Two Indianapolis-based developers have announced plans for a $9.5 million apartment complex in Kokomo. Construction on the 69-unit Apperson Way Apartments complex is expected to begin in the fall.
March 2, 2015
Kokomo, Ind. — Kokomo Mayor Greg Goodnight announced today that The Whitsett Group and Partners in Housing Development Corporation, Indianapolis based developers, have received approval from the Indiana Housing and Community Development Authority for rental housing tax credits in the amount of $932,001.
Apperson Way Apartments is a 69-unit, three-story housing complex that will be built on the Near East Side at 600 N. Apperson Way. The $9.5 million project will redevelop three city blocks and includes plans for townhomes, playground, community garden and picnic area.
“We are very excited about approval of this project,” said Mayor Goodnight. “Apperson Way Apartments replaces a blighted area of the city with a new affordable housing complex. The development is designed to dramatically transform this important gateway to Kokomo's historic Near East Side.”
“Apperson Way Apartments is possible due to the City of Kokomo's administration and their vision for the city,” said Joe Whitsett, President of The Whitsett Group. “We are extremely excited about our investment in Kokomo.”
“The redevelopment of the site is a great revitalization project for our community and will be a much-needed improvement to the district,” said Bob Cameron, Second District Councilman. “This project addresses the need for affordable housing for families, and should act to stabilize neighborhood property values as well.”
Construction on Apperson Way Apartments is expected to begin in fall 2015.
Source: City of Kokomo