Abbott Apartments Progress
Updates are below the Introduction:
January 22nd, 2016
Abbott Apartments at College Dr and E 8th St are Schedule for a much needed Remodel.
The Abbott Apartments were built in 1940 and were definitely in need of an update. The buildings are structurally sound but needed upgrades to the electrical system, the windows were single pane wood, and the heating system was the boiler radiator heat.
I have been told stories about how Mr Abbott was a very strict landlord. He was always on the tenants so he could keep the standards above the norm. Mr Abbott was the original owner but has not owned the building for quite some time. Over the years the building has seen some hard times. Updates to the electrical system were never completed because the contractors that were paid to do the job skipped out when it was partially complete. Keeping the units rented was not easy because 8 of the 12 units were efficiencies and not in high demand. The parking situation was also something that I think contributed. In the 40’s the parking would have been sufficiently but over the years more cars equaled the need for more parking.
After approximately 2 years of negotiating and waiting on approvals the Abbott Apartments have been purchased by Pathstone Corporation and are scheduled for a $833,000 remodel and upgrade. The project is scheduled to begin on February 5th, 2016 and take approximately 9 months depending on weather and other factors.
The 8 efficiency apartments are going to be made into 4 two bedroom apartment which should help with keeping them occupied. Annette Phillips with Pathstone states, “The Apartments will be an affordable housing project. The apartments will be available to individuals under the 60% AMI (Area Median Income). For example, a family of three in Anderson would have to have an income under 30,720 to meet this guideline. The AMI guideline is based on gross household income and family size”
The majority of the funds were a grant from The Federal Home Loan Bank of Indianapolis in conjunction with First Merchants Bank which is the Pathstones project banking partner. The City of Anderson has also contributed a grant for the rehab.
Current Updates are Below:
Abbott Kickoff had a Large Tunout
Wednesday Feb. 10 was the Abbott Apartments Project Kick Off. The turnout included the local Pathstone team, the Major, the General Contractor, Architect, First Merchants Bank, FHLBI, and many more people as you can see from the picture below.
They are still waiting of the final approval from the state and should start renovations within the next 30 days.
They have teamed up with
Some of the things they have put together for the tenants of the Abbott Apartments is free transportation on City-Anderson Transit System, they are also working with the Impact Center to help provide employee training for the tenants that need it. they are also working with TRC Anderson Head Start to help with transportation. This will be a great help to some very needing families.
Dirk Webb did an interview with Annette Phillips the Community Development Director for Pathstone. Below is a little excerpt.
Annette Phillips, Director of PathStone of Indiana says, “We can really help with foreclosure counseling and access to Indiana Hardest Hit Funds for families facing losing their home due to divorce, medical, death, job loss and other situations beyond their control.
We are also an affordable housing developer specializing in rehab of multifamily rentals and single family homes for homeownership. Our current project is Abbott Apartments in Anderson which consists of eight affordable housing units that successfully competed and was awarded a $500,000 Federal Home Loan Bank of Indianapolis Affordable Housing Program grant.”
If you were to have five minutes with someone who was considering relocating to Madison County what would you tell them? Dirk Webb
“Madison County IS growing in opportunities. It is a community committed to helping everyone thrive in the areas of income, education, and health.” Annette Phillips