Economic Development Corp. of Wayne County’s board celebrated about two years of behind-the-scenes work with a now-named developer who’s renovating five downtown Richmond buildings.
During the June 2 meeting, EDC President Valerie Shaffer said she’s “thrilled” to be able to share details of Project Phoenix, including the developer’s name, AP Development LLC, and the total scope, 100 apartments and 20,000 square feet of retail space.
EDC staff have helped Indiana-based AP Development acquire the buildings and negotiate with Richmond city officials about the use of tax increment financing dollars. EDC is also working with Earlham College, which is supporting the approximately $30 million project with some of its funds from Lilly Endowment.
The board approved opening a Revitalize Richmond savings account to keep funds separate from EDC’s regular expenses and make tracking easier for audits. Earlham will release grant funds to EDC, which will reimburse the developer.
Several of the five buildings (725-735, 726, 728, 809-817 and 828-832 E. Main) have upper-level residential and office space that’s been vacant for decades.
Apartment residents will be able to use the city’s parking garage.
The work is concentrated in two city blocks. It’s near Richmond Neighborhood Restoration’s completed renovation of the former Secret Ingredient boutique and nearly complete restoration of the Readmore shop. And, Flaherty & Collins expects to begin building the 6Main apartments on the former Elder-Beerman store site soon.
Board member Marty Van Der Burgt, representing Belden, said updates to the city’s main corridor will help when prospective employees visit.
Shaffer has called the project a win for the whole county, saying strengthening the urban core will help with attracting talent, boosting quality of place and expanding housing options.
She’s had four meetings in recent weeks with brokers and developers wanting to learn more about this market for potential investment opportunities. She believes that indicates word is spreading about Wayne County’s investment activity.
In other business
- Richmond had the fourth-lowest cost of living of 251 U.S. urban areas in the year’s first quarter. EDC Office Manager Rhonda Fisher collects prices for Council for Community and Economic Research’s analysis. Richmond was just behind Harlingen, Texas; Tupelo, Mississippi; and Decatur, Illinois.
- Board President Jim Tanner said he received many positive comments after EDC’s annual meeting. He said several people were impressed after learning how busy the organization is and what its staff of five do.
- Economic Development Manager Sarah Mitchell said 33 of 44 properties planned for demolition through the countywide blight elimination program have been reviewed for asbestos. Only 21 so far have asbestos, which lowers demolition/disposal costs.
- One incentive package remains for EDC’s program to recruit 30 remote workers. Seven offers have been made.
- The sale of Berryfield Park on Richmond’s north side to Chester Heights Apartments closed May 28. Construction of 72 new market-rate units could begin soon. One office is being converted to an apartment, bringing the total to 73.
A version of this article appeared in the June 11 2025 print edition of the Western Wayne News.