Developers plan $26M mixed-use project in Kokomo
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A proposed $26 million mixed-use development in Kokomo has cleared a key hurdle. The city’s redevelopment commission this week approved plans for The Elwood, which would include 114 apartments and 3,000 square feet of commercial space.
The project is being developed by Rebar Development in Fishers and Carmel-based Goodin Development. Located at the corner of Hoffer and Elizabeth streets on the city’s southeast side, the project will redevelop blighted and vacant parcels of land.
Officials say The Elwood could serve as a catalyst for additional development in the area.
“We have been looking for an opportunity to do something special in Kokomo for several years,” Rebar Development founder Shelby Bowen said in a news release. “With the investments the city is making in this corridor and throughout Kokomo, we are thrilled to be a part of the incredible momentum in the region.”
The Elwood will feature one- and two-bedroom apartments, and the commercial space will be designed specifically for a restaurant with outdoor seating. Plans also call for a work-from-home lounge, rooftop patio, and an indoor/outdoor resident cafe, among other amenities.
The developers are also partnering with the city on infrastructure improvements long Elizabeth Street, including street parking to support residents and future business tenants.
The project still needs approval from the Kokomo City Council, which will consider the proposal at its meeting in November. If approved, construction could begin in February 2025 and is expected to be complete in the summer of 2026.