A new buyer plans a $50 million renovation of South Bend’s oldest low-income apartment complex.
The Beacon Heights Apartments, on Ardmore Trail on the city’s northwestern edge, haven’t seen significant reinvestment since they were built in the 1940s.
But on Thursday city officials held a press conference to announce the apartments will receive a major overhaul. They were joined by New York-based L&M Development, which is buying the property. The company’s Sophie Cohen described what tenants can expect.
”Brand new floors, new quartz countertops, new cabinetry, all new brand new stainless steel Energy Star appliances," Cohen said. "Also we’re going to be extending the Community Building out and then adding a gym, a community lounge, a computer room, a library, additional security, new windows, it’s a pretty extensive rehab.”
Cohen says federal income tax credits the developer has secured will keep it from raising rents to pay for the renovations. Tenants will need to leave their units during the day for about 10 days during the work but can return each evening.
Mayor James Mueller said the city is giving the company a $1.25 million forgivable loan and letting it pay less than regular property taxes, incentives that will need common council approval.
