City of Elkhart breaks ground for new condo complex
ELKHART, Ind.-- “We are here today to celebrate another investment along the riverbanks of Elkhart," announced Outgoing Elkhart Mayor, Tim Neese.
Monday morning, the City of Elkhart broke ground on a new $15,000,000 dollar investment. A 15 unit Portage Place Condominium complex.
“Of the roughly 15 unites, there have already been down payments on 8 of them. That’s virtualy unheard of," said Neese.
Earlier this year, a battle for the land ensued for the former Alick's Drug property.
On one side, some called for a rowing club facility.
Others, the condo complex.
The Elkhart Redevelopment Commission chose the condos based on the proposal strength, overall development team and overall benefit to the city.
“It not only then will create about 150,000 dollars in property tax revenues, it’ll create construction jobs," said Neese.
“It’s been a long haul to get to this point. I’m happy that everythings coming together that is going to anchor the easter district for everyone. We think it’s a win win for everyone," said Portage Development member, Brian Smith.
The renderings shown in the video above give family's an idea of what the portage place apartments will look like.
The luxury condos will vary in price, between 200 to 225 dollars a square foot.
"It’ll be an anchor to the east in the river district and support a continued housing shortage in the community," said Smith.
Mayor Neese mentions 64% of all housing in the city is rental.
“With this, this isn’t only about higher end housing but its about a substantial amount of yearly money being generated for curbs, traffic lights, firefighters and just overall improvements for the city of Elkhart," said Neese.
"It’s time to build new housing stock and bring more investment online in the river district," said Smith.
Construction is expected to start in April and will take about two years to complete.