The City of Elkhart, Indiana, and Flaherty & Collins Properties announced today that it will develop a $25 million mixed-use project in downtown along the Elkhart River that features luxury residential apartments and retail space. The project will be developed on the former Elkhart Foundry site, which was demolished in 2010.
The downtown project will include 200 luxury apartments, 5,200 square feet of street-front retail space and 100 covered parking spaces. Apartments will feature high-quality, condo-level finishes and resort style amenities, including a heated saltwater pool and fitness center. Rents will average between $700 a month for studio apartments to $1,200 per month for a two-bedroom apartment.
“I am impressed by the thoughtful investment Flaherty & Collins Properties is making in our downtown, and it sends notice once more that not only did the City of Elkhart survive the Great Recession, we are thriving as a community,” Elkhart Mayor Dick Moore said in a statement.
The City demolished the blighted, 200,000-square-foot Foundry building in 2010, as it had become a safety hazard. The site was originally developed in 1878 as an ironworks, making castings of up to 5 tons for such industries as machine tool and press, printers and waste management. The Elkhart Redevelopment Commission owns the property today.
Groundbreaking could occur as soon as the spring of 2016, with an estimated construction time of 16 to 18 months.