KOKOMO, IN – Flaherty & Collins Properties announced today the groundbreaking of 306 Riverfront District, a $32-million mixed-use development of the former Apperson Brothers factory and surrounding property into a luxury apartment community. With 198 luxury apartment homes and 4,800 square feet of retail space, 306 Riverfront District is set to open in the Winter of 2018.
“We are excited to begin construction on this transformative property for Downtown Kokomo,” said Austin Carmony, Vice President of Development for Flaherty & Collins Properties. “We believe this project will add quality housing that supports the growing Kokomo community. This project is a major component of the continual revival of downtown. We want people to Live, Work and Play in downtown Kokomo.”
Apartments will feature granite countertops in kitchen and bathrooms, pendant lights in kitchen areas, programmable thermostats, nine-foot ceilings and 42-inch kitchen cabinets and high-efficiency washer and dryer units. Select apartments will include stainless steel appliances.
The community will feature 6,800 square feet of resort style amenities, including a Sky Deck with panoramic views of the river and downtown, a heated pool with deck and courtyard, including grilling stations with a fire pit, outdoor kitchen and dining area, decorative lighting and extensive landscaping. Interior amenities include a Club Room with kitchen, bar and seating to accommodate large groups, a Fitness Club, a Pet Walk, E-Lounge, and bike storage areas.
These amenities will support and activate the space around 306 Riverfront District, tying in closely with the baseball stadium and downtown Riverfront area, while supporting the housing needs the City of Kokomo has outlined in their master development plan.
“This development will enhance economic growth in the area and will draw new residents to the city,” said Kokomo Mayor Greg Goodnight. “We need diverse, unique housing to retain and attract residents.”
Flaherty & Collins Properties expects about 70 percent of the residents to come from out of the county, which will create a direct economic impact to facilitate the continuing revitalization of downtown Kokomo.
“This project would not be possible without Kokomo Municipal Stadium,” said Flaherty & Collins Properties CEO David Flaherty, referencing the stadium that accommodates 4,000 spectators for baseball, as well as other events. The stadium was completed last year. “It will aid in creating a thriving, vibrant and lively downtown area which is the heart of the city,” added Flaherty.
Additionally, Flaherty & Collins Properties hopes to tap into the market of current employees that commute from out of the City because of the lack of housing options.
“Breathing life into our past can renew the vitality of our future,” said Victor Smith, Indiana Secretary of Commerce. “This complex will foster a sense of place that drives pride and passion in the region. That’s something companies look for when they consider a community for a new facility and new jobs, which helps us lay the groundwork for even more growth ahead.”
The Apperson building was built in 1906 and housed the Apperson Automobile Company until 1926. It was then used as an industrial supply store/warehouse until it closed in 2007. Construction of the development will occur over an 18-month period.