More upscale apartment units are coming the bank of the St. Joseph River just west of Ironworks Plaza as Mishawaka officials Monday eagerly approved plans for The Mill to expand to add a second building.
The $63 million project calls for a new building with 227 apartment units and 10,000 square feet of retail space. Most of the units will be studio or one-bedroom apartments with rents ranging from $1,100-$2,000.
At Monday’s council meeting, Mishawaka Mayor Dave Wood praised the developments for the economic growth they’ve sparked in the downtown area.
“The project’s not only been a huge success," Wood said. "But it’s encouraged all kinds of economic development, private development.”
Wood pointed to nearby restaurants including Sun King Brewery, the Mishawaka Public House and the Social Cantina as examples of amenities that would likely not have come to Ironworks without The Mill. And with more retail space coming in, the hope is that crowds will be drawn to more restaurants and stores in the bottom floor of the development.
The new building will also feature 130 public parking spots.
The Mill is operated by Indianapolis-based developer Flaherty-Collins, who expects to put $43 million into the project. Through a new TIF district, Mishawaka will put up $13.6 million while the state will put in over $5.5 million.
With the new expansion, The Mill will operate over 450 apartments in and around Ironworks Plaza with another 100-plus units coming in just south in a separate development on Front Street.
According to Flaherty Collins, the average annual income for tenants in the first phase of The Mill is $120,000. Eighty percent of tenants in the current building come from outside Mishawaka while 30% come from outside Indiana. Flaherty Collins vice president of development Brian Prince added that about half of the tenants who have left The Mill bought a house in Mishawaka.
“What we’ve found is roughly 50% of our people stay within the same zip code after leaving our development. So not only are we bringing you in from the outside, we’re able to keep you in the same community you’ve grown to love," said Prince.
Wood and his administration team say they’re very pleased with developments on the land that used to be the Uniroyal factory along the river. At a public meeting last week, Mishawaka director of planning and community development Ken Prince said both phases of The Mill meet the criteria laid out by the city in 1999 for use of the Uniroyal land.
“We believe that the development as proposed represents the highest and best use of the property. Plain and simple. It is architecturally significant, it is pedestrian friendly and it’s mixed use,” Prince said.
On Monday, the Council agreed and unanimously passed the development agreement, though council member Maggie DeMaegd did note that the $13.6 million the city is paying is about $5 million more than originally planned.
Prince said the added expense will push back other planned city projects including the expansion of Union Street and the purchase of the old Dodge foundry site to demolish the blighted structures.
With the council’s approval, Flaherty Collins hopes to break ground this fall and start welcoming tenants in late 2025.
