The City of Petersburg is moving forward with a major housing development after the City Council approved a development agreement for the Prides Creek Apartment Project.
The project, presented by Premier Property Management, represents an $8.2 million investment and will include a total of 64 market-rate units, consisting of 32 one-bedroom and 32 two-bedroom apartments. The development will be constructed near the Pike County Little League Park along Buchta Drive, just off Illinois Street.
City officials say the project is expected to break ground in late summer or early fall. As part of the agreement, the development will include voluntary annexation into city limits, road maintenance considerations, and a phased-in tax structure over the first ten years. The project will also receive $1.5 million in funding through Indiana’s READI 2.0 program.
Council members also discussed infrastructure and road safety improvements in anticipation of increased traffic in the area. Officials noted that the development is expected to generate new revenue through property taxes, local income taxes, and utility services, while also helping expand the local workforce and population.
The council voted unanimously to approve the agreement, citing the project as a key step in supporting long-term economic growth and addressing local housing needs.
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