HomeTop StoriesCompany seeks land in West Goshen for $40 million apartment project

Company seeks land in West Goshen for $40 million apartment project

GOSHEN – A central Indiana company hopes to build a $40 million apartment project near the Black Squirrel Golf Club.

The Goshen Redevelopment Commission voted 3-2 Tuesday to enter into a development agreement with Indianapolis-based Kosene & Kosene. The company is eyeing a 13-acre parcel at the northeast corner of Plymouth Avenue and Green Road for a 175- to 200-unit apartment complex.

Company representatives described the one- to three-bedroom units as priced to fill a gap in the housing market. They said payroll data shows rents between $1,250 and $1,900 could tap into unmet demand in the city.

The proposal includes amenities such as a swimming pool, dog park and fitness center. Their expected investment is almost $40 million, the RDC heard.

The undeveloped farmland is not part of the city but would be voluntarily annexed, according to information from redevelopment director Becky Hutsell. She said the company has a purchase agreement but wants to see support from the city before moving forward.

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“This is a very attractive land for developers,” she said. “I think two or three years ago another group had approached us and the city had set up some meetings with the neighbors. They heard the feedback and opted out.”

Kosene & Kosene is asking that the land be designated as a project-specific tax increment financial district, similar to other major housing projects in Goshen. A portion of the TIF revenue would be used to repay an economic development revenue bond that was initially used to finance infrastructure construction.

Kosene & Kosene could also apply for a portion of the $45 million in READI funds awarded to the region, according to Hutsell.

The company expects a lead time of two years after the rights have been secured.

The RDC voted after hearing from a number of neighbors who opposed the project. They pointed out water issues, how close it would be to their homes and said it is not in an area of ​​the city that needs development.

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Board member Brett Weddell said he has trouble imagining a three-story complex next to the homes in the area. He later voted against the development deal.

Resident Tim Miller told the board that the city has done a good job meeting housing needs with a series of ongoing projects, but he urged them to focus on what’s going on now before starting anything new.

“Maybe it’s time to slow down and see if we can fill these homes before we open new positions,” he said.

According to Hutsell, a number of details need to be worked out before the project can move forward, including annexation, rezoning and city commitments, as well as traffic and storm water studies. She said the vote on a development agreement will take place in the City Council on June 10.

“There is still a long way to go before we can come to a final plan,” she said. “This is just a starting point and it’s something to think about.”

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