Gov. Holcomb breaks ground at Villages at University Park

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There have been plenty of announcements of new housing, apartments, and hotels in Kokomo over the past year. The arrival of the StarPlus Energy battery plants and their associated industrial investments demands housing for thousands of new workers in the short and long terms.

But none of them attracted Indiana Gov. Eric Holcomb to the city to celebrate until now. The governor joined local officials and developers to break ground on the Villages at University Park on July 16. His participation was no accident. The apartments represent the first investment of READI 2.0 funding in the state.

READI – Regional Economic Acceleration and Development Initiative – is a program spearheaded by Holcomb to infuse hundreds of millions of dollars into economic development projects. The North Central Indiana Regional Partnership, of which Kokomo is a member, will receive $35 million in READI 2.0 grants.

"A lot of this has to do with the recent READI initiatives; not just the most recent READI 2.0, but of a culmination of what started with the first round," said Kokomo Mayor Tyler Moore. "These last three years have led into an amazing opportunity throughout the state for economic development, and a lot of that has to do with Governor Holcomb and his vision."

Moore went on to credit the Indiana Economic Development Corp. for its collaboration with Kokomo and Howard County, as well as the North Central Indiana Regional Partnership, in helping to create economic initiatives in the region that have attracted public and private investment.

"It is exciting that one of the first announcements for the READI 2.0 distribution is here in our region."

The Villages at University Park will create 254 new one- and two-bedroom apartments in six new buildings at the southeast corner of Boulevard and Lafountain streets. The site currently is home to the University Park Apartments.

Moore harkened back 10 years to when the site of the apartments was an untamed wooded area, a property filled with blight and in decline. But he expressed excitement for the development to come.

"Just to watch this corner continue to transform is going to be incredible," Moore said.

The apartment project attracted $15 million in private sector funding to create market rate housing with modern features and amenities, such as walking and biking trails and pickleball courts. This public/private partnership is a vital component to a READI funded project, Holcomb explained, and he credited local leadership for making Kokomo a prime location for investment.

"Leadership matters," said Holcomb. "What a difference leadership makes from year to year and decade to decade. I was reminded driving up here of a Forbes in December 2008. It put out a report that recognized America's fastest dying towns, and Kokomo was the second town on the list in America.

"The vibrancy and the energy and the power of this community ... what a difference that has made."

Holcomb credited the community for defying predictions and becoming one of the fastest growing regions in the state. And he cited that as one of the motivating factors in awarding READI 2.0 funding to the University Park Apartments project.

"That was the whole intent of the READI program," said Holcomb. "People are addressing priorities at the local, foundational level, and key among them is housing.

"If there is no housing, there are no people, and with no people, there are no jobs. I'll be eternally appreciative that we were able to meet a lot of needs. We're in a much different place, and as excited as I am today, I really look forward to 10 years from now."