A Michigan City residential housing development that has stalled for 15 years is back on track.
The Economic Development Corp. Michigan City, Ind. said the Mayfield Place subdivision off Tyron Road, has a new developer, Mayfield Partners LLC, led by local broker Michael Conner, a long-time Michigan City resident. The EDCMC said several issues including financial and lack of proper plats prevented the development from moving forward.
With a commitment to build additional homes from the new developers, the city of Michigan City and the sanitary district agreed to help existing homeowners and upgrade and maintain the subdivision’s unfinished road, the EDCMC said.
“We could no longer ignore the homeowners who have paid property taxes all of these years and did not received adequate city service,” Mayor Ron Meer said. “The city’s investment will be repaid quickly with the addition of 30 new homes, which will add a minimum annual property tax revenue of approximately $75,000 a year. This is a great return on investment for the city.”
The price range of the proposed homes will be between $225,000 and $275,000.
Mayfield Partners is investing more than $7 million into the neighborhood. EDCMC said the economic impact will be seen through use of local trades, contractors and purchases from area suppliers.
“The city has been a great partner in helping move this project forward,” said Conner, managing partner with the development company. “It’s been over 15 years that these existing homeowners have been without a resolution and we applaud the city for taking a stand to help these homeowners and making this project a possibility. We have been waiting for the right economic climate and market demand to build houses and now is the best time to start.”