Southport to Discuss $11M Redevelopment PlanPosted: Updated:
Additional details of a nearly $11 million housing project in Marion County will be released today. The collaboration among the City of Southport, the Southport Redevelopment Commission and the Partnership for Affordable Housing Inc. involves housing, recreational and retail space in the central business district. November 24, 2014
SOUTHPORT, Ind. - The City of Southport, Southport RDC (Redevelopment Commission) announces collaboration with PAH (Partnership for Affordable Housing Inc.). This is phase one of our efforts in transforming the central business district into a multi-use, multi-modal destination that celebrates a community for life. The redevelopment effort was undertaken by the City of Southport in response to the communities need for new economic growth and to improve blighted areas. Since the fiscal basis for the City of Southport is a strong property tax base, the city must be vigilant in protecting its existing core of investments and to seek to improve that economic core with new development.
This collaboration will tremendously add to the footprint Southport leaves for this, and future generations. The partnership isn't just for the development of a Senior Housing Community. Through this partnership Southport will gain an additional 93 new residential units, 3,050 square feet of retail space, 4,000 square feet of community space, additional green-space, trails, multi-use paths and walkways. PAH will be donating .25 acres back to the city for the redevelopment of 2nd street; they've also committed an in-kind contribution of office/ community space within the new development to relocate our own local Senior Services provider, Perry Seniors. Perry Seniors is a non-profit currently housed in Southport City Hall. In 2013, they provided local seniors with 18,642 meals annually, transported seniors to 1,219 medical/ doctor appointments, and have been the lead resource for all of our local seniors and their families.
The total cost of the PAH development is $10,800,000; on October 23, 2014 IHCDA (Indiana Housing & Community Development Authority) approved $8,500,000 in Housing Bonds and an allocation of $326,000 in Annual Rental Tax Credits. This development will set the standard for future developments in and around Southport. The Southport RDC will be in a prime position to entice and secure future developments within Southport, making Southport and surrounding communities a better place to live, work, and play for years to come.
Source: The City of Southport