City, developer break ground on apartment project
'It's very important for us to understand that Elkhart has a need for housing,' Mayor Rod Roberson said Tuesday during a ground-breaking ceremony for 515 East Apartments. 'So do most communities, but I mean this throughout the spectrum. We bring in 35,000 to 40,000 people a day from different counties that really want to live closer to where they work.'
The project by RealAmerica Companies, located on 515 East St., is a mixed-use development comprising 48 units of income-based housing. There will be one- and two-bedroom apartments in a four-story building. The development will feature a variety of spacious floor plans, and each unit will have a balcony or patio.
The total development cost is $14 million, which equates to about $300,000 per unit, said Mike Surak, president of RealAmerica Companies.
'We first started looking for property in Elkhart in 2022,' Surak said. 'We've developed in South Bend, Warsaw, Fort Wayne, so we've had a footprint in Northern Indiana for quite some time now and we've just heard about all the activity that's happening in Elkhart. So when we first came to town looking for development opportunity ... the occupancy was 99.1 percent, so it was clear that there was a need for housing at that time.'
515 East Apartments is partially funded by the Low-Income Housing Tax Credit program and received an allocation for funding from the Indiana Housing and Community Development Authority (IHCDA). The city contributed to the project by providing a forgivable loan and building fee waivers. The IHCDA further assisted with a loan from the Affordable Housing and Community Development Fund.
Rents will be based on the area median income (AMI) and serve households earning up to 80 percent of the area median income.
'There's a range of affordability from 30 percent of the area median income to 80 percent of the area median income, which we think captures a good range of affordability levels, depending on certain household incomes,' Surak said. 'It's all income-based, so it's all driven by what a particular individual or family earns annually as a household.'
The apartments will also include a roof-top deck and garden, and community space with a lounge, kitchen and fitness center. There will also be a dog park and dog wash station.
The development site is in an ideal location for housing because it sits in a pedestrian-friendly area of downtown, developers said.
'We were really attracted to the site because of its central location in downtown Elkhart, and the walk within minutes to Main Street and restaurants and retail that they offer in that district,' Surak said, 'and then also all of the development that's been happening in the River District.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 hours ago
- Yahoo
At US$227, Is It Time To Put Lowe's Companies, Inc. (NYSE:LOW) On Your Watch List?
Lowe's Companies, Inc. (NYSE:LOW) received a lot of attention from a substantial price movement on the NYSE over the last few months, increasing to US$234 at one point, and dropping to the lows of US$211. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether Lowe's Companies' current trading price of US$227 reflective of the actual value of the large-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let's take a look at Lowe's Companies's outlook and value based on the most recent financial data to see if there are any catalysts for a price change. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. What Is Lowe's Companies Worth? The stock seems fairly valued at the moment according to our valuation model. It's trading around 17% below our intrinsic value, which means if you buy Lowe's Companies today, you'd be paying a reasonable price for it. And if you believe that the stock is really worth $273.78, then there's not much of an upside to gain from mispricing. What's more, Lowe's Companies's share price may be more stable over time (relative to the market), as indicated by its low beta. Check out our latest analysis for Lowe's Companies What kind of growth will Lowe's Companies generate? Future outlook is an important aspect when you're looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so let's also take a look at the company's future expectations. With profit expected to grow by a double-digit 18% over the next couple of years, the outlook is positive for Lowe's Companies. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation. What This Means For You Are you a shareholder? It seems like the market has already priced in LOW's positive outlook, with shares trading around its fair value. However, there are also other important factors which we haven't considered today, such as the financial strength of the company. Have these factors changed since the last time you looked at the stock? Will you have enough confidence to invest in the company should the price drop below its fair value? Are you a potential investor? If you've been keeping tabs on LOW, now may not be the most advantageous time to buy, given it is trading around its fair value. However, the optimistic prospect is encouraging for the company, which means it's worth further examining other factors such as the strength of its balance sheet, in order to take advantage of the next price drop. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted 2 warning signs for Lowe's Companies (of which 1 makes us a bit uncomfortable!) you should know about. If you are no longer interested in Lowe's Companies, you can use our free platform to see our list of over 50 other stocks with a high growth potential. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
3 days ago
- Yahoo
Safehold Closes Ground Lease for Affordable Housing Development in San Diego
NEW YORK, July 24, 2025 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease for the development of an Affordable Housing community in the Mission Valley area of San Diego, CA. The Low-Income Tax Credit development will provide 227 total units upon delivery in 2028. The project will be developed by The Pacific Companies, a prolific developer of Affordable Housing and repeat Safehold customer. "We're thrilled to expand our relationship with The Pacific Companies and our broader investment into the Affordable Housing sector," said Steve Wylder, Safehold's Head of Investments. "We are increasingly focused on the LIHTC space and are finding our capital—which functions as a low-cost gap filler—can be a very useful tool in moving projects forward and delivering much-needed Affordable Housing." Safehold has closed on eight ground leases for LIHTC developments in California to date, providing over 1,600 units in total. Additional information on Safehold's Affordable Housing platform is available at About Safehold: Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, affordable housing, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at Transaction Contacts: Steve Wylder Head of Investments T: 212.930.9433E: swylder@ Ethan Torbati Vice President, InvestmentsT: 310.315.5580 E: etorbati@ IR Contact: Pearse Hoffmann SVP, Head of Corporate FinanceT: 212.930.9400E: investors@ View original content to download multimedia: SOURCE Safehold
Yahoo
3 days ago
- Yahoo
Malaysian Fugitive at Center of 1MDB Corruption Scandal That Funded ‘The Wolf of Wall Street' Reportedly Located in China
Jho Low, the playboy Malaysian financier who was central to the multi-billion dollar 1MDB corruption scandal, has reportedly been located and his new identity discovered. Low was the mastermind behind the embezzlement of at least $4.5 billion from the 1MDB Malaysian development fund, much of which was used to buy luxury real estate across the U.S., plus art, a private jet and a superyacht. But he also managed to use the finances to ingratiate himself into Hollywood circles, most notably becoming close with Leonardo DiCaprio — who would star in 2013 hit 'The Wolf of Wall Street,' which, in 2016, the Department of Justice alleged had been financed using stolen Malaysian money. DiCaprio thanked Low in his Golden Globes acceptance speech in 2014. More from Variety Margot Robbie Says 'Wolf of Wall Street' Full Frontal Nudity Was Her Idea; She Turned Down Scorsese When He Said: 'Maybe You Can Be Wearing a Robe' Donald Trump 'Crashed' the 'Wolf of Wall Street' Set and Acted Like an 'Utter Buffoon,' Says Cristin Milioti 'Wolf of Wall Street' Producer Riza Aziz Forfeits $60 Million in Property Tied to 1MDB Case Since 2015, when elements of the corruption were first brought to light, Low is believed to have been on the run and was initially understood to have taken refuge in Taiwan, which has no extradition treaty with Malaysia or the U.S. There have been various rumors about his whereabouts since then, but Project Brazen, the podcast studio and production banner set up by Bradley Hope and Tom Wright, the former Wall Street Journal reporters who broke many of the key early 1MDB stories and co-wrote 'Billion Dollar Whale' about the scandal, has now provided an update. Announced during a live stream on Friday entitled 'Finding Jho Low,' Hope and Wright asserted — using evidence provided by various sources and newly-uncovered documents — that Low was living in a mansion in Green Hills, an 'ultra high-end neighbourhood in Shanghai.' They also added that Low was using a 'fake Australian passport' using the Greek name Constantinos Achilles Veis, which he was using to 'move around China and hide his identity.' Finally, on the live stream they claimed that Low was now working as a 'behind-the-scenes strategist for the Chinese government,' where his tasks include 'helping sanctioned Chinese companies navigate difficulties around the world.' See the 'Finding Jho Low' live stream below Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples
