Jasper Vine Street housing development discussed

Pete Schwiegeraht, a developer with Miller Valentine Group of Cincinnati, informed the Jasper Common Council his company’s intentions to create apartments on Vine Street.

According to Mayor Terry Seitz, the group approached the city last October about the potential apartments and showed interest in the former-Jofco building at Vine and 13th streets.

Cash Waggner purchased the 300,000 square foot building last October and was approved for a tax abatement to develop 70,000 square feet of office space in the existing office space of the building. That approval occurred Wednesday evening also.

Schwiegeraht informed the council that Miller Valentine is considering purchasing up to 100,000 square feet of the building to create 50 to 70 units for senior or workforce housing. Cash Waggner will continue to operate the office space they are developing.

The purchase is dependent upon the group receiving rental housing tax credits through the Indiana Housing and Community Development Authority. These tax credits will act as the primary funding source for the project and the company will apply for them in October. They will know by February or March whether they are awarded the credits.

According to Schwiegeraht, the company has extensive experience working with the state for these types of projects and was awarded tax credits for the senior housing project in Huntingburg.

The units will be fully amenitized with laundry machines and full kitchens as well as an onsite business center, community room, theater and fitness room. The plans he presented to the council included a green space being added to the interior area of the building.

The group will invest about $12 million into the development.

Andy Welsh with Welsh Realty Corp, brokered the deal for Cash Waggner to purchase the building and is working with Miller Valentine on the potential housing deal.

Schwiegeraht informed the board that local incentives from the city will assist the project in achieving a better score for it to be awarded the tax credits. Huntingburg committed to developing sidewalks and infrastructure to support the buildout at the former-St. Joseph Hospital. They also committed $300,000 in incentives to the project.

Schwiegeraht told the council that similar efforts on their part would assist the company’s application for those tax credits. He also explained that if the area was not under consideration or included in the city’s plans for development at this time, it would assist the project if they did include the area in those plans and initiatives.

“We haven’t finalized our plans here,” Schwiegeraht said. “We are ready to begin the application process for submittal on November 1.” The units could be available for rent by the end of 2016.

The units being considered would be 1- and 2- bedroom units at 700 and 900 square feet respectively. Rent for the units would run $550 up to $675.

The company will be applying for a variance or rezoning in the near future to allow for the development.