Tennessee Street duplex project recommended for abatement

Meeting for the first time since it was reconstituted more than a year ago in March 2023, the Greencastle Economic Development Commission (EDC) has recommended tax abatement for another multi-family housing development.

The EDC, on a motion from Mark Hammer, voted unanimously to send a positive recommendation to the City Council for tax abatement and create an Economic Development Target Area (EDTA) to facilitate the abatement for Willow Grove, a four-building, eight-duplex project located on Tennessee Street.

“In traditional tax abatement for industrial purposes, we don’t have to go through this step,” Greencastle/Putnam County Economic Development Director Kristin Clary said in introducing the project being developed by Chris Harcourt of C&R Quality Rentals.

Harcourt explained to Hammer and fellow EDC members Phil Gick and Dean Gambill (in the absence of members Ken Eitel and Tosh Everson) that the eight rental units represent a real property total project investment of approximately $1.2 million. A purchase price of $100,000 was paid for the 1.25-acre site that had previously been rezoned for the building of a real estate company headquarters that never broke ground.

As a result of the new development, eight housing units will be provided for approximately 25 new residents, Harcourt noted, adding that each duplex unit will be 1,003 square feet with two bedrooms, two full bathrooms and an attached garage.

“We believe these new duplexes will greatly assist the city of Greencastle with its housing shortage,” Harcourt said. “Willow Grove is conveniently close to Greencastle Schools and many employment opportunities. Our goal is to provide quality housing which will ultimately allow community and business growth for our city.”

Harcourt, who has been in the real estate business for 20 years to go along with his day job as a veteran Indiana State Police trooper, noted that he gets 25 or 30 applicants every time he has rental property come available.

He noted that the property in question, located at the west end of Tennessee Street along the south side of State Road 240, sat vacant and on the market for two or three years before C&R bought it.

“I kept driving by thinking, ‘What can we do with the property that would do something good for the community?’” Harcourt said.

C&R stands to save $118,000 in taxes over 10 years or $72,000 over five years if the abatement is granted by the City Council.

“Property tax is important,” Clary commented, “but what’s really important is that income tax.”

Clary stressed that the community’s No. 1 issue, according to every local survey, is the need for more housing, including housing for workers.

“This has only been done one other time in Greencastle history,” Clary said of residential project abatements and alluding to the March 2023 EDC endorsement of abatement and passing on to the City Council its recommendation for creation of an Economic Development Target Area on two projects:

• Woodshire Place, a 39-unit development in 13 triplex buildings on 3.05 acres off Woodhaven Drive, east of U.S. 231 and adjacent to Southwood Village on the city’s south side. DSD Real Estate Holdings, represented by Adam D’Angelo and Joy Skidmore, purchased the property from John Wood. They received Zoning Board approval for development standard variances on the property but have not started on the project.

• Northview Apartments, a 25-unit complex at North Arlington Street and Houck Road, purchased by Global Construction Management and Jared Grable from the Greencastle Housing Authority to be returned to the tax rolls after 40 years.

“I think the City Council is going to have to get used to stuff like this coming in front of them,” Mayor Lynda Dunbar said.

“It’s a common practice now,” City Attorney Laurie Hardwick said of its application across Indiana following statehouse approval of residential use for such abatements.

Clary pointed to continued investment in the community, noting loft apartments being developed downtown.

“We are really built out inside city limits,” she said, adding that the Aspire housing development project on 21 acres between Fawnview Drive and Albin Pond Road was seen as an option there “but that’s at a standstill.” That’s been the case since a planned unit development for the site involving 29 single- and 15 two-family structures was rejected by the City Plan Commission in September 2022.