FORTVILLE — An Ohio developer received the final approval it needed from town officials to apply for financing to develop a two-building, 115-unit apartment complex.
MVAH Partners of West Chester Township, Ohio, plans to apply for state tax credits to help fund the project, called Madison Village. The proposal calls for two four-story buildings on the northern part of a 6.5-acre property at 215 S. Madison St., just north of the Fortville-Vernon Township Public Library. Deaton’s Waterfront Services currently operates on the property, but has plans to develop a new headquarters on the southwest side of town.
One of the apartment buildings would be for residents age 55 and older and have 58 units. The other would have 57 units for residents making 80% of Hancock County’s average median income. Both buildings would have one- and two-bedroom apartments along with indoor and outdoor amenities. The development cost of the project is estimated at about $22 million.
The Fortville Town Council voted 4-1 in favor of the proposal earlier this week, with Tonya Davis, Fritz Fentz, Robert Holland and Libby Wyatt voting in favor and Becky Davis voting against.
Tonya Davis told the Daily Reporter that she supports the proposal because the town is in desperate need of 55-and-older housing. She added the plans call for plenty of parking and she likes that the development would back up to the railroad tracks through town.
“It’s a perfect place,” she said.
Workforce housing is needed in town too, she continued. She said the term is often misunderstood as subsidized housing.
“It’s just based on your income,” she said.
The tax credits MVAH Partners seeks are part of Fortville, Greenfield and Hancock County’s inclusion in the state’s Stellar Communities program, which provides funds and funding opportunities for community improvement projects. The credits are distributed by the Indiana Housing & Community Development Authority.
The project is an alternate to one led by Forza Development that proposed bringing a commercial and residential development to the 400 and 500 blocks of East Broadway Street. Forza stopped pursuing the project after receiving widespread opposition from town residents last year.
Tonya Davis opposed that proposal while running for her council seat. She said MVAH Partners picked a better location to put apartments.
Becky Davis told the Daily Reporter she voted against the latest proposal because most of the town residents she has spoken to about it oppose it.
“I have talked to a lot of people,” she said.
She said people have told her they have qualms over the buildings’ height. She also has heard concerns about the workforce housing component to the project. She added she doesn’t agree with all of her constituents’ objections, but wanted to represent their positions on the council.
Pete Schwiegeraht of MVAH Partners addressed the term “workforce housing” during the meeting, explaining it means there’s no age restriction and would cater to working-class residents making an hourly wage of about $17 to $25 an hour.
Schwiegeraht said one-bedroom units in the development would rent for around $700 a month while two-bedroom apartments would go for about $800.
The component regarding 80% of the county’s average median income would vary depending on the size of a family, Schwiegeraht said. On the high end, he estimated it would be in the high $50,000s to low $60,000s. For someone looking for a one-bedroom apartment, it would be closer to $20,000 to $32,000.
MVAH Partners plans to apply for the tax credits by September. If awarded in January 2021, work would likely start in May, Schwiegeraht said.
Mike Crouse, CEO and founder of Fortville Feeders at 750 E. Broadway St., which is near the proposed apartment complex site, encouraged officials during the town council meeting to take a serious look at drainage on the property.
Schwiegeraht agreed that the undeveloped parts of the site don’t drain properly and will be addressed if the project moves forward.
