Fountain Square Apartments
Corner of S. Schuyler Ave & Merchant St. in Kankakee, IL
Units: 34 New Construction, Residential
$10 Million Investment
GROWTH is developing a new construction, residential development known as Fountain Square Apartments, at the corner S. Schuyler Ave & Merchant St. in downtown Kankakee, IL.
About the Project
The $10 million project includes the creation of 34 residential rental units. This new construction, residential effort will transform a vacant parking lot into a residential new construction development, providing much needed live-work housing for those wishing to live in downtown Kankakee, IL.
The first floor will be semi-heated, covered parking spaces for residential tenants.
History & Due Diligence
In 2014, GROWTH was invited by the City of Kankakee to perform a site visit to identify potential housing projects with an emphasis on downtown, from a community-based developer perspective, with an intent that the project would serve as a catalyst for additional investment and community impact.
Since that time, GROWTH continues to work in partnership with the City of Kankakee and community stakeholders continue to work advancing Kankakee's first major downtown housing development.
Construction is anticipated to begin the first half of 2018. The development's amenities include balconies, in-unit washers and dryers, covered parking, and quality interior finishes.
Funding sources for the development includes Tax Increment Financing (TIF) from the City of Kankakee, Debt, and Illinois Affordable Housing Tax Credits administered through the Illinois Housing Development Authority.
Catalyst for Investment
GROWTH intends to create market driven housing that will ignite additional investment in the downtown. By building 34 units of new residential construction on an existing vacant parking lot, GROWTH is able to revitalize an existing parking lot and put it to a new use, stimulate the downtown economy, and provide citizens equal, fair, and quality housing opportunities.
“We understand what downtown housing creates. It’s not just about redeveloping a building; it’s about redeveloping downtown as a lifestyle, and impacting the overall community. The project will serve as a catalyst for further investment in downtown Kankakee.” Brian Hollenback continues, “We intend to use a comprehensive approach to provide new resources for the overall Kankakee community.”