LIMA — To prep for the expected influx of young professionals looking for modern housing in Lima, Greater Lima Region Inc. has announced its investment into a number of new upscale residential apartments in downtown Lima.
The project, called the Lofts@315, will feature seven renovated two-bedroom units at 315-319 N. Elizabeth St. to be made available at market rate prices. Greater Lima Region President/CEO Doug Olsson said his organization has invested 18% equity in the project.
“Our investment in the Lofts@315 syncs up perfectly with GLR’s strategic plan to support community revitalization efforts while bringing much needed housing inventory to our region,” Olsson stated in a press release.
Lima City Council approved a 50% 12-year tax abatement for the $768,700 project earlier in January.
Olsson said Greater Lima Region had tracked such demand for upscale downtown apartments in a housing study GLR commissioned back in 2019. At that time, roughly 35% of individuals surveyed for that study responded that it was likely they would live in downtown Lima “if the housing met all or most of (their) preferences.” The study notes that such a percentage is a typical of other downtowns.
Allen Crossing, the company developing the Lofts@315, has set the market price for the two-bedroom apartments at $995 per month. Amenities listed for the 850 square-foot units include washers and dryers, granite countertops, off-street parking and a modern look.
While there may be some disruption, Lofts@315 Developer Mike Blass said he expects the demand for modern living, especially among younger professionals working at Mercy Health-St. Rita’s Medical Center, will still be there after the city deals with the impacts of the novel coronavirus.
“From our perspective, we saw that there was an opportunity with St. Rita residents needing housing close to the hospital,” Blass said. “Our larger focus, over time, is be a force for improving the type of rental housing that’s available to consumers.”
Similarly, the project to construct housing at Lost Creek Golf Course, which Blass also is developing, is “moving the ball down the field.” More housing projects, he said, are also in the works.
Olsson said GLR will continue to make investments in housing projects across the community as they arise.
“Our housing study in 2019 showed the need for housing at all price points,” he said.
The Lofts@315 project is expected to be completed in late May, with move-ins starting June 1. More information, including applications, can be found at allencrossing.com.
“I congratulate the folks with Allen Crossing and the Greater Lima Region for their creative vision and their willingness to invest in Lima’s downtown, addressing a significant demand for housing,” Mayor David Berger said in a press release. “It is exciting to see the number of projects that are happening now, and the scale and variety of what is being done.”
Other recent and ongoing downtown housing projects include the 34 market-rate units at the Metro Center, which are expected to be finished in mid-2020, and the 43 Town Square Apartments, which were finished last year. Berger said the city-backed town square project is currently 100% occupied.
Reach Josh Ellerbrock at 567-242-0398.