Petersburg, IN – Flaherty & Collins Properties has announced the grand opening of Downtown Terrace, an affordable senior housing community in Petersburg, Indiana. The grand opening ceremony will take place on Wednesday, March 18 at 10:30am at the site, located at 611 Main Street in Petersburg.
Downtown Terrace, which features 42 affordable senior apartment homes, is a collaborative effort between the City of Petersburg, Pike County Progress Partners, Jim Higgs Associates, Myszak + Palmer, and Flaherty & Collins Properties. Pike County Progress Partners, Inc. is the sponsoring not-for-profit agency for this community development initiative. Flaherty & Collins Properties will manage the property.
Good Samaritan Hospital will be the anchor tenant for the newly constructed building, which includes approximately 10,500 square feet of retail and office space. They will run an urgent care facility on the main floor, providing mental health service and a physician’s clinic.
“We are thrilled to open Downtown Terrace to the City of Petersburg and the residents who will call it home,” says Duane Miller, Vice President of Community & Asset Management for Flaherty & Collins Properties. “It has been an exciting project and looks fantastic.”
Downtown Terrace maximizes location, with many Petersburg amenities, such as restaurants, parks, grocery stores, shopping, entertainment, banks, churches and medical facilities, all located within close proximity to the project. An outdoor green space and attractive landscaping transform the entire block, and on-site parking is available.
The unit mix includes one efficiency, 31 one-bedroom and 8 two-bedroom apartment homes. Apartments feature Energy Star HVAC, windows and energy efficient appliances to assist in reducing ongoing monthly utility bills.
Downtown Terrace was funded by the National Equity Fund, Indiana Housing & Community Development Funds, Pike County Progress Partners, and deferred development fees. Chase Bank was the construction bridge lender for the development.