Construction is beginning this month on a senior housing and retail development on Bloomington’s south side.
The development on 3rd street behind New Tech High School is called Patterson Pointe. It will include three phases – a senior housing complex, a more traditional apartment building and retail space that will have apartments above the stores.
Bloomington Planning Director Tom Micuda says the property tax from the new development will go toward the city’s tax increment financing or TIF fund.
“This property as you will be able to see from the photo is not capturing a lot of property taxes it’s largely vacant,” Micuda says. “So the idea was to bring in some development, add some property tax revenue to the TIF. That we can then put into more infrastructure to serve both the development as well as the citizens of Bloomington.”
Mark Figg with Patterson Pointe LLC says everything is running according to schedule and the senior housing complex will be complete by August 2013.
“It will be done. It has to be done,” he says. “We are going to be pre-leasing and these are affordable seniors, targeted. It is a seniors’ housing residence so when we promise them a place to live, they have to have it.”
The developer is still looking for businesses to move into the retail space. Figg says they hope to fill most of the space with local businesses.