INDIANAPOLIS, Ind. (Oct. 5, 2015) -- Developers and Kokomo city leaders announced Monday a new $20 million assisted living facility will be coming to the downtown area.
The four-story, 120 room center will be located at 410 S. Washington St. and will replace a lumber yard, vacant since 2007 and an eyesore for the downtown, according to Kokomo Mayor Greg Goodnight.
“This area was really in need of what we would say, 'A shot in the arm,' so this is very important,” Goodnight said.
This is just the latest example of economic development in downtown Kokomo. In the last year, the city has opened a new 400 space parking garage that has 35 luxury condos on top as well as a new baseball stadium. Construction crews are currently working on a new YMCA in downtown and another multi-purpose building near the heart of downtown.
“I try to remind people that we have to invest in ourselves," Goodnight said. "And when we do that it creates opportunities for outside investments like this project here.”
Chicago-based Vermillion Developments will build and run the assisted living facility. Darrin Jolas, Vermilion's Director of Development, said the company not only choose Kokomo because of its aging demographics, but also the city's recent investments into the downtown area.
“You want to feel like the city has a tailwind and Kokomo has that feel to it," Jolas said. "We’ve been surprised at the amount of staff assistance and coordination to get to this point today.”
Kokomo residents were happy to hear a new retirement home was coming to downtown.
"I'm 59. They need more spaces for us," Kokomo native Steve McDorman said.
He said this is another positive step for Kokomo.
“I can’t wait. I’m glad to see it," McDorman said. "Kokomo is really building up and doing a fine job on redoing everything."
Construction on the facility will begin next summer and it will be open to residents in 2017.