FORTVILLE — Madison Lofts, a new complex coming to Fortville, is in the final stages of construction and is looking to start moving in tenants in September.
Just a couple weeks ago, town board member Becky Davis commented during the Fortville Town Council meeting that she went to look at the apartments, that the apartments looked very nice and that they shared with her that they already have many tenants booked to move in.
At the time of their Aug. 21 meeting, Adam Zaklikowski, planning and building director for Fortville, shared that they gave a temporary certificate of occupancy, which allowed the move-in process of equipment.
Zaklikowski also shared at the meeting that they will typically give temporary certificates of occupancy to make sure buildings are under completion and that a final certificate of occupancy won’t be issued until all aspects of the project are done, such as landscaping, lighting and more.
Madison Lofts, located at 255 S. Ohio St., was brought to Fortville by Pivotal Managing Partners, who were formerly known as MVAH Partners. They currently have units located in 13 cities in Indiana alone.
The Daily Reporter shared back in 2022 that the firm received $1 million in tax credits from the state of Indiana for the firm to sell to help fund the development. The award was part of Fortville, Greenfield and Hancock County’s inclusion in the state’s Stellar Communities program, which provides funds and funding opportunities for community improvement projects.
Denise Blake, project management director for Pivotal, shared in an email on Aug. 29 that the building is in its final stage of construction, which includes the close out of construction.
“During the last stages of construction, they are addressing the minor corrections such as paint touch-up, final cleaning and ensuring all appliances are fully functioning,” Blake shared. “We look forward to begin to move people into the building in September.”
Madison Lofts will offer a total of 42 units, consisting of 24 one-bedroom units and 18 two-bedroom units. Pivotal shares that each unit will have modern amenities that someone would expect to see in a luxury home, including full-size washers and dryers. However, the units do come with income requirements.
Qualification for residency is determined by the Multifamily Tax Subsidy income guidelines set for 2023, which are issued by the U.S. Department of Housing and Urban Development every year, therfore are subject to change.
Those who plan to apply cannot have their qualifying income exceed a certain amount based on the amount of people living in the unit. For one person, the amount is to not exceed $40,620. For two people living in one unit, the combined max income is $46,440; three people is listed at $52,260 and four people at $58,020.
Those who apply must also make a minimum income that is equal to or greater than double the asking rent.
According to the floor plans, each one bedroom unit will be 677 square feet, and listed at $830. The two bedroom units will have one and a half baths, with a total of 878 square feet listed at $985. Tenants are responsible for electric, phone and internet services.
Fred Fentz from Fortville’s town council shared that when the project was first introduced, he had some mixed reviews. Frentz visited Pivotal’s other locations — Lawrence and Munice — and he made the comment that they were well kept and the people who lived there enjoyed it.
After looking again at the drawings and seeing how they fell within the town’s standards, he was all in and is glad he did, now personally knowing someone who is able to benefit from the new building.
“If it can help local residents get housing then it’s a win-win for the community and for them,” Frentz said.
Anyone interested in applying for an apartment should visit their website at www.pivotal-communities.com/properties/madison-lofts.
