Work underway for new apartment complex in downtown Elkhart
Work is underway to build a $32-million luxury apartment complex in downtown Elkhart.
It has a real ripple effect, everyone that lives and works in Elkhart benefits.
The apartment project is called Stonewater at the Riverwalk. It's going up at the old foundry site near the Riverwalk.
It includes 205 upscale, luxury apartments that could house up to 300. It also includes retail space.
"That will go to create over $400,000 on land, that's $400,000 in real estate tax per year on land. Help create close to 200,000 in additional income taxes from new people moving in,” said Developer, David Flaherty.
The project is expected to generate about $15-million in wages for construction workers.
"This is also going to create jobs in terms of roofers and contractors, and people that pour asphalt and concrete and plumbers and electricians, this is going to be an enormous job provider,” said Mayor Tim Neese.
It will also provide permanent jobs when it's up and running.
Now, in addition to helping the community itself in a number of different ways the apartment project is also expected to give a boost to local businesses, including those in the downtown, adding much more foot traffic.
It would be a short walk to the downtown.
“This project is going to make the downtown more vibrant as a whole, by putting those additional bodies in the downtown with more disposable income. That's going to allow a lot of those business owners to either open up additional businesses or increase their business,” said Developer David Prince.
The apartment complex should be finished by Spring 2019.