Leading developer of workforce housing, The Annex Group®, recently announced plans to develop a new workforce housing community in Bloomington, Indiana. Funding for The Annex of Bloomington closed today. The $23.04 million community will be located at 321 and 403 E 3rd Street, 47401 and feature 102 studios, one and two bedroom units within two buildings.
The Annex of Bloomington will be at the corner of 3rd and Grant Street in an area called the University Village Downtown Character Overlay District. As it is the workforce that drives the need for housing, workforce housing typically is located in areas where the average worker may struggle to find high quality yet affordable living.
“With all of our projects, we look for locations that would truly benefit from new housing options,” said The Annex Group CEO Kyle Bach. “Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market as a whole. The Annex of Bloomington is our response to the need for housing in the area. We’ve taken time to make sure the community is both beautiful and functional, making it a highly-desirable place to call home both because of its own amenities and the surrounding, thriving community.”
The Annex of Bloomington will be within walking distance or a short drive to the city’s most popular restaurants, shopping and other conveniences. It will feature abundant amenities, including: enclosed parking, bicycle parking, retail space on the ground floor, energy-efficient appliances and more. Construction on the project has started and its opening is slated for spring 2023.
Partners on the project include: Gilliatte General Contractors, Inc. for construction, KTGY as the architect, Smith Design Group, Inc. for engineering, and STAR Financial Bank for $18.1 million in funding.