Indian Meadows development readies

KANKAKEE – The long-stalled Indian Meadows subdivision on Kankakee’s far west side is about to get a kick start for a developer seeking to construct townhomes there.

Frankfort-based developer Dr. Anuja Gupta and her development company, Limestone Townhomes, LLC, are working through a development agreement to aid in this 3rd Ward subdivision which dates back to 2007.

A development agreement between Kankakee and Limestone Townhomes for the 53-lot, $40 million project was approved only on its first reading as Mayor Chris Curtis told Kankakee City Council members Monday that final details still are to be hammered out.

In all, the developer is seeking to construct 128 town home units. The units would reside in a combination of duplex and fourplex structures.

Curtis said after the meeting he is hopeful the final vote on the development agreement could take place at the April 21 council meeting.

Gupta, who has also developed townhomes in Bourbonnais near the Kroger store, is seeking economic incentives to help support the project.

Started only a couple years before the mortgage bubble burst in 2008 and 2009, the subdivision has only contained several residences.

The 118-lot subdivision, started when Mayor Donald Green was in office is just north of Riverside Medical Center on Illinois route 113, was started in 2007.

Curtis said the goal was to have the agreement ready for its final vote on Monday, but the Gupta reached out and wanted to have some future discussions.

She appears set on moving forward with the development as construction on a townhome unit has already begun, Curtis said. He said she plans to move quickly as it’s hopeful to have a majority, if not all of the housing units build within five years.

Gupta also has pledged to build a complex clubhouse when she reaches 80% completion. Clubhouse plans have not been shared.

There has been considerable talk in recent years regarding the shortage of housing within Kankakee County.

While this development resides in Kankakee’s city limits, the property rests within the Herscher school district boundaries.

The two sides are working through final details, chiefly a building permit fee structure for the upcoming five years. The city appears to be willing to reduce its building fees by 50%.

In an effort to spark new home construction, the Kankakee City Council is considering a plan to rebate tens of thousands of property tax dollars over the next 15 years.

Per the agreement, the city will rebate its portion of city property taxes by 90% during the next 10 years to the developer. After that 10-year period, the city will rebate 50% of the property taxes collected.

In the initial development agreement struck in 2013, incentives were restricted to owner-occupied dwellings. The new agreement opens incentives for rental properties as well.

In an effort to spur development in this subdivision, the city struck a deal with a developer who owned numerous lots. The plan had little effect.

Since the harsh economic times of 2008 and 2009 and then the pandemic which followed more than 10 years later, new residential construction has largely sputtered within Kankakee County.