Developer plans to invest $9.7 million in Niles apartment complex
An Indianapolis developer has expressed interest in acquiring and rehabbing the Parkview Apartments at 613 Front St. in Niles.
Michael Rodriguez, of Herman & Kittle Properties, told the Niles City Council Monday Herman & Kittle is prepared to invest $9.7 million in the apartment complex, including the acquisition of the property and construction.
Rodriquez said in order to secure tax credits necessary to make the project happen Herman & Kittle would need a resolution of support from the council.
The council did not take any action concerning the project Monday.
Rehab work would include exterior and interior upgrades as well as the addition of new amenities, including an outdoor entertainment area and dog park.
Herman & Kittle would partner with the Ferry Street Resource Center, which would provide supportive services to people with disabilities, people at risk for homelessness, victims of domestic abuse and veterans.
“They would offer a lot of the services they currently offer to the community on site two days a week,” he said.
Ferry Street Resource Center would receive about $240,000 in the partnership.
Herman & Kittle has been developing affordable housing and market rate housing since the mid 1980s. Herman & Kittle has developed, owned and/or currently manage more than 100 properties in 10 states.
Parkview Apartments is an affordable apartment building financed through low-income housing tax credits. The 80-unit complex was built in the late 1990s.
Most of the project would be paid for in rental housing tax credits through the state.
Rodriquez said construction would create 75 to 90 full-time jobs and several more part-time jobs during construction of the property.
If the project moves forward, Rodriguez said it could be completed by the summer of 2015.