Work could begin on a Kokomo townhomes project later this month after the plan received a major city approval Tuesday night.
The Kokomo City Plan Commission gave unanimous development plan approval to the project, headed by Advantix Development Corp., which is slated to construct 45 lease-to-purchase townhome units.
The project, said Advantix Chief Operating Officer Timothy Martin, could kick off site work at the end of October or early November.
Regardless of its start date, he noted, the project has a completion deadline of Dec. 31, 2019.
It was in February when public and development officials announced the project had received the state tax credits needed to move toward development.
The building plan will mostly utilize properties at 610 E. Ricketts St. and 1124 S. Union St., near the Industrial Heritage Trail — placing 22 lease-to-purchase townhome units around the Ricketts Street location and 23 on South Union Street.
The three-bedroom townhomes will be a mix of fully-accessible one-story townhomes and two-story structures, said Martin.
To assist the project, the Indiana Housing and Community Development Authority announced that Advantix was awarded $742,500 in Rental Housing Tax Credits.
The RHTC program is meant to incentivize private developers and investors to provide affordable housing options, noted city officials.
Previously, the Kokomo Common Council in late October 2017 approved rezoning measures for the development project, called Trail Side Towne Homes.
The approval specifically rezoned the properties at 1124 S. Union St., 1215 S. Union St., 610 E. Ricketts St. and 720 E. Boulevard St. – a mix of residential, parks and recreation and high intensity industrial/heavy manufacturing properties – to general multifamily residential.
Overall, the development will include 45 units of affordable housing, meaning 60 percent of the area median income. Howard County’s median household income in 2016 was listed at $49,204, according to the U.S. Census Bureau and U.S. Bureau of Economic Analysis.
“This project fits what we are trying to accomplish with urban infilling and revitalizing neighborhoods,” said Mayor Greg Goodnight in a previous media release. “It redevelops property on the (Industrial Heritage) Trail, offering connectivity for the residents, while providing greatly needed affordable housing.”
In response to residents’ concerns about Gateway Park, which will not be rehabilitated following storm-related damage, and the associated loss of green space, Martin said Advantix added two “play spaces” to the development plan.
The play areas will be placed on either side of Ricketts Street, he noted.