A new apartment and commercial development has opened at the corner of Hoffer and Elizabeth streets in Kokomo, bringing 114 rental units to a city where the developer says housing has lagged behind growth. The Elwood, developed by Goodin Development, cost $26 million and includes 3,000 square feet of commercial space. The company’s founder and CEO, Justin Goodin, said the project was intended to bring newer housing options to Kokomo. He said the community had seen little new or modern housing in more than a decade. Kokomo’s population grew from about 45,000 in 2010 to 60,000 in 2025, a 33% increase, according to Census Bureau figures cited in the project announcement. Goodin pointed to new jobs and businesses as drivers of demand for housing. The Kokomo Common Council approved a forgivable loan of nearly $3 million and up to $4.2 million in tax increment financing bonds for the project in 2024. Construction began in 2025. The apartments include stainless-steel appliances, smart-home technology and private balconies or patios. Shared amenities include a fitness area, pet spa, game room, community spaces and a co-working room. Monthly rents range from $1,179 to $1,895. While residents can move into the apartments, the commercial space is still seeking tenants. Goodin said the developer is looking for light office users or small businesses, such as a coffee shop.