MOUNT VERNON —Construction of an $8 million residential and commercial complex adjacent to the Mount Vernon riverfront is expected to get under way by fall with completion slated for late 2013.
Mount Vernon Mayor John Tucker said Friday 64,000 square foot facility, to be known as The Landing, will include 46 senior housing apartments and six condominiums on the upper floors, with commercial/retail space on the ground level.
The property at the intersection of Water and Main streets is owned by the Industrial Foundation-Greater Mount Vernon Association and the developer is Affordable Housing Company, said Andrew Myszak, project manager with Myszak + Palmer, a Vincennes architectural and engineering firm. The condos will be for sale at market rate to individual owners, Myszak said. Details governing ownership of the commercial-retail space are still being developed.
The Landing will be located across from the recently cleaned-up riverfront where an amphitheater and interactive foundation are to be built.
"This is huge for downtown," Tucker said. "Mount Vernon is no different from any other small community. Our downtown is dying off, with a lot of older dilapidated properties, and hopefully this will be something to energize that area."
Myszak said plans for The Landing are to be completed by September or October, and if everything goes smoothly, construction would be completed a year later.
Myszak explained the cost to live in the senior housing apartments at The Landing will be based on income.
"They will have to be income eligible, and rent will probably be in the $400 to $500 range per month for a two-bedroom unit," he said. "But it's all based on income, so it's really hard to give you a specific number on that."
Tucker said a long-term lease will be signed with the developer to ensure the city has some control in how it is operated.
"If we don't like the way they're being managed, we'll have some say there," Tucker explained. "And I don't expect that, because the people that we're dealing with are really super people, and they've done these projects in other parts of the state, and I've heard nothing but good reviews. So I don't expect that, but you never know. So down the road we will have some control over what goes on there."
According to Myszak, it's too soon to say what types of stores or restaurants will occupy the first floor.
"We don't have any tenants at this time," he said. "There will be approximately 8,800 square feet of commercial and retail space."
However, interest is high for the condos and apartments. Myszak said they've started a waiting list for both.
"To actually have people that, not only create a good atmosphere as far as retail but also actually have people living in the downtown area," Tucker said, "I think it's going to be a big boost there."