KOKOMO, IN – Flaherty & Collins Properties announced today plans to partner with the City of Kokomo on a new project to redevelop the former Apperson Brothers factory and surrounding property into a luxury mixed-use apartment community to open in the Summer of 2017.
“Reusing the facade of this historic building preserves our history and provides much needed housing for our downtown,” said Mayor Greg Goodnight.
The conceptual plans call for a mixed use development which includes the repurposing of the existing factory building as well as additional new structures on the site to accommodate 198 luxury apartment homes and retail in an urban configuration. The community will feature resort style amenities that will support and activate the space around the new development, tying in closely with the baseball stadium and downtown, while supporting the housing needs the City of Kokomo has outlined in their master development plan.
“We are excited to kick-off this project and partner with the City of Kokomo on this development,” said David Flaherty, CEO of Flaherty & Collins Properties. “There is a lot of activity happening in Kokomo right now. Due to recent economic development announcements and an influx of new jobs, there’s a strong need for high quality housing to the support this growing community. We’re thrilled to be a part of the downtown revitalization.”
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, referencing the new baseball stadium that accommodates 4,000 spectators for baseball, as well as other events. The stadium was completed earlier this year and opened in April. “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 rehabilitation of the facility and construction of the remainder of the development will occur over an 18-month period.
“An urban in-fill, mixed-use development for downtown Kokomo will serve as a key area where the city needs growth to support other areas of great economic development progress,” said Austin Carmony of Flaherty & Collins Properties, who will serve as the lead developer on the project. “We want people to Live, Work and Play in the City of Kokomo.”
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.