The city of Kokomo has detailed another mixed-use development for the city’s evolving downtown. Mayor Greg Goodnight says the project, which involves a private investment of up to $2.5 million, fits into demand to "live, work and play in walkable neighborhoods."
Goodnight adds "this new private development addresses the need for more diverse housing options while redeveloping an underutilized lot. It fits in with our overall urban infill philosophy."
The developer is Kokomo-based Fortune Companies Inc., which has completed several retail projects throughout the city, as well as Peru and Columbus.
The project is on the same block as the $16 million Kokomo Family YMCA, which opened in March and is part of a $27 million overall investment at the property. A $30 million transformation of the former Apperson Brothers automobile factory into 200 apartments and retail space is underway and A senior living community project totaling $20 million is in development stages where a lumber yard once stood. The $11.5 million Kokomo Municipal Stadium is also adding to the resurgence. It is hosting its second season of Kokomo JackRabbits baseball and its inaugural Kokomo Mantis soccer season.
Scott Pitcher of Fortune Companies says four of the eight townhomes have already been pre-sold. Construction is set to be complete next May.