Kokomo Opened New 114-Unit Apartment Complex

The Elwood project adds 114 rentals with monthly rates ranging from $1,179 to $1,895 to the local housing market.

Updated on Oct. 12, 2026 in Apartments

Kokomo Opened New 114-Unit Apartment Complex

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Goodin Development has officially opened a $26 million mixed-use building at the corner of Hoffer and Elizabeth streets in Kokomo. The property provides 114 new apartments to a city that saw its population climb from 45,000 to 60,000 residents between 2010 and 2025.

Why it matters

The city moved to support the development because the local housing supply had struggled to keep pace with rapid population growth and new business demand. These units aim to provide necessary inventory for a growing workforce in the area.

The city of Kokomo backed the $26 million project with a $3 million forgivable loan and $4.2 million in tax increment financing bonds approved in 2024. Monthly rents for the new units are set between $1,179 and $1,895.

The players

Goodin Development

The private developer responsible for constructing and managing the new residential and commercial complex.

Kokomo Common Council

The municipal legislative body that oversees city planning, housing approvals, and public financial incentives for local projects.

The details

The development transforms a corner site into a mixed-use space featuring both residential and 3,000 square feet of commercial capacity. Construction began in 2025 to address housing shortages resulting from a 33 percent population increase over the last decade. Residents gain access to shared amenities including a fitness area, pet spa, game room, and co-working facilities.

2010 to 2025: Kokomo experienced 33 percent population growth.
2024: Kokomo Common Council approved city loans and tax increment financing bonds.
2025: Construction officially began on the development site.
October 2026: The Elwood mixed-use complex opened to residents.

Money Landscape

This development follows a common pattern of using tax increment financing to incentivize density in high-growth corridors. It represents a strategic municipal effort to align residential capacity with the 33 percent population surge Kokomo has seen since 2010.

Prospective tenants in the area can now view unit availability with rents starting at $1,179. If you are considering a move, compare these new rental rates against your current monthly housing budget and consult a professional about the long-term affordability of a new lease.

The takeaway

The addition of 114 units may signal a shift in local rental inventory availability. If you are currently renting, it is a good time to compare your current lease rate with new market offerings and review your housing budget with a qualified financial professional.