BLOOMINGTON, Ind. (Inside INdiana Business) – The Bloomington Redevelopment Commission has approved a mixed-use development project adjacent to Switchyard Park designed to bring more affordable housing to the city. The more than $13 million Retreat @ the Switchyard project from Indianapolis-based RealAmerica Companies will include 50 apartment units and 3,000 square feet of commercial space.
The city says up to 25% of the residential units will be offered to clients of nonprofit Stone Belt, an organization that provides resources and supports for individuals with disabilities. The remaining units will be available to residents earning 50-80% of area median income.
“I’m thrilled to see a second high-quality, affordable housing development shape up beside the park for welcoming more of our residents,” said Bloomington Mayor John Hamilton. “Switchyard Park is a public asset for everyone to enjoy. The Retreat will offer a great place to live and help steer the transformation of the neighboring area.”
The city says the units’ affordability is ensured for at least 99 years.
RealAmerica was selected from among ten housing developers that responded to a Request for Information by the RDC in 2019.
The company says it is partnering with the city to find a local architect for the building’s design as well as tenants for the commercial space.
In light of the coronavirus pandemic, the city says the timeline for development estimates construction to be completed in summer 2022.