Plans are in the works for a third residential project in Terre Haute’s rural health development corridor between Union Hospital and the Indiana State University campus.
Chicago-based Vermilion Development has proposed a three-story assisted living facility on Lafayette Avenue just north of Locust Street. The 119-unit complex would include a mixture of studio and one-bedroom apartments on 20 lots being purchased from the university and H&H Realty.
Total investment in the project is estimated at $22 million with $13 million in “hard construction costs,” according to Darrin Jolas, director of leasing and development for the company.
The city’s near north side is already home to Harrison’s Crossing, a 102-bed assisted living and skilled nursing facility operated by Trilogy Health Systems.
Mainstreet Student Living plans construction of a 185-thousand-square foot student housing complex adjacent to Harrison’s Crossing.
Terre Haute is one of several Indiana cities where Vermilion Development has assisted living facilities planned or under construction.
“We did a statewide market study and looked at a combination of seniors over a certain age within a certain income bracket and having one or more physical disabilities,” Jolas said. “(We) crossed that with existing communities that may serve that population and Terre Haute was on a relatively short list of 10 communities in Indiana.”
Proximity to the hospital and other health care facilities and downtown Terre Haute were factors in the site selection, Jolas said.
To allow for construction, Vermilion Development is seeking to rezone the site from two-family residential to general residential. The request is scheduled for a public hearing before the Vigo County Area Plan Commission at 7 p. m. May 3 in the Vigo County Government Center at First and Oak Streets.
The City Council would then discuss the matter during its May 4 sunshine meeting with action expected May 11.
The company also plans to seek state tax credits for the project, Jolas said. Pending approval, construction would start this fall with occupancy scheduled for the first quarter of 2019, he said.
Vermilion has a similar facility scheduled to open this summer in Hammond. Construction is underway on projects in Kokomo, Muncie and Michigan City while projects in Evansville and Mishawaka are still in development.