REAL ESTATE

Kokomo opens $26M 'The Elwood' mixed-use project with 114 apartments; ground-floor space still for lease

The Elwood, a $26 million mixed-use development at Hoffer and Elizabeth streets in Kokomo, opened its residential portion as of Oct. 12, 2026, with 114 apartments and roughly 3,000 square feet of commercial space. Rents reported range from $1,179 to $1,895; the project is still seeking light-office or small retail tenants.

News BriefBy BusinessIndy News DeskCommentsPublished October 11, 2026 at 9:03 PM EDT

AI-generated illustration of the topic: Kokomo opens $26M 'The Elwood' mixed-use project with 114 apartments; ground-floor space still for lease — AI illustration · Not a photograph of the reported event.

The Elwood opened its residential portion as of 2026-10-12, delivering 114 apartments in a $26 million mixed-use project on a vacant lot at the corner of Hoffer and Elizabeth streets in Kokomo. The development includes about 3,000 square feet of ground-floor commercial space. Reported rents range from $1,179 to $1,895 per month.

Units include stainless steel appliances, smart-home technology and private balconies or patios. Building amenities reported include a fitness area, pet spa, game room, community spaces and a co‑working room. Construction began in 2025. In 2024 the Kokomo Common Council approved nearly $3 million in a forgivable loan and up to $4.2 million in tax-increment financing bonds to support the project; the development is seeking tenants for light office use or small businesses such as a coffee shop.

WHY IT MATTERS

This report matters because it documents new housing and street‑level commercial space opening in Kokomo at a time when the city has been growing. WISH-TV cites Census Bureau figures that Kokomo’s population rose from about 45,000 in 2010 to about 60,000 in 2025, a change the article highlights when noting new residential supply. For local renters, the Elwood adds a modern-apartment option with amenities such as smart-home features, a pet spa and co‑working space; the reported rents provide an immediate price reference for people apartment‑hunting in the city.

For small-business owners and brokers, the roughly 3,000 square feet of ground-floor space is a concrete leasing opportunity the developer is actively marketing for light office uses or small retail like a coffee shop. The Kokomo Common Council’s 2024 approvals of a nearly $3 million forgivable loan and up to $4.2 million in tax-increment financing (as reported) show the city provided public financial support for the project, which helped move construction (begun in 2025) to completion. Watch for announcements of signed commercial tenants or city updates on occupancy and public financing follow-ups as the next milestones to gauge local demand and the project’s downtown impact.

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BusinessIndy examines this development and its implications for Indiana businesses and communities using the linked sources.

Sources

WISH-TV: $26 million mixed-use development brings new apartments and commercial space to Kokomo ↗

Linked source published October 11, 2026 at 8:49 PM EDT. A sourced news brief; no independent staff reporting is implied. Prepared with AI assistance from the linked research; material claims remain attributed in the article.

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