58-unit apartment development planned for downtown Kokomo
Four Star Partnership announced plans for a 58-unit apartment development at 401 E. Sycamore Street in downtown Kokomo. The apartments, a $6 million private investment, will feature three new buildings and the restoration of historic building. Construction on the project is expected to begin November, 2018 and be completed by February of 2020.
“This is a great opportunity for investment on the cusp of downtown,” said Kokomo Mayor Greg Goodnight. “It repurposes an underutilized, vacant property while complimenting other developments in the area. It helps us achieve key goals in our comprehensive plan as well.”
Four Star Partnership felt the location was ideal for the development. Market studies showing the need for this kind of housing were also a factor. In addition, the company felt the location is prime for workforce housing that is in close proximity to downtown and other attractions. Four Star Partnership has had business operations in Kokomo since 2006 and expressed a strong interest in working on the project with City of Kokomo.
This development is being financed locally by First Farmer’s Bank & Trust.
“First Farmers Bank & Trust is committed to supporting local economic development and fostering community betterment,” said Cary Mawbey, First Farmers Bank & Trust’s Senior Vice President of Commercial & Ag Lending. “We are excited to provide local financing for this project.”
Plans for the housing development include restoration of the historic, two-story, brick house at 417 E Sycamore St. The house was built in the early 1880s for Dr. John F. Henderson, who was a surgeon during the Civil War. After the war he became one of Kokomo’s earliest real estate developers. His successful ventures included a drug store, lumber yard and hotels. In 1867, he built the grand, four-story Clinton House Hotel in downtown Kokomo and later was founder and editor of the Kokomo Dispatch newspaper.