieldhouse Apartments on three acres west of the Wigwam, which is between 13th and 14th streets and by an alley on the west. The 7.6-acre property is zoned for residential use.
The building will be 30,000 square feet. A 3,000-square-foot clubhouse will be built along 14th Street.
There will be 42 single-bedroom and two two-bedroom units. The units will be set aside for residents making between 30 and 60 percent of the area median income.
Last year, the Fieldhouse Apartments, a $12.2 million development, was awarded a little over $1 million in tax credits and another $765,000 in housing trust funds through the Indiana Housing and Community Development Authority.
TOWER APARTMENTS
Built in 1926, the Tower Apartments has been vacant for seven years.
Nathan Toulman plans to remodel the 12-story building at 105 W. 11th St. and have it opened by the middle of 2018. The expected investment is $1.9 million.
Toulman said the Tower Apartments could be the heartbeat for the city’s downtown development.
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 developer plans to demolish the former Boat Club building on 11th Street to provide additional parking for the apartment building.
The city last year approved the issuing of a $400,000 bond for the renovation of the apartments through a tax increment financing bond.
The bond is structured in a way so that it will not affect the remainder of the TIF District. If the tax revenues are not enough to make the bond payment, the investors will be required to make up the shortfall.
BEVERLY TERRACE
Matt Quinney of Plainfield purchased the Beverly Terrace apartments on Central Avenue to provide 39 units.
Quinney, who bought the building for $150,000, 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.
He also recently purchased the Hudson House apartments at Ninth Street and Central Avenue, which is fully occupied.
DELAWARE COURT
Triton Investments of Fort Wayne is in the process of completing a $1 million renovation of the Delaware Court apartments at the corner of 10th and Brown-Delaware streets.
Forty-three apartments will be available when the units become available within the next few months.
ARBOR VILLAGE
BLP Indiana LLC recently bought the Arbor Village Apartments on East Eighth Street in the Park Place neighborhood and is currently 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 about $500,000.
Dylan Linsky, manager, said the name is being changed to Parq on Eighth Street.