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.