After gaining a recommendation from the Batesville Economic Development Commission, developer Bruce Rippe was at the Batesville City Council meeting July 14 to request a 10-year real property tax abatement for Depot Square, which will be 45 one- and two-bedroom apartments in a 43,000-square-foot space. The name remembers Batesville’s original train station there.
The apartments will be located in a former 1880s Greeman Brothers building just north of RomWeber Flats and between Depot Street and Park Avenue. The entrance will face East Pearl Street.
Rippe reported, “We are trying to attract market rate renters as opposed to moderate-income individuals. This is really targeted for young professionals.”
Some will be two-story loft apartments. “Interiors will make use of a lot of the design features currently in place to give these apartments a wow factor. One of the things we heard loud and clear from consultants: This generation we’re trying to attract” is not interested in garden-style apartments.
He predicted the apartments will “help fill a niche that’s not here … anywhere in southeastern Indiana.” The plush units may aid major employers here to “recruit talent that actually lives in Batesville as opposed to commuting to this community.”
Amenities will include a lap pool, exercise room, community rooms, tanning area and storage lockers.
According to the developer, “The job market seems to be heating up. Employers are hiring more around us. The demand for people to find attractive living accommodations in this area is going to be very important.”
“There is a strong economic benefit,” he emphasized. The estimated $6.6 million project will allow many local subcontractors to be involved. In addition, a denser population downtown could create a demand for more retail options. Rippe observed, “Look at Over-the-Rhine (a formerly depressed Cincinnati area now being rejuvenated). Look at the number of retailers that have popped up” as millennials have moved there.
Council President Gene Lambert, who also serves on BEDC, pointed out the apartments would be another downtown asset. “Without a vibrant downtown, you start to lose your identity ... Whenever we talk about economic development, jobs are tied to it.” He felt indirectly Depot Square could boost jobs. Perhaps a tenant could be found for the former Save-U-Mor space or maybe a business would have to add another employee.
Council member Jim Fritsch asked about monthly rent rates. Rippe noted there have been no new apartments constructed here in the past 15 years. He acknowledged the $800-$1,000 rents might be higher than what tenants are used to, but “these apartments will be very large and they also will be energy efficient … the utility bills will probably be about a fourth of what they’re currently paying.” He added, “I don’t think the market rate right now is as much of an issue” for young tenants as “what they want … a living environment that’s desirable.”
Council member Beth Meyers asked about parking plans. The developer answered, “We’re looking at several different options, either existing lots or acquiring nearby property.” She then inquired if there would be greenspace. “Not necessarily” was the response. “We’re somewhat landlocked.”
Council member Kevin Chaffee was concerned about the abatement’s length and the number of jobs created. “To me, 10 years sounds kind of excessive.” He reported that recently when Valeo, Greensburg, decided to add an estimated 257 jobs, the Greensburg council granted a six-year abatement.
Rippe maintained that without upscale places to live, Batesville may fail to attract young professionals to work here.
Lambert stressed, “We don’t have the same luxuries Greensburg has,” with large plants ranging from Valeo to Honda. “We need our downtown. We can’t allow our downtown to become vacant.” The tax abatement was OK’d 5-0.