Indy Developer Partners on Senior Housing Project

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A Hoosier developer has formed a partnership with Georgia-based Wellspring Community Management LLC to renovate the historic Martinsville Sanitarium and the Morgan County Sheriff's Residence and Jail. Indianapolis-based Flaherty & Collins Management will oversee property management for the future senior housing locations. September 17, 2014

News Release

MARTINSVILLE, Ind. - Flaherty & Collins Properties of Indianapolis has formed a partnership with WellSpring with the intent to renovate the historic Martinsville Sanitarium (Kennedy Home) and the Morgan County Sheriff’s Residence and Jail. The development team is working with the Morgan County Historic Preservation Society and the City of Martinsville to make this a community-based endeavor to help meet the City’s need for senior housing. The project will consist of 40 to 50 apartments, with a mix of one bedroom and two bedroom units, for seniors 55 and older. This project will also preserve two of the City's most significant historic landmarks.

The project is to be funded by historic preservation tax credits through the National Park Service and Rental Housing Tax Credits (RHTC), which are awarded through the State of Indiana. The RHTCs are awarded through a competitive application process; applications are due November 3, 2014, with awards announced at the end of February 2015. The development team is confident that favorable consideration will be made for this project and that credits will be awarded.

Flaherty & Collins Management will be in charge of property management. With over 20 years of experience in managing apartment communities, Flaherty & Collins is experienced in being an accountable, present, and equitable management company, ensuring clean and safe housing. Flaherty & Collins Construction will serve as the General Contractor on the project.

"Martinsville's need for affordable senior housing has been apparent for a long time. People have been leaving the community where they've lived, in many cases an entire lifetime, to find the kind of housing they want and need. This project keeps them at home and engaged with their community, and it saves two of the city's historic landmarks. It's a win for everyone involved," says Gary Oakes of WellSpring.

"Our goal in the development is to support the ability of older Martinsville residents to have choices to stay within their communities and supportive circles," says Julie Collier, a developer at Flaherty & Collins. "We want them to have the choice to age in their own apartment with dignity and the support they need to maximize their independence. Seniors play an important role in the rich diversity of American life. It’s important for them to maintain social connections and engage productively through meaningful activities within their communities."

"Because Martinsville has such limited space for new development, it's going to be essential to creatively reuse vacant and underused older buildings, many of which are historically significant. The Retreat at Mineral Springs does this. In addition, it will aid in rejuvenating two neighborhoods, not only in terms of investment and public improvements in the area surrounding WellSpring, but also in providing residents who will be within walking distance of Downtown restaurants, shops, and services," says Joanne Stuttgen, president of the Morgan County Historic Preservation Society and also president of Rediscover Martinsville.

Source: Martinsville Chamber of Commerce