A new affordable housing development in Petersburg, Ind., is helping to address several needs of this rural community in the southwestern part of the state.
Downtown Terrace, which was completed in February, is providing 42 units of seniors housing, a needed health clinic, and the revitalization of a downtown block that had suffered damage from a tornado years ago.
Developed by Flaherty & Collins Properties, J. Higgs Development, and Pike County Progress Partners, the project encompasses a full city block in a historic part of the downtown. The development team did an adaptive-reuse of a historic building and replaced several historic buildings that had been badly damaged during the tornado with new construction.
Good Samaritan Hospital is using 5,000 square feet of the retail space to run an urgent-care facility that includes mental health services and a physician’s clinic, which is expected to benefit the residents of Downtown Terrace, the city of Petersburg, and Pike County. Additional retail includes a beauty salon, an optometrist's office, and an accounting firm.
The $7.7 million development was financed primarily with low-income housing tax credit equity. Syndicator National Equity Fund placed the project in the Healthy Futures Fund, which is an initiative driven by the Local Initiatives Support Corp., Morgan Stanley, and The Kresge Foundation. The fund supports the development of federally qualified healthy centers for low-income individuals in underserved areas.
“Downtown Terrace fits perfect in that sweet spot for combining services and seniors housing together,” says Duane Miller, vice president of community and asset management at Flaherty & Collins.
The city of Petersburg and the Indiana Housing & Community Development Authority also provided additional financing for the development.
