Indianapolis-based Flaherty & Collins Properties has broken ground on a $32 million mixed-use development in Elkhart. The project at the former Elkhart Foundry site, known as Stonewater at The Riverwalk, will include more than 200 luxury apartments and retail space.
The nearly 240,000-sq. ft. development is expected to be complete by spring 2019. Flaherty & Collins is investing $20.6 million into the project, which has also received $4.4 million in tax credits from the state, as well as a $4.7 million bond approved last month by the city, Inside INdiana Business reports.
Project partners include CSO Architects, American Structurepoint (civil engineer) and Lynch, Harrison & Brumleve, Inc. (structural engineer). Financing has been provided by First Source Bank. Flaherty & Collins Construction is the general contractor.
“In addition to business attraction and retention, housing is an important component of the city’s economic development strategy,” said Elkhart Mayor Tim Neese. “Without adequate housing, the population of our city increases daily and declines in the evening, as employees return to their homes in adjacent communities and spend their hard-earned money dining and shopping elsewhere. The addition of 205 downtown units in Elkhart will help to capture a portion of that population, resulting in new income, property and sales tax revenue. We hope that this will be a catalyst for future development projects citywide and will welcome more people to live and invest in the city of Elkhart.”
The building will include studios, one- and two-bedroom apartments. Other amenities include a courtyard with fire pits, bar, lounge areas, grilling station and saltwater pool with a large wet deck. It will also feature a coffee lounge, conference room, pet wash, and fireplace lounge.
The city says the project is the first large-scale, market rate apartment complex in nearly 30 years.