Flaherty & Collins Properties, alongside City of Mishawaka Mayor David Wood and community members, broke ground on phase two of a $67 million mixed-use community featuring luxury residential apartments and commercial space in the developing waterfront district of Mishawaka, Indiana.
This portion of the development spans nearly 409,000 square feet and includes 226 luxury apartments, 10,600 square feet of commercial retail and a total of 422 parking spaces.
Phase one of the development, which was completed in 2019, is at capacity with a waitlist of tenants inquiring to live at the high-demand property. Phase-one commercial tenants include Sun King Brewery, Social Cantina and others who shared their excitement for the continuation of the development during today’s event.
Phase two is expected to bring the same level of success with a four-story multifamily apartment community with commercial space, the city’s first riverfront restaurant and additional public parking spaces to accommodate an increase in residents and visitors.
In July, Mishawaka officials approved a new 25-year tax increment financing district and issued city bonds to support the project. This public-private partnership includes the donation of the land and an investment from the city. In addition, phase two of the project received $6.3 million from the Regional Development Tax Credit (RDTC) through the Indiana Economic Development Corporation (IEDC).
Various layouts for the multi-family apartments include studio, one-bedroom, one-bedroom and a den and two-bedroom floorplans with the average space per unit being 833 square feet. Features and amenities for the apartment communities include a fitness facility, meeting space, pool, lounge and bar space, bike storage, LED lighting, steel appliances, full-size washer and dryer and private balconies.
Flaherty & Collins Properties expects to welcome the first residential and commercial tenants for phase two in the spring of 2025. The anticipated completion for the full development is fall of 2025.
