Tori Fater and Tim Vandeneck, Truth Staff
ELKHART — A $25 million apartment and retail development may be coming to the former Elkhart Foundry site near the city center.
Elkhart Mayor Dick Moore and representatives from Indianapolis-based developer Flaherty & Collins Properties announced plans Thursday for the ambitious project, which calls for 200 “luxury” apartments and 5,200 square feet of street-front retail space along Elkhart Avenue.
Groundbreaking could start spring 2016, with construction estimated to take 16 to 18 months. Developers see young professionals and empty nesters as the key markets for the proposed housing.
"I think this one is very likely. This is what we've been waiting for for a long time,“ Moore said. He put it at the top of the list of recent development projects in terms of significance calling it ”a great, great opportunity for us.“
The ”vast majority“ of funding would come from Flaherty & Collins, said David Flaherty, the company’s chief executive officer.
However, some city funds would likely be part of the mix as well, presuming other leaders back the plans, probably tax increment finance district money. Flaherty said federal and state sources may also be pursued.