Indianapolis developer Flaherty & Collins Properties is partnering with the city of Kokomo on a $30 million apartment and retail project in the heart of its downtown.
Plans announced Nov. 23 call for repurposing the former Apperson Brothers factory and building new structures totaling 232,000 square feet to house 198 upscale apartments and retail space.
“There is a lot of activity happening in Kokomo right now,” David Flaherty, CEO of Flaherty & Collins, said in a prepared statement. “Due to recent economic development announcements and an influx of new jobs, there’s a strong need for high-quality housing to support this growing community.”
Flaherty & Collins hopes the project will attract professionals who commute from outside the Howard County city because of the lack of housing options.
Construction is expected to start soon and be completed in the summer of 2017.
The Indiana Economic Development Corp. is contributing tax credits worth $5.2 million. The credits will be met with a $15 million investment by the developer and $6.9 million from the city. The city’s investment includes donation of the land and building.
The Apperson building was constructed in 1906 and housed the Apperson Automobile Co. until 1926. Northern Indiana Supply Co. occupied the building until 2007.