Fountain Square Apartments
Corner S. Schuyler Ave & Merchant St.
Units: 34 New Construction, Residential
$7.4 Million Investment
GROWTH, in partnership with the City of Kankakee, will be building a new construction residential development known as the Fountain Square Apartments, at the corner S. Schuyler Ave & Merchant St. in downtown Kankakee, IL.
About the Project
The $7.4 million project includes the creation of 34 residential rental units. This new construction, residential effort will transform a vacant parking lot into a 64,000 square foot, residential development with 1 bedroom, 1 bath units at 900 square feet, and 2 bedrooms, 2 bath units at 1,150 square feet. Rent ranges from $590-$1,250 per month.
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 worked in partnership with the City of Kankakee and community stakeholders to identify the highest and best use for its first residential development.
“As a non-profit community based development organization with over a 30-year proven track record, we go into a project knowing it will take more than 12 months to identify all funding sources that it will take to make a project happen. Every community we work in, we strive to do more listening than telling. After multiple meetings with community stakeholders, it is clear that there is a desire is for market-driven housing downtown. GROWTH is working to make that vision a reality with the Fountain Square Apartments,” said Brian Hollenback, President/ CEO for Economic Growth Corporation.
GROWTH will begin construction in 2017, with a 10-month construction schedule. The development is anticipated to support over 81 jobs during the construction period, and will place an underutilized parking lot on the tax rolls upon its completion in 2017.
Funding sources for the Lawrence Lofts 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. As an experienced community-based developer, GROWTH has experienced firsthand how projects like the Fountain Square Apartments can stimulate further investment, turning good downtowns into great destinations.
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, Local contractors are provided with work, and local tax rolls are fed.
“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.”