Randall Lofts awarded tax credits
Fort Wayne, Ind. – The Indiana Housing and Community Development Authority recently announced that the Randall Lofts apartments in downtown Fort Wayne will receive nearly $675,000 annually for 10 years, in rental housing tax credits. Carmel-based RealAmerica Development plans to convert the historic building at 616 S. Harrison St. into one- and two-bedroom apartments.
"This is good news for downtown Fort Wayne," said Heather Presley-Cowen, deputy director of the Office of Housing and Neighborhood Services. "This is yet another development that will contribute to the revitalization of the area, bringing residents downtown to live and shop."
The Randall Building was originally constructed in 1905 and is the largest Victorian commercial block in Fort Wayne. The building is also on the National Register of Historic Places.
Renovation of the building is estimated to cost $7.5 million with the City of Fort Wayne contributing $600,000 in federal Neighborhood Stabilization Program 3 dollars ($450,000 in a loan and $150,000 in a forgivable loan).
RealAmerica proposes to convert floors two through five into 44 apartments. The street-level floor will continue to be used for commercial purposes. Construction is expected to begin in late summer or early fall.
The City of Fort Wayne's Housing and Neighborhood Services (HANDS) board and Fort Wayne Mayor Tom Henry provided written support for the project.
The authority awarded more than $14 million in rental housing tax credits to 20 housing developments throughout Indiana.