North Meadow Proposed Apartment Complex
Goshen, IN was hard hit by the Great Recession with many foreclosures, business failures, and vacant housing. But it has bounced back and employment is strong. We now have a severe housing shortage which shows up in demand for rental apartments.
The new COMPREHENSIVE HOUSING MARKET ANALYSIS compiled by HUD projects demand for 820 new rental units in the next 3 years. None are under construction. The recently completed 37 unit Hawks project was 100% occupied within one month of opening.
There are currently 173 rental apartment units in North Meadow Estates with 100% occupancy. North Meadow offers a 3.1 acre "shovel ready" parcel for an apartment complex on Johnston St. next to North Meadow Plaza. This location is very accessible from SR 15 or from Wilden Ave. It is easy walking distance to a Laundromat, two restaurants, a carry out pizza store, a convenience store and a day care. This is a very attractive property with a pond that could be used for fishing or boating. A footbridge would allow recreational activity south of the pond.
With the assistance of Darryl Riegsecker (574-536- 0948), North Meadow has a proposal prepared for development of this parcel. Although Goshen zoning allows up to 60 units on this acreage, this proposal is a much more appealing 44 units. We are suggesting Marv Schmucker, who has built two other complexes in North Meadow, as contractor for this development. Brads-Ko Engineering is the preferred firm to detail the plans. There are multiple options for management and maintenance. We can assist an investor in all aspects of making it a successful venture.
Darryl has a layout available for the 44 unit plan along with office, maintenance building and recreational areas. He can also provide cost estimates and profit potential.