Construction begins on downtown Yorktown on the Oliver development
YORKTOWN, Ind. – Officials from Yorktown, Rebar Development and other project partners kicked off a $ 6 million mixed-use project adjacent to the city’s new Civic Green on Friday afternoon.
Called The Oliver, the development is the first development cornerstone in the Yorktown downtown redevelopment plan. In recent years, the plan has helped build a new city hall, create the Civic Green, and focus on stimulating development in several downtown blocks.
“When we began these redevelopment efforts seven years ago, one of the greatest wishes of the residents of Yorktown was to create a social and economic center for the city. The Oliver is a tremendous asset in achieving this goal, ”said Pete Olson, City Manager of Yorktown.
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The Oliver, named after Yorktown founder Oliver Hampton Smith, will overlook Morrow’s Meadow and the rebuilt Canal Street.
The project will include 26 apartments on the top two floors and over 8,000 square feet of retail and amenity space on the first floor. The development is expected to include a restaurant with terrace, as well as office studios and above ground parking.
An agreement was reached for an interlocal agreement with the county, city and Rebar Development for the use of the tax increase funding in the project. County TIF dollars along with Yorktown’s planned TIF will sponsor a $ 2 million bond to be used in construction of the $ 6 million project.
The Oliver is expected to be completed in summer 2022. Project updates and rental information can be found on theoliveryorktown.com or on social media at @TheOliverApts on Facebook, Twitter and Instagram.
So what’s the next step?
Olson said city officials would work on evaluating some of the other city-owned lots to see what development would make sense next.
He said that ultimately they were interested in finding a developer who would consider working on a building just north of City Hall on Vine Street.
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“It makes sense to wrap around the new civic green,” Olson said. Yorktown has also recently made property acquisitions in this area as city officials work on new phases of development.
The other Yorktown residential development is still in progress.
Noblesville-based developer Bison Properties LLC is still working on a 64-acre, $ 40 million project, planned just west of downtown Yorktown. Development is expected to be on the north and south sides of the Ind. 32 just before reaching the city itself. The development will include 278 rental units.
The company is already responsible for a $ 25 million rental development in Elwood similar to that planned for Yorktown.
The developer recently went through a bond board in April, although further construction updates are not known at this time.
Corey Ohlenkamp is the City and County Government reporter. Contact him by email at [email protected] or by phone at 765-213-5874. Follow him on Twitter at @Ohlenkamp.