Study: Grant County could support thousands of new housing units
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The Grant County Economic Growth Council is looking to grow the number of rental and for-sale housing units throughout the county following the results of a comprehensive housing study.
The study, commissioned in conjunction with Grant County, the cities of Gas City and Marion, and the town of Upland, was designed to provide critical information for housing developers looking to invest in the region.
“This study underscores the immense potential for housing development in Grant County,” said Chuck Binkerd, the growth council’s executive director. “By aligning with the market demand identified in the study, our communities can partner with the private sector to foster sustainable economic growth and enhance the quality of life for our residents.”
In an interview with Inside INdiana Business, Binkerd said the most significant takeaway from the study is the number of housing units that the community could support.
“From almost a regional perspective, there’s a lot of folks looking at our area, and so we’re glad to see that interest,” he said. “We know that we have a lot to offer in Grant County, and so we’re just excited to see that we can support growth, and we have developer developers interested in coming in and helping to kind of fill that void.”
The study found that from a consumer market perspective, between 340 and 450 new rental and for-sale housing units can be leased or sold in Grant County over each of the next five years.
Specifically, the study said the county has the ability each year to add 40-50 workforce multifamily rental units; 140-180 market-rate multifamily rental units; 30-40 market-rate condos for sale; 40-50 market-rate townhouses/duplexes for sale; and 70-110 market rate single-family detached homes for sale.
Binkerd said he has already met with several developers that are looking to build in the area, and some of the communities within Grant County are getting housing projects underway.
“Gas city has two or three projects, I believe, on the boards right now, and they’re they’re actually breaking ground on some of those,” he said. “The city of Marion, I know, the mayor proposed to the city council a project for a riverfront development, and that includes some housing units as well. There’s a lot of activity, and there’s there’s some work being done that we can actually see some progress starting right now.”
The study also found that the market potential is comprised of households that includes 46% market-rate, 17% workforce housing, and 37% affordable housing.
One of the big drivers of the housing demand in Grant County is the effort underway in neighboring Howard County by global automaker Stellantis, which is building two multi-billion-dollar electric vehicle battery manufacturing plants in Kokomo.
Those projects are expected to create about 2,800 jobs when fully operational. Binkerd said the growth from those facilities will also create opportunities for some of the existing businesses in Grant County as well.
“We know that there are that there’s a lot of ancillary needs that would support the battery operation there, and so we feel like there’s great opportunities for folks here to develop,” he said. “I think from the center of the county to the location of the battery plant is maybe a 30 minute drive. So it’s just a nice location for us to be able to be a part of that growth and to bring some of that growth into Grant County.”
You can connect to more on the housing study by clicking here.