Mishawaka Common Council OKs tax abatement for redevelopment of hotel into apartments
The Mishawaka Common Council approved a 5-year tax abatement Monday night supporting the redevelopment of an old hotel at the corner of Lincolnway East and Capital Avenue on the St. Joseph River into a new apartment complex, the Steelhead Apartments.
Developers plan to convert the existing Mishawaka Inn building into 60 studio apartments and construct a new building closer to the river, which will hold between 46 and 50 one- and two-bedroom apartments.
The Barak Group, who also built the River Rock Apartments in Mishawaka, purchased the hotel from Balaji Hospitality Group to build the development.
Units will be rented at market rates, potentially from $800 to $1100 a month. Rehab on the first building is planned to start in 2023 and finish in 2024. The new building may be completed by 2025.
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