Hundreds of new apartments coming to downtown Kokomo

KOKOMO, Ind. (WISH) – A major new rehabilitation project is about to get underway in Kokomo.

The city unveiled plans on Monday to rehab the former Apperson Brothers car factory, and turn it into 198 luxury apartments.

It’s located off of Union Street, just steps from downtown.

The $32 million price tag makes it the largest investment in downtown Kokomo’s history.

“Its just going to basically enrich the environment, and Kokomo is already a great place, so its going to make it even better,” said Lilly Volikas after the announcement.

“Its not just a niche facility, its a mixed-use facility for anybody in the area that can use it,” said Connor Sanburn, a Kokomo resident.

The building is over 100 years old. Its been mostly empty since 2007. The project is funded partly by a so-called “dinosaur tax credit.”

The credit is awarded to projects that rehab older buildings. The state is putting up $5 to $6 million.

“If the state did not chip in and help with this project it probably would not be feasible,” said Mayor Greg Goodnight.

The building is less than a quarter-mile from downtown, and directly across the street from Municipal Stadium.

“There’s kind of a fundamental change throughout the country where people back in the ’50s, it was all ‘go out to the suburbs,’ and now its ‘come back to the urban core,'” said David Flaherty of Flaherty & Colllins Property Group, who will build the project.

The apartments will be rentals. There will also be room for restaurants and other businesses.

“Studies show that millennials, retiring baby boomers, and young professionals want to live in an urbanized area in close proximity to amenities,” said Mayor Goodnight.

Construction is set to begin in the next few months, and should be completed in the first half of 2017.

“Its going to bring a lot of character and diversity into the town,” said Volikas.