Mishawaka’s Mill developers break ground on new $67M apartment project
MISHAWAKA, Ind. (WNDU) - The transformation of downtown Mishawaka continued on Wednesday.
Groundbreaking ceremonies were held for a $67 million apartment building project on property that was once “hazardous wasteland” occupied by Uniroyal.
“Phase one was very successful. We have a waitlist, phase one, so at that point, anytime you have a waitlist, you know, you need to do a phase two,” said Brian Prince with Flaherty and Collins.
The same developer that finished building the 232-unit Mill Apartments in 2019 is back to start work on a 226-unit sequel—a second building that will offer more of the same—more or less.
“Second time around, we have a higher percentage of our studios and one bedrooms, as those had the highest velocity leasing in phase one. We’ve incorporated more of the studio units to give more opportunities for those to be a part of this community with more affordable workforce price point range,” Prince explained.
Prince says 30% of the tenants who moved into phase one of The Mill came from out of state, while 80% were new to Mishawaka.
“Mishawaka, I think, is in a great spot going forward. We will continue to grow when so many communities around us, including here in Indiana, have struggled for growth,” Mishawaka Mayor Dave Wood told the crowd.
There was no guarantee that developers would move ahead with phase two, and there was apparently a high price to pay to keep the new housing momentum going.
“It just shows you what’s happened to construction costs,” said David Flaherty, Flaherty and Collins CEO. “First phase was $47 million. This phase, we thought, would be $63 million. Turned out to be $67 million. So, and it’s basically the same size, that shows you what’s happened with costs, making development today very challenging. That, with the higher interest rates as well.”
Since the project is so high in population density, it will require the construction of a 420-space parking garage.
Plans call for welcoming the first tenants in the spring of 2025.
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