Living in luxury

A wave of new luxury apartments is being developed in downtown Bloomington. Lofts on College and The Kirkwood are two new properties currently being leased, with plans to open in the fall of 2004.\nJim Murphy, president of CFC Inc., the developing company responsible for The Kirkwood, said his company has experienced large demand and a very positive response to its heavy marketing campaign. \nCost and size of The Kirkwood apartments are comparable to Lofts on College. Lofts range between 740 and 1,700 square feet and can be leased for $795 to $2,400 a month, while apartments at The Kirkwood range from 714 to 1,761 square feet and cost up to $2,380 a month.\nDespite the similar prices and sizes, the leasing companies have seen different renter demographics. The majority of renters at The Kirkwood are professionals, not IU students, and Murphy attributes this to the fact that the apartments are "luxury."\nTyler Curry, developer of Lofts on College, said they have also experienced "very high demand" and have already leased 10 out of the 17 available lofts. Unlike The Kirkwood however, all renters thus far have been IU students -- mostly older undergraduate and young graduate students. \nHowever, all renters at Lofts on College are relying on their parents to foot the apartments' cost, Curry noted.\nCurry said he believes the downtown development will be beneficial to Bloomington.\n"It will definitely have a positive impact on the community. Think of all the money generated from more students living downtown. Bars, restaurants, clothing stores, grocery stores … everyone will benefit." \nJesse Worker from the Housing and Homelessness branch of Indiana Student Public Research Group disagreed. Expensive luxury apartment complexes take up space downtown that would better serve the community if it was occupied by more affordable housing for low income residents, Worker said.\n"If it were possible to have more affordable housing in town in such a central location, such as downtown Bloomington, I think it would definitely benefit the community," Worker said.\nMonroe County is currently the 10th highest in the state for housing and rental costs, and has the highest poverty rate, according to the Service Community Assessment of needs, Worker said.\nWorker identifies the main problems with affordable housing as cost and location. The 2003 report for Monroe County (National Low Income Housing Committee) determines affordable housing as $398 for an efficiency, $514 for a one-bedroom and $952 for a three-bedroom. The luxury apartments being built by Lofts on College and The Kirkwood exceed these costs by almost three times.\nWorker noted among the few low- cost housing options in Bloomington, "many units are outside of town, and may not even be on a major bus route." This is a problem for low-income residents, said Worker.\nAffordable housing in central or downtown Bloomington would be of great benefit to the community but is unlikely to come from private developers, Worker said. \n"Housing companies are looking to make money, and providing affordable housing can be taking a risk," Worker said. While it may pass state standards, it may still not be truly affordable to people in our community."\nHowever, Murphy believes the economic benefits will make the development of luxury apartments worthwhile to Bloomington citizens. \n"This will have a tremendous impact on the community," Murphy said. "The apartments are located downtown, and residents and their guests will frequent downtown restaurants and retail stores. The economic impact will be very positive." \n-- Contact staff writer Jenna Hess at jbhess@indiana.edu.