PETERSBURG APPROVES $8.2 MILLION MARKET RATE APARTMENT DEVELOPMENT

The City of Petersburg’s City Council reviewed the Prides Creek Apartment Project, presented by Premier Property Management. The developer proposed an $8.2 million capital investment that would include 32-one bedroom, market rate apartments and 32-two-bedroom market rate apartments. The City Council approved the Development Agreement for the apartment project. The apartments will be located on the next to the Pike County Little League Park, on Buchta Drive off of Illinois Street in Petersburg. The housing project is estimated to break ground late summer/early fall.

Ruger Kerstiens, President of Premier Property Management stated, “Petersburg is a great community and we see there is an open market opportunity for one-bedroom and two-bedroom apartments. We are willing to take the risk to invest $8.2 million and do everything we can to produce a high-quality product and keep our rents as low as we can.”

The request of the City Council includes voluntary annexation into City limits, road maintenance, phase in taxes over the first ten years, and $1.5 million from the Indiana First Region’s READI 2.0 grant award. The City Council discussed solutions for road safety with increased traffic; the City isn’t currently capturing revenue from this location now and this will benefit the City by increasing our workforce population, tax revenue on land, local option income tax, and utility services. The City found this to bring great benefits to the community. The City Council voted unanimously to approve the development agreement for the new housing development.

“Communities are growing or dying and Petersburg is continuing to support economic growth. Housing development is a great economic development tool to grow our workforce and population. I am very excited about this project; Premier Property Management does a great job and the City has the infrastructure in place to support economic development projects like this.”