The redevelopment plan includes a ten year tax abatement for the property in exchange for fifteen bedrooms of workforce housing.
Some say while the announcement is good news, city leaders should remember to support what is already working.
Bloomington mayoral candidate John Hamilton is unveiling a four-part plan for keeping housing affordable in the city.
The apartments are slated to be finished by December 2013 and can accommodate 40 individuals in one bedroom apartments.
A National Association of Home Builders report names Indiana the most affordable housing market in the country and Kokomo 1st in Smaller Housing Market.