At their June 16 meeting, Bloomington City Council unanimously approved a 10-year abatement for the Retreat at Switchyard, a residential development at 1730 S. Walnut St.
The development involves construction of 64 residential units. Of those, 48 units will be devoted to households with low to moderate-incomes for a period of 99 years. Ten of those 48 apartments are set aside for clients of StoneBelt. The five-story building, adjacent to the Switchyard Park east entrance, includes a 3,000-square-foot first-floor retail space. The abatement, which is applicable only to the 48 affordable units, would start at 100% and step down to 5% in year 10.
The developer is Real America. The city's Redevelopment Commission intends to convey the land and structure to Real America for $1. That's a value of about $975,000, according to Alex Crowley, director of the city's Economic & Sustainable Development department.
Watch the council's June 16 deliberations on CATS here. Read abatement-related materials from the council's meeting packet here.
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