INDIANAPOLIS – The Annex Group, a leading workforce, affordable and student housing developer, announced plans to develop a new workforce housing community in Bloomington, IN. Funding for The Annex of Bloomington closed in early January. The $23.04 million community will be located at 321 and 403 East Third Street, 47401, and will and feature 102 studios with one and two-bedroom units within two buildings.

The Annex of Bloomington will be at the corner of Third and Grant Streets in an area called the University Village Downtown Character Overlay District. As it is the workforce that drives the need for housing, workforce housing typically is located in areas where the average worker may struggle to find high-quality yet affordable living.

“With all of our projects, we look for locations that would truly benefit from new housing options,” said The Annex Group CEO Kyle Bach. “Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market as a whole. The Annex of Bloomington is our response to the need for housing in the area. We’ve taken time to make sure the community is both beautiful and functional, making it a highly-desirable place to call home both because of its own amenities and the surrounding, thriving community.”

Partners on the project include Gilliatte General Contractors, Inc. for construction, KTGY as the architect, Smith Design Group, Inc. for engineering, and STAR Financial Bank for $18.1 million in funding.

This will be the second Bloomington-based complex from The Annex Group. The company opened Union at Crescent, an affordable housing community, in 2020.