The former Northern Indiana Supply Co. building in downtown Kokomo will be transformed into a more than $23 million upscale apartment complex. Indianapolis-based property development firm Flaherty & Collins will build around 180 units. The building is located in the three hundred block of South Main Street near the new baseball stadium.

The Kokomo Tribune reports the Indiana Economic Development Corp. has approved more than $5.2 million in tax credits, that will help redevelop large, vacant, old buildings.

Developers were able to claim the maximum possible from the so-called “dinosaur” tax credit, which allows developers and communities to receive up to 25 percent of the cost of redevelopment.

A completion date for the project has not been set.

Source: The Kokomo Tribune, City of Kokomo

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