The Annex Group, a housing developer based in Indiana has announced that they will be constructing a US$23 million housing development in Bloomington, Indiana. The Annex of Bloomington, according to the business, will consist of two buildings with a total of 102 units, as well as ground-floor retail space. The project is slated for the University Village Downtown Character Overlay District, at the intersection of 3rd and Grant Streets. According to the development business, workforce housing is often built in areas where high-quality, affordable housing choices for employees are few. According to the firm, Star Financial Bank supplied $18.1 million in finance for the project. The project is anticipated to be completed in the spring of next year.
The monthly rent for flats will range from US$670 to US$1,900. Each structure also features commercial space, with around 4,400 square feet on the east side and another 3,800 square feet on the west side. The complex will have studios, one- and two-bedroom units. Eighty-five percent will be rented at market rate, while 7.5 percent will be restricted to tenants earning 80 percent or less of the area median income and another 7.5 percent would be offered solely to tenants earning 120 percent or less of AMI.
Commentary on the Annex Group development in Bloomington, Indiana
“With all of our projects, we search for places that would benefit the people greatly from new housing alternatives.” Bloomington has a large proportion of renters, and Indiana University’s student population puts a burden on the market as a whole. “We’ve taken the time to ensure that the neighborhood is both attractive and functional, making it a very desirable location to call home because of its own facilities as well as the surrounding, dynamic community,” said The Annex Group Chief Executive Officer Kyle Bach. Union at Crescent, The Annex Group’s second Bloomington-based development, will open in 2020.