$7.5 million downtown development gets go-ahead from state
Kevin Leininger | News-Sentinel
Work could begin this summer on 44-apartment ‘Randall Lofts’ project
Fort Wayne - The proposed conversion of a 108-year-old downtown industrial building into shops and apartments appears to be a go, thanks to a 10-year funding commitment from the Indiana Housing and Community Development Authority.
As The News-Sentinel reported in August, Carmel-based RealAmerica Development plans to keep commercial space on the ground floor of the Randall Building at 616 S. Harrison St. and 44 one- and two-bedroom apartments on floors 2-5. But the plan depended on the tax credits, which were recently approved at nearly $675,000 annually for 10 years.
The building is the largest remaining Victorian commercial block in Fort Wayne, and renovation will cost about $7.5 million, with the city contributing $600,000 in federal funds.
“This is good news . . . another development that will contribute to the revitalization of the area, bringing residents downtown to shop and live,” city Deputy Director of the Office of Housing and Neighborhood Services Heather Presley-Cowen said in a statement.
Each unit will be equipped with a full-size kitchen, dining area, washer and dryer and other features. Last year, a RealAmerica spokesman told The News-Sentinel that the project’s target tenants will be people earning less than 60 percent of the median income.
Construction is expected to begin in late summer or early fall.
Original article here (News-Sentinel)