If all the financing falls into place, a planned five-story building with up to 60 new apartments and 3,000 square feet of ground-floor commercial space will start welcoming new residents to the entrance of Bloomington’s Switchyard Park off Walnut Street sometime in the summer of 2022.
Part of the financial puzzle was solved for the developer, RealAmerica Development, LLC, when Bloomington’s redevelopment commission (RDC) approved a $1 purchase agreement for the real estate. The unanimous vote came at the RDC’s regular Monday meeting.
The RDC had bought the property a couple of years ago for $800,000, which was the former location of the Night Moves strip club.
Asked to comment on the disparity between the purchase price and the appraisal the RDC had obtained on the property, city controller Jeff Underwood said it was understood the RDC would not get back the fair market value on the land deal.
The proposal from RealAmerica might not have been the biggest fiscal proposal that the RDC had received through its request for information (RFI), Underwood said. But it had all the other attributes the city was looking for, he said.
What was Bloomington looking for? Affordable housing. For a long time and for a lot of people. Continue reading “99-year affordable housing deal to build about 60 new apartments at Bloomington’s Switchyard Park entrance”