Another residential development targeting senior citizens will move forward.
The Villages on Coldwater features 140 houses for residents 55 and older, looking either to rent or purchase a home. The Fort Wayne Plan Commission on Monday approved the project, which the developer estimates at $10 million.
In coming weeks, the City Council will vote on rezoning the property from single-family residential, professional offices, personal services, limited retail and commercial to planned residential.
Developer John Bellio said the single-story homes are one- and two-bedrooms with attached garages along the west side of the 8600 to 8800 blocks of Coldwater Road and on the south side of East Wallen Road.
Bellio is a broker-owner with Coldwell Banker Roth Wehrly Graber. In 2004, he originally planned Coldwater Villages to be a mixed-used development with retail and professional offices. As market conditions shifted, however, Bellio opted to build residences for older adults.
U.S. census figures show that 12.5 percent of the residents in Allen County are age 65 or older. Developers like Bellio expect the area’s population to continue to age as baby boomers blossom.
Rent at the Villages on Coldwater may be $1,100 a month, but home prices have not been established. A clubhouse with ongoing activities, walking paths and other amenities are planned for the project.
Construction could begin in late summer on the first phase of the complex.
South-end plan OK’d
Villages of Hanna Townhouses also received approval from plan commission members.
Millennia Housing Management of Cleveland plans to convert the former Eden Green apartment’s site, which the company purchased on Fort Wayne’s south side.
The company eventually wants to renovate all 192 units at the rentals, including new windows, doors, roofing, heating and air-conditioning systems, parking lots, sidewalks and walkways and remodeled kitchens and bathrooms.
For now, the $16.9 million project will have a pair of 16-unit town homes rise at the southwest corner of East Creighton Avenue and Reed Street.
Earlier this winter, the project received millions in federal rental-housing credit allocations from the Indiana Housing and Community Development Authority.
Millennia Housing will receive $12 million in tax credits in $1.2 million allotments over the next 10 years. The city also has pledged $1 million in federal housing money toward the venture.