EDCMC announces new housing to attract more residents to MC
MICHIGAN CITY, Ind. – The Double Track project is spurring new development plans for downtown Michigan City as the first multi-family mixed-use project has been given the green light.
Working in tandem with the Economic Development Corporation Michigan City, the City of Michigan City Redevelopment Commission has formally approved a development agreement with TRG Community Development, LLC, a division of The Richman Group of Companies.
“While the Double Track project is still in its initial stages, it has already become the catalyst for numerous investors seeking opportunities in the newly designated transportation development district around the future 11th Street train station,” said EDCMC Executive Director Clarence Hulse. “Michigan City has the right economic climate and market demand for this type of product, and we are expecting over 800 multi-family units over the next 10 years.”
The Richman Group is one of the nation’s leading housing organizations. Headquartered in Connecticut, it is a privately owned real estate development, investment and asset management firm. It is the 7th largest owner of multi-family apartment units in the United States, managing more than 25,000 units representing over $14 billion in development costs in 49 states.
“We are very excited about the opportunity to expand our footprint in a fast-growing market like Michigan City,” said Andre Blakely, president of TRG Community Development, LLC, a division of The Richman Group of Companies. “We have received a warm welcome in the Michigan City community, and we are eager to continue working with the partners of this project to bring to market dynamic, best-in-class, and vital housing communities.”
“We could no longer ignore that we need to attract developers and investors to our city,” said Michigan City Mayor Duane Parry. “I am very excited about the future of Michigan City, and this is a quality development that will assist local and new residents to live in our thriving downtown.”
TRG Community Development, LLC is proposing a $35 million investment, with 200+/- workforce housing units that will target nurses, law enforcement and education community members as residents. Ground-breaking is scheduled for Fall 2022 and units will include a mix of one, two and three-bedroom units on the project site: the corner of 8th Street and Michigan Blvd. The city’s investment will be land and a developer backed TIF bond repaid over the next 20 years with annual property tax revenue generated by the development.
“This new development has a great return on investment for the city with the economic impact to be realized through the use of local trades and purchases from local suppliers,” Hulse said. “Talent attraction and quality of life are key to maintaining our existing industries and attracting new companies.”
Economic Development Corporation Michigan City is committed to growing and attracting new industry and business to the community as well as strengthening existing business. EDCMC services, programs, and one-on-one assistance clearly provide the optimum business environment — a place where commerce and industry can prosper and grow. EDCMC merges the right mix of resources, including city government, residents, and the expertise of business leaders. Exclusive incentive packages and unique natural resources make Michigan City, Indiana, the place to build or expand. For more information, call (219) 873-1211 or visit www.edcmc.com.
About The Richman Group
Founded in 1987, The Richman Group has grown into one of the nation’s largest privately owned residential real estate investment, development and asset management firms. With extensive experience in both affordable and market-rate developments, they have developed over 25,000 residential units, totaling a combined $7.5B in development costs, and owned or asset managed over 100,000 units. Furthermore, it offers every expertise in-house, from architects to property managers. The Richman Group’s philosophy is to be best-in-class in all sectors in which it participates. Customer service is a fundamental value, as is its intention to maintain its leadership in creating innovative developments and financial structures. The company is headquartered in Greenwich, Conn., and has 15 regional offices, serving communities in 49 states, Washington D.C., Puerto Rico, the Virgin Islands and Guam.
For more information visit, www.therichmangroup.com