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8/11/2017 4:58:00 PM
Council OKs $4.65 million of public funding for $32 million luxury apartments

Benjamin Horvath, Elkhart Truth

ELKHART – Three years of work finally came to fruition Monday evening as the Elkhart Common Council unanimously voted in favor $4.65 million funding for the luxury apartment project located on the ground of the former Elkhart Foundry site.

In total, the project will cost roughly $32 million with $12.3 million of that cost covered by public funds; the council’s approval covers $5.5 million of Economic Development Revenue Bonds it estimates will yield $4.65 million over the course of 18 years.

Elkhart Mayor Tim Neese hailed news of the apartment project—titled Stonewater at The Riverwalk, which is being developed by Flaherty & Collins Properties—as a huge economic benefit to the city, as well as an integral piece of the planned Elkhart River District.

“Stonewater at The Riverwalk will be a catalyst for additional development intended to further our vision for the Elkhart River District,” Neese said in a press release. “Through public and private investment, we aim to transform East Jackson Boulevard into a more attractive place to live, work and invest. As we strive to make this area more walkable, diverse and aesthetically appealing, the Flaherty & Collins Property apartments will be a significant, positive change.”

Although approved unanimously by the council, Monday evening’s meeting produced a lengthy discussion regarding the structuring of the project’s financing as well as public concerns regarding the potential impact the project would have on the surrounding area.

Related Links:
• Elkhart Truth full text

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• Costs increase to prep luxury apartment site, Elkhart project no longer funds itself

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