County builds housing momentum

Partners are aligning and barriers are being removed to improve housing and quality of life to draw more business to Wayne County.

That was the theme shared by panelists and speakers at the Economic Development Corp. of Wayne County’s annual luncheon April 8. Valerie Shaffer, EDC’s president, said momentum in bringing together community expertise and resources is more coordinated than ever.

While business development remains at EDC’s core, EDC spotlighted current downtown and neighborhood revitalization and development efforts. Shaffer noted that people choose a community based on its quality of place.

Representatives from business, government, higher education and nonprofits described their recent efforts to add and restore housing stock and retail spaces around Wayne County.

Those efforts range from completing subdivisions to adding downtown apartments and stabilizing neighborhoods by restoring historic homes and building new ones on vacant lots.

Much of today’s construction has been years in the making. Momentum began when state officials designated Richmond as a Stellar community in 2013, providing access to several state programs and tax credits. More recently, sources including Indiana’s Regional Economic Acceleration and Development Initiative, American Rescue Plan Act funds and Earlham College’s successful application for $25 million in Lilly Endowment funds have spurred investments.

Developers said it’s hard for communities to be strong without a stable downtown where people enjoy gathering, and an unkempt downtown negatively impacts the entire community.

Flaherty & Collins’ 6Main apartments on the former Elder-Beerman lot are slated to open by 2027’s first quarter. There’s a chance they could be done by December 2026. Names of potential renters are now being accepted; leases will be actively pursued in the third quarter.

The company unexpectedly found that site after visiting Wayne County to consider developing land near Interstate 70. Deron Kintner, special advisor and vice president of development, said he was glad to find that location, and local and state leaders have been great to work with.

“A lot of communities will be jealous to have something like that in the downtown,” Kintner said.

Jon Anderson, AP Development president, said his team strives to rescue and reuse downtown historic buildings such as the Odd Fellows Lodge without destroying their uniqueness.

Anderson said Richmond has a lot of intact buildings compared to other communities, and he found the three things he looks for in a community: leadership, momentum and a plan.

Anderson received applause after noting the metal cover commonly called “the cheese grater” is being removed from the former bank at 728 E. Main, and construction is to begin at 828-832 E. Main in the next couple of months.

Rebecca Gilliam, Wayne County Foundation president, said the new land trust it oversees for commercial buildings will be a complement to investments currently happening and encourage long-term investment. The privately funded trust is now in the design and development phase on about 300,000 square feet of buildings.

“Investing in ourselves is the first step to getting additional external funding to come our way,” Gilliam said.

Leaders are now looking for already successful businesses that want to establish another location to fill some of those refreshed retail spots.

And, applications also will become available soon for a new round of downtown revitalization funds available to current building owners who will invest at least 25% in their renovation.

Separately, EDC has helped form a land bank with government partners to find redevelopers for blighted or abandoned homes.

Wayne County’s 2023 housing study indicated the county could absorb 2,250 more housing units over five years.

Developers said rising costs have made it more challenging for the market to take on construction projects than it used to be, especially in disinvested neighborhoods. Partnerships help reduce the risks in building the first houses that create visible change the community can get excited about.