Groundbreaking Planned For Downtown Project

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A ceremony to mark the start of construction of a nearly $8 million downtown development is set for Friday in Petersburg. Plans for "Downtown Terrace" include 40 units of senior housing, an urgent care clinic and retail space. April 8, 2014

News Release

PETERSBURG, Ind. - Flaherty & Collins Properties announced today the Groundbreaking of Downtown Terrace in Petersburg to be held Friday, April 11, at 1pm local time. The event will be held on Main Street between 6th & 7th Street.

Downtown Terrace is a collaborative effort between the following: City of Petersburg, Pike County Progress Partners, Jim Higgs Associates, Myszak & Palmer, and Flaherty & Collins Properties. These agencies have teamed up for this wonderful downtown development, which is made up of 40 units of senior housing and approximately10,500 square feet of retail/office space. Pike County Progress Partners, Inc. is the sponsoring not-for-profit agency for this community development initiative. Good Samaritan Hospital will also be a major anchoring tenant for the newly constructed building. They will run an urgent care facility on the main floor, providing mental health service and a physician’s clinic.

"We are ecstatic to officially break ground on this exciting project," said Duane Miller, Vice President of Community & Asset Management for Flaherty & Collins. "We are looking forward to what this development will do for the City of Petersburg and our partnership." Flaherty & Collins Construction will build the development, which is scheduled to open December 2014.

Designed to feature energy efficiencies that will keep ongoing monthly utility bills reduced, Downtown Terrace also maximizes location, with many Petersburg amenities, such as restaurants, parks, grocery stores, shopping, entertainment, banks, churches and medical facilities, all located within close proximity to the project.

Downtown Terrace will be funded by the National Equity Fund, Indiana Housing & Community Development Funds, Pike County Progress Partners, and deferred development fees. Chase Bank will be the construction bridge lender for the development.

About Flaherty & Collins Properties

In business since 1993, Indianapolis-based Flaherty & Collins Properties is a developer, builder and manager of mixed-use, multifamily properties. For more information about the company, go to www.flahertycollins.com or call 317-816-9300.

Source: Flaherty & Collins Properties