The Water Tower Village consists of more than 26 acres located southwest of Olde Town. Previously, the area consisted of 16 deteriorating apartment buildings and 15 single family houses. The area and the buildings were deteriorating and had an abundance of crime. AURA purchased 250 housing units and two businesses. AURA offered, as part of the relocation efforts, $5,250 per resident to either assist with moving expenses or to be used as a down payment to buy a home. 16% of those relocated from this site became homeowners.
NorStar Development completed construction of 270 for-sale units in 2006. The for-sale units were extremely popular forcing the developer to hold a lottery-type system for potential buyers. Carmel Partners began construction of 326 rental units in 2006 with tenants moving in by October 2006.
Another, unique feature is the Water Tower Active Pavilion located at the south end of this development. There is amphitheater seating overlooking a grassy area which also used by residents for walks, games of Frisbee, and other activities.
The village was completed in the summer of 2007 with 600 residential units, two swimming pools, tree-lined streets, detached sidewalks, alley-loaded garages, and two pocket parks. As an urban-style development, approximately 1200 people now live adjacent to Olde Town with the ability to walk to Olde Town to dine, shop, and socialize.