The Kosciusko Economic Development Corp. is looking for ideas to redevelop the former Owen’s Supermarket site in downtown Warsaw. KEDCO on Tuesday issued a request for proposals to transform the two-acre, shovel-ready site into a mixed-use development.
The organization and the city are looking create a combination of multi-family residential, on-site parking and street level uses, including studio office, retail or restaurant space. KEDCO said the goal is to help activate the Market Street corridor in downtown Warsaw.
“With a location in the heart of downtown, this development will be an important asset in complementing our existing downtown businesses, and supporting our local workforce,” Warsaw Mayor Joe Thallemer said in a news release.
The residential portion of the project is aimed at providing workforce housing. KEDCO says a recent study identified a potential market for up to 225 residential units in the city’s downtown.
The city said it is focusing on areas in proximity to “anchor employers” such as Zimmer Biomet Holdings. Inc. (NYSE: ZBH), which is currently in the process of hiring up to 300 production and office workers, according to the RFP. The project site is located four blocks from Zimmer Biomet’s global headquarters.
Workforce housing for this project is defined as 60%-100% Area Median Income (AMI) for rental units and 60%-120% AMI for buyers. KEDCO says the AMI in 2022 for the county, as outlined by the Federal Housing Finance Authority, is $80,100.
The site is located within a Warsaw Tax Increment Finance District, and the city said it would be eligible TIF support. The city is also willing to provide sidewalk and streetscape construction, as well as infrastructure improvements for the project.
Responses to the RFP are due by Jan. 5. You can view the full RFP by clicking here.