Southern Indiana Business Report
Washington, IN. – Daviess County recently announced the groundbreaking for a $14.5 million housing project to help alleviate the local housing shortage while simultaneously growing its economy. This two-phase project will provide 143 new market-rate apartment units and amenities on the City of Washington’s east side.
“The new housing development is much needed in Daviess County. Like several of the surrounding counties, Daviess needs additional housing to keep up with the expected economic growth in the next five to ten years”, said Chelsea Harrington, German American Bank Mortgage Loan Originator, addressing how this newly-planned addition of apartment units will impact the market.
Like many rural communities within the Radius region, new housing developments in Washington are uncommon; only 20 percent of housing units have been constructed since 1990. According to the Indiana Realtors Association, the median listing price for a house in the county is $174,450, with the median rent being $692 per month. Most of Daviess County’s major employers are in and around Washington, with a majority located on the east side of town.
Since 1970, Daviess County has experienced steady population growth; the county has just over 8 percent of the Daviess County region’s population and has maintained an annual growth rate of nearly 1 percent. This indicates a natural, steady growth with an increasing economy and a lower cost of living than the national average.
The five highest employment industry sectors of Daviess County are manufacturing, construction, health care, social assistance, and retail trade. Major employers include Olon Industries, a Canadian-based wood product manufacturer, Perdue’s Washington-based turkey processing facility, Grain Processing Corporation, a corn wet milling plant specializing in corn-to-seed products, Boyd and Sons Machinery, LLC, and the Daviess Community Hospital.
Access to additional housing to attract new businesses and meet the needs of the growing community in Daviess County is critical.
Simplified Developments LLC, a family-owned residential development company based in nearby Gibson County, has worked for more than a year on this project along with Bryant Niehoff, executive director of the Daviess County Economic Development Corporation (DCEDC), and Washington Mayor David Rhoads to address the fine details of such a project with many moving parts.
“The Cypress Point housing project will include six apartment buildings with 24 units per building offering 1,000-1,200 sq. ft. apartments in 1-3 bedroom configurations”, according to Phil Reinbrecht, president of Simplified Developments. “Cypress Point will be the third development Simplified Development has worked on with the completion of two similar housing developments in Haubstadt, north of Evansville, and Princeton.”
The addition of the apartment units will benefit the community by encouraging young families and individuals to consider Daviess County as a home and work location. “Attracting and retaining talent is vital to any community’s economic development strategy, and that is no different here in Washington and Daviess County,” said Neihoff. “With this project, we are creating opportunities for families and individuals of all ages to build their futures right here in our community.”