Indianapolis-based Flaherty & Collins Properties says a major project in downtown Richmond will not only provide affordable housing for seniors but also restore a historic building. The nearly $11 million Music City Place will provide 50 apartment homes in the city’s former YMCA building.
Richmond Mayor Dave Snow says the development has been a "top priority and a critical project" for the city. He says Music City Place will be a game changer for the rejuvenation of downtown Richmond, especially with the revitalization of the YMCA building, which he calls a "barricaded eye sore."
"We are thrilled to be a part of this transformation, and to participate in the City’s downtown revitalization plans on this project," says Julie Collier, lead developer of the project for Flaherty & Collins Properties. "Rehabbing the YMCA to provide 50 apartments homes not only saves this historic asset, but provides living options for Richmond’s seniors."
Flaherty & Collins and Western Wayne Affordable Housing will serve as co-developers, while Flaherty & Collins will continue as property manager when the project is completed. The project is being funded by Alliant Capital and the Indiana Housing and Community Development Authority.
Flaherty & Collins says the entire project will take 15 months to complete.