Kokomo Unveils $30M Downtown Development
Kokomo leaders have unveiled details of what they are calling the largest downtown investment in the city’s history. Indianapolis-based Flaherty & Collins is planning a $30 million mixed-use redevelopment project at the former Apperson Brothers factory site. Mayor Greg Goodnight says the development will include nearly 200 luxury apartments as well as retail space. The more than century-old building has been sitting empty since 2007. Developers say the project will help attract workers who commute from outside Kokomo because of a lack of housing options.
Flaherty and Collins plans to begin construction soon and open the community in the summer of 2017. The developer says it will feature "resort-style amenities" that will use the space surrounding the site and tie in with the nearby Municipal Stadium. Chief Executive Officer David Flaherty says the project "would not be possible without Kokomo Municipal Stadium." The $9 million stadium was completed earlier this year and opened in April.
Flaherty says he expects about 70 percent of the development’s residents to come from outside of the county, resulting in a direct economic impact to downtown Kokomo. Lead Developer Austin Carmony says the community will play a key role in an ongoing strategy to attract people to live, work and play in Kokomo.
The Apperson facility, which was built in 1906, housed the Apperson Automobile Company until 1926. It was used as an industrial supply warehouse until 2007.
Goodnight says the investment is a “vote of confidence” in the city’s downtown..