A Chicago-area firm is seeking to spend up to $20.5 million to renovate aging Centlivre Village Apartments in Fort Wayne, according to paperwork filed with city officials.
ACG Equities Inc. of Arlington Heights, Ill., is in the midst of acquiring the 455-unit complex from Westbrook 5 LLC of Sherman Oaks, Calif.
Upgrades planned for the five-building, near-north side property on Westbrook Drive include wireless Internet, 10 flat-screen TVs in the clubhouse area, high-definition security cameras and related improvements.
ACG Equities officials have declined to comment on the project until the acquisition becomes final.
The development would create nine jobs.
Built in 1963, Centlivre Village was a popular residence in its day but is mostly vacant. In recent years it has become a transition residence for immigrants, including members of the Burmese community.
Its not known whether the new landlords would increase rental rates, which could create a problem for low-income residents.
It is a very unique property, said Beth Wyatt, executive director of the Apartment Association of Fort Wayne-NE Indiana. Over the years, people who have immigrated to the states have called Centlivre Village home.
Wyatt said only a small percentage of residents are living at the distressed property, which could be eligible for a tax abatement.
Centlivre Village was once considered a premier housing option, but over the years due to poor management, multiple owners and insufficient funding has been vacated, deteriorated and has now become an eyesore for surrounding neighbors, according to a statement filed on behalf of ACG Equities.
The company wants to secure an economic revitalization area designation, making it eligible for a tax break. The amount has not been determined.
In paperwork filed with the city, ACG Equities called its planned renovation a complete gut rehab of the apartments that are situated in a park-like setting on more than 17 acres.
We would love to see those apartments come back on line and be part of the Fort Wayne community again, Wyatt said.