We are excited to announce the development of a brand new apartment community at the site of the former Wirk Garment Factory, located in Ligonier, Indiana. The community, Riverside Villa Apartments, will provide an affordable housing option in a convenient downtown location (200 Water Street) and the property will once again go back on the city's tax rolls.
Mayor Patricia Fisel is thrilled by the revitalization this property will see. "We welcome the Riverside Villa Apartment community. It has been my pleasure to work with Herman & Kittle Properties to secure this much-needed housing opportunity for the citizens of Ligonier. The economic benefit to our city is part of our 'Positive Progress with a Purpose' goal," she stated.
Riverside Villas, which will be located along the Elkhart River, is slated to start construction this fall, with its first residents moving into their new homes in fall of 2017. Those residents will have a choice between one-and two-bedroom apartments, and enjoy access to a fitness center, community room, and business center, among other amenities. There will also be six apartments that are fully accessible for those with physical challenges. Outside of Riverside Villas, residents will be within close proximity to Pettit Park, the farmer's market, restaurants, doctor's office, a grocery store and other conveniences.
Riverside Villas will have 54 new apartment homes that will be built with the green building requirements, outlined by Enterprise Green Communities, which will help keep utility costs low for residents. Professional management and maintenance staff will be located on-site.
To develop Riverside Villas, HKP was awarded $7.25 million in federal tax credits, to be received over ten (10) year period, from the Indiana Housing and Community Development Authority (IHCDA). IHCDA also provided a $500,000 Development Fund Loan. The community will provide an affordable housing option, and rent will be determined based on the Area Median Income (AMI) and the number of people in the household.