A Chicago based real estate development company plans an 88-unit duplex community to replace an aging mobile home park on Kokomo’s west side.
JCF Real Estate has purchased the mobile home park, known as Kokomo River Estates, located at 1500 W. Markland Ave. The company is redeveloping the thirteen acre site into a duplex housing community.
“This is a great example of a private investor redeveloping an older neighborhood,” said Kokomo Mayor Greg Goodnight. “This housing project by JCF is a strong indicator that our focus on quality of life improvements is paying off. We are excited to continue to grow Kokomo by encouraging new market rate housing to serve our increasing population.
The one and two-bedroom units are being designed by JCF Real Estate and will feature open, park like areas, professional landscaping, on-site storage facilities, and on-going responsive property management.
JCF President John Fitzmaurice explains that there will be two units side-by-side. Each unit will have its own porch, and the neighbor’s porch will be on the other side of the building. He states; “In fact, we are working on a patent for the design because it is so unique.” The units will each include a parking area, backyard and on-site storage facility. There will also be significant spacing between the units, which will allow for a lot of green space that residents can enjoy
Just seven of the nearly 50 trailers at Kokomo River Estates are currently occupied. Fitzmaurice said his company has received only positive feedback about the project.
“These residents have been invited to rent with us, and if they want to leave we will help them move out,” Fitzmaurice said. “We have met with all of the residents and they have been very cordial.
“Also, they will not be required to leave immediately. We can work around them with our early construction,” he added.
Mayor Greg Goodnight: “This is a great example of a private investor redeveloping an older neighborhood.” This housing development by JCF is a strong indicator that our focus on quality of life improvements is paying off. We are excited to continue to grow Kokomo by encouraging new affordable housing developments for people of all income levels.”
One major difference between the two projects, however, involves the subject of rent payment. While rent for the Apperson Way apartments will be determined on a sliding scale, JCF will price its units at “fair market rent” and will not provide subsidies or assistance, according to Fitzmaurice.
“This will be the first time in a long time that average, working class residents will have an opportunity for something new,” Fitzmaurice said. “And it is exciting that we will be correcting such a blighted sight.”
“The city’s positive economic forecast and quality-of-life attracted us to Kokomo,” said Paul Robertson, JCF Executive Vice President. “We are extremely confident in our investment in Kokomo. We are excited about developing JCF Residences at Wildcat Creek along the Walk of Excellence and conveniently located near the new Wildcat Creek Soccer Complex.”
The company is expecting to begin preliminary construction efforts by the end of this week. Full construction is expected to begin later this spring.
JCF Residences at Wildcat Creek will likely be available for rent by late July or early August.