New housing development planned for former Indiana Furniture factory

The historic Indiana Furniture building encompassing the corner of 13th and Mill Streets is set to become a unique multi-use housing complex.

Through a partnership between Krempp Corporation and Indianapolis developer/property manager Flaherty & Collins, the 119-year-old four-story structure will be transformed into about 147 single and two bedroom apartments. According to the developers, the rent for these work force housing units will be between $400 and $950.

The companies are in the early stages of development for the property—Krempp just closed on it on Monday—but they made presentations to the Jasper Board of Zoning Appeals and Planning Commission Wednesday evening.

First they met with the board of zoning appeals requesting a variance for the 10-acre requirement for a planned unit development (PUD). The block that the former factory sits on is about 4.3 acres. The board unanimously approved the request.

During the planning commission meeting, the companies’ attorney, Bill Kaiser, requested preliminary approval for the recommendation that the industrial property be reclassified as a PUD. This was unanimously approved but must still be returned to the commission for a second hearing for a favorable recommendation to be sent to the Jasper Common Council for final approval at May’s regular council meeting.

The developers are moving quickly to meet the deadlines for applying for two tax credits: workforce housing tax credits and historic rehabilitation/preservation tax credits. Applications for the credits must be submitted by July.

According to Flaherty & Collins representative Dani Miller, the company is confident the applications will be approved. Flaherty & Miller was formed in 1993 and currently manages 14,000 units in nine states through multiple housing developments. In addition to developing and managing these properties, the company is also experienced in rehabilitating historic properties. According to Miller, the company has completed eight historic rehabilitation projects since 2018.

In addressing the commission, Miller explained that the project came to fruition because the two companies worked together to develop retail properties in Tell City.

“We established a great relationship with them (Krempp),” said Miller. “After that project was done, they said, ‘Hey, we’re looking at this really cool building in Jasper.'”

Impressed with the condition of the building, its potential and the community where it is located, Flaherty & Collins moved forward with working with Krempp to rehabilitate the building to address the housing needs in the area.

While all plans are preliminary at this point, Miller explained the property would likely carry a connection to Indiana Furniture’s history in the community through the name. Additionally, many of the unique attributes of the factory will be preserved as design aesthetics for the housing.

Ted Krempp, project manager, said the Jasper company is excited to be part of the development.

“We are happy to do it,” Krempp said. “We definitely don’t want to see it sit vacant.”

He added it would be a great project for the company to take on that accentuates its investment in the community.

“It will be a good staple project for us,” Krempp said. “You know, we’re really proud of some of the other projects we’ve done downtown, Thyen-Clark Cultural Center, the River Center, and St. Joe’s (Catholic Church).”

In seeking the PUD designation, the development can incorporate housing with retail space similar to what the River Centre offers.

The estimated $40 million project will be a great addition to that area, according to nearby property owner Todd Fromme who said he was excited to see the continued progress in this portion of Jasper.

The decision on the tax credits will be made this fall. If awarded, engineering and design will be finalized this winter, with plans to begin construction in 2025.