Four initiatives to build affordable housing in Indiana and Missouri have been announced by Flaherty & Collins Properties. The projects, with a combined cost of $80 million, all entail restorations or adaptive reuse. A $35 million project called Jazz Hill will protect 11 buildings along Kansas City’s The Paseo, a historic avenue. The 197 unit budget housing complex will have brand new HVAC, floors, bathrooms, lights, and elevators. It will also have new roofs and HVAC.
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A $16.2 million budget senior housing development called Parkside at Tarkington is located in the heart of Indianapolis. The former United Way headquarters building has been revamped and converted into a 60-unit complex. 8,000 square feet of first-floor office space will be part of the project, which Flaherty & Collins and Midtown Indianapolis are working on together. Twenty per cent of the units will be set aside for residents with intellectual or developmental disabilities.
Emerald Pointe is a 168 unit budget housing complex in South Bend, Indiana, that has not had any significant revamp since it was built in 1998. The $18.4 million renovation project by Flaherty & Collins will install new HVAC, worktops, flooring, cabinetry, and bathroom fixtures. Together with the IHCDA, 4% LIHTCs were used to fund the project. First Source Bank supplied construction and bridge finance, and CREA is the equity investor. Permanent financing was supplied by Merchants Bank of Indiana via HUD.
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Misty Glen, an 80-unit budget housing complex in Hebron, Indiana, has not had any significant revamp since it was built in 1996. New roofs, stairs, cabinets, countertops, floors, bathroom fixtures, and HVAC will be installed as part of the $9.5 million makeover. While Cedar Rapids Bank and Trust supplied long-term finance, First Merchants provided construction and bridge financing.
