EVANSVILLE, Ind. — An Ohio-based developer has bought property in Evansville’s NoCo district, with the intent of building at least 50 units of affordable housing.
The developer is MVAH Partners of West Chester, Ohio. Pete Schwiegeraht, MVAH Partners senior vice president of development, told the Evansville Redevelopment Commission Tuesday that he’s seeking state tax credits, which would be a major funding source on the $12 million to $13 million project.
If the application is successful, a groundbreaking could occur in 2022 with construction taking a little over a year.
The developer’s purchase price to the city was about $500,000. The city acquired the property a few years ago for $475,000, said Kelley Coures, director of the Evansville Department of Metropolitan Development.
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The land is just south of Lloyd Expressway, between Northwest Third and Northwest Fourth/Fifth streets. It covers nearly 1 acre. The city issued a request for proposals on the lot, but there was no viable interest until MVAH inquired.
Coures said he’s optimistic the tax credits will be awarded.
“If you can develop a project within our Promise Zone boundary, you get extra points in your application for credits, which are critical in building housing. (Schwiegeraht) made several site visits, walked the land, and he decided this was a good place and they could make a project there. This is the culmination of those discussions.”
City officials have sought economic activity in the NoCo district, where a new restaurant, 2nd Language, opened last year.
“It would be good for that part of Downtown, bringing more people to live there.” Coures told the Redevelopment Commission.
Schwiegeraht said the housing would be available to people earning up to 80% of the area’s median income.
The developer hopes to build 57 units, but that’s dependent on parking availability, he said.
The new units, if built, would join the 64 affordable housing units under construction nearby in the old Downtown YMCA building. That project, known as Central Lofts, is to finish later this year.