Indianapolis-based Flaherty & Collins Properties says it will invest $80 million to renovate and rehabilitate four housing developments. The real estate developer says two of the projects are upgrades on buildings that are about 25 years old, while the other two projects are adaptive reuses of commercial and historic buildings to create more affordable housing.
The company says it will invest about $18 million to provide upgrades to Emerald Pointe, a 168-unit apartment complex in South Bend. F & C says the apartment development has not had major upgrades since it was completed in 1998. The project will include exterior and interior improvements, including updated kitchens and baths.
In the Porter County town of Hebron, Misty Glen, an 80-unit affordable community will receive a nearly $10 million upgrade. The complex has not received improvements since it was built in 1996. Like Emerald Pointe, Misty Glen will undergo kitchen and bathroom upgrades.
“These two rehab projects at Emerald Pointe and Misty Glen have been some time in the making,” said Derek Hammond, chief financial officer and president of Affordable Development at Flaherty & Collins Properties. “It’s been a labor of love for our Affordable Development team here at F&C and we could not have done it without the help of so many wonderful partners. We’re excited to get started on improving these two communities for our residents.”
Since both complexes provide affordable housing, the upgrades are being financed using tax credits from the Indiana Housing and Community Development Authority.
In Indianapolis, F & C invested $16 million for the adaptive reuse of the former United Way headquarters in the downtown. Parkside at Tarkington is now accepting tenants for the 60-unit senior housing development. The company says 20% of the units are reserved for residents with intellectual and/or developmental disabilities.
Renovations began in August 2021.
“United Way heavily discounted the building to help make the Parkside project possible,” said Drew Rosenbarger, vice president of development and lead project developer for Flaherty & Collins Properties. “Time and again, we find great local and national partners who are willing to really put in the work to help make these projects a reality.”
Flaherty and Collins says the fourth project is in a historic district of Kansas City, Missouri. The real estate developer says it will rehabilitate Jazz Hill, a 197-unit affordable housing community in a $35 million historic preservation of 11 buildings along The Paseo, a historic boulevard in KC.
F & C says the estimated 16-month-long project received state and local tax credits.