Brookville, Indiana, a town of about 3,000 people, had seen no new development in more than 20 years. Town leaders wanted to change that and began by organizing a redevelopment plan for the historic downtown.
The development team planned an innovative project that would assemble a collection of properties with historical significance along Brookville’s main historic business corridor. The project would provide mixed-income apartments with an assisted living component for seniors and retail on the first floor, including a pharmacy, restaurant, primary care facility, and other community-servicing amenities. The project entailed rehabilitation of the historic buildings along the corridor as well as new construction components to support apartments to meet workforce needs of the area.
The town's designation as an Opportunity Zone, prompted local investors to reach out to the developer directly to discuss how they could collaborate on the project. Valley House Flats demonstrates how a small and creative group of individuals were able to utilize the Opportunity Zone tax incentive to support the hopes and dreams of a small, rural community. Every aspect of this mixed-use project had barriers to traditional finance and the Opportunity Zone designation opened a new avenue to round out critical gaps. It also demonstrates how local investors can be mission-minded with their personal wealth and willing to take risks on behalf of their community.