The city of Kokomo has announced a new major development project to help revive its downtown and bring new life to the city. One of the first steps will be transforming a 100+ year old building into an upscale apartment complex designed to attract professions who currently commute to Kokomo from outside the city.
The site is the former Northern Indiana Supply Company and Haynes-Apperson car company building, which has been vacant for years. The old industrial facility will be renovated by Flaherty & Collins, Indianapolis-area property developers. Plans for the complex include many luxury amenities such as granite counter tops, hardwood floors, high ceilings and a swimming pool.
“This is a really aggressive project, and we can’t wait to get going,” said David Tharp, city of Kokomo development specialist. “A lot of folks have a view of what Kokomo was, and we’re about to show what it is and what it can be.”
The project is made possible in part through the state’s Industrial Recovery Tax Credit, nicknamed the “Dinosaur Tax Credit,” which can be used to redevelop large, vacant, very old industrial facilities that are considered both an eyesore and a financial burden on communities. It allows for state tax credits of up to 25 percent of the cost of redevelopment.
The city is also working on additional development projects and plans to announce more changes they hope will bring about a dramatic transformation of the downtown area.