Mishawaka officials to vote on proposed $63M 'The Mill' apartment complex project

MISHAWAKA — Plans for the second phase of the $63 million The Mill apartment complex at the Ironworks Plaza are close to what city leaders envisioned when the land was cleared with the demolition of the former Uniroyal Corp. facility in recent years

Ken Prince, director of planning and community development, said Thursday that the Ironworks Plaza — consisting of the new ice center/cafe/event center, The Mill apartments, the new Avalon apartment building under construction and the second proposed Mill development — "... from the administration's perspective, I can tell you we believe that the development as proposed represents what we believe to be the highest and the best use of the property."

On Thursday, city leaders briefed the Common Council on the upcoming ordinances it will consider at its Monday meeting that will establish the tax incremental financing district and the bonds process to pay for the Mill project. The meeting is set for 7 p.m. in the City Hall council chambers.

More: Another big apartment building in Mishawaka. Rising costs delay other city projects.

The Mill-Phase II will bring a second apartment development with 227 studio, one- and two-bedroom apartments to 2.7 acres of land directly west of the Ironworks Ice Rink, from the St. Joseph River to Front Street. There also will be 10,000 square-feet of retail space available as well as 420 parking spaces, with 130 available for three-hour public parking.

The Common Council is scheduled to vote Monday on the financial arrangements for the $63 million project from Indianapolis-based Flaherty & Collins. The plan calls for the developer to pay $43 million, with the city providing $13.6 million of Tax Increment Financing (TIF) dollars. The city would invest those funds over the 25 years of the new TIF that the city will break off the existing downtown TIF.

Also part of the financial package, the Indiana Economic Development Commission has committed to providing redevelopment tax credits that would net about $5.67 million.

Prince said the developer expects to begin construction as soon as this fall, once Monday's measures are approved, with a two-year construction timetable that would have the project done by the end of 2025.

With the new Mill building, the area of Beutter Park will sport projects that have introduced more than 550 apartments, four retail sites that have restaurant tenants and an office building. Pair the commercial ventures with the city's new ice rink/cafe/event center, the downtown area begins to fulfill the master development plan city leaders set forth after the Uniroyal demolition.

Prince said the Mill project fits in. "Very simply, it is architecturally significant, it's pedestrian friendly and it's mixed use. These were the three elements in our master plan that we created for the Uniroyal properties that we developed in 1999 that were most critical in moving any project forward."

The city demolished the buildings in June 2000 that once held Ball Band/Uniroyal along the St. Joseph River. Beutter Park opened in 2005, and development slowly took place in areas south and west of the site.

More: Throwback Thursday: Boom! The day they imploded the Uniroyal factory in Mishawaka

The Mill's first apartment complex opened in 2019 and has seen full occupancy, officials said. Statistics from Flaherty & Collins show that 80% of the Phase I tenants were from outside Mishawaka and 30% were from out of the state. Average income of renters there was more than $200,000, and Flaherty & Collins statistics show that half of the tenants who left The Mill stayed in the area and purchased a home.

Prince said Phase II will have some changes in its scope:

More smaller units: The Phase II development will have studio and one-bedroom units with dens. Developer statistics showed that there is a high demand for smaller studios and one-bedroom units, where people do not want a second bedroom.

Costs and co-working space: Rents will average $1,100-$2000, with co-working space and private offices for tenants. Along with the higher demand for smaller units, the working aspect is also being sought.

Other amenities: Tenants also will have access to a pool, outdoor courtyard, bike shop with tools, pet spa and bark park, fitnes club, club room and secure parking.

Email Tribune staff writer Greg Swiercz at gswiercz@sbtinfo.com

This article originally appeared on South Bend Tribune: The Mill Phase II Mishawaka Ironworks Plaza set to begin construction