IBJNews

Apartment project planned for south end of Monon

Back to TopCommentsE-mailPrintBookmark and Share

The local arm of a California-based developer of affordable housing is planning to invest up to $10 million in a 60-unit complex at 20th Street and the Monon Trail.

Groundbreaking on the three-building complex could happen as soon as next spring, said Nina Lusk, a principal in Newport Indiana, a local entity created by California-based Newport Partners in 2008. The developer will find out in February if the state approves the sale of affordable housing tax credits to finance the project.

The one-, two- and three-bedroom units at the complex, to be known as Newport on Monon, will be primarily for residents who meet income qualifications that come along with the credits. Twelve of the 60 units will be townhouse units. The balance will be flats. Eleven units will be for young adults who have aged out of the foster care system.

Newport Indiana’s only previous project to date is the Willard Park Revitalization project, which it did in conjunction with Riley Area Development Corp., a local community development corporation. That project resulted in 25 units of housing for young adults who had aged out of the foster system. The units were in newly constructed or rehabilitated homes in a four-block, near-eastside area bounded by Washington Street on the south, New York Street on the north, Hendricks Place on the east and State Avenue on the west.

VP The developer decided to move forward after a pair of studies found housing was a major need at the south end of the Monon Trail.
Lusk said the impetus for the new project was a pair of studies conducted in the last year that said housing was a major need in the community at the south end of the Monon Trail. One of the studies was conducted by the Partnership for Sustainable Communities in conjunction with the U.S. Environmental Protection Agency. Another was conducted by the city’s Department of Metropolitan Development. Both noted the area’s potential, in part because it is near a proposed light rail line.

Newport on Monon won’t include any retail space, but Lusk said her firm has an option to purchase nearby land where it intends to do a second phase of the project that would include some market-rate units and community or retail space.

The land for the first phase was purchased earlier this year from Martindale Brightwood LLC, an entity created by Mike Higbee, a former director of the city’s Department of Metropolitan Development who is now involved in developing projects in older areas in need of renewal.

Higbee’s success with a similar project built on a brownfield site bode’s well for Lusk’s project.

Earlier this year a partnership that Higbee formed with local general contractor Charles Garcia finished developing the National Apartments, a $7.5 million complex of primarily affordable units at 21st Street and Yandes Street, about three blocks from the Newport project. The National is a block from the Monon.

“[Newport’s] site is much more favorable in the long run because it’s closer to 16th Street and it’s right on the Monon,” Higbee said. “Hopefully, it will have light rail going by it someday,” he said, referring to the ongoing effort to improve the city’s mass transit system.

Being a block off the Monon hasn’t hurt Hibee's project. He said its 62 units, four of which are market rate, are leased up. “We projected it would take until March 2012.” The tax-credit financed project has studio, one- and two-bedroom units. The market-rate units rent for $700 a month. The others range from $280 to $650.

Higbee said tenants are coming from the near-downtown area. He said the key to success is making sure such projects are well-managed and that the units are quality.

Between late 2004 and spring of 2008 Higbee was involved in the development of 40 market-rate, single-family homes in the area. After the economic downturn, he shifted the focus to affordable units, but he thinks the experiment with market-rate housing proved the area is viable.

 

ADVERTISEMENT

  • Of course...
    ... I realize that it's not ACTUALLY located in a cornfield. But from the design depicted in the rendering, I could certainly see this as a project which would FIT in a cornfield. VERY suburban...
  • Deceptive Rendering
    The rendering does not show this projects location accurately. While the parcel is currently vacant, it was not the case many years ago. This is located at the intersection of the Monon and 20th very much surrounded by 1st tier neighborhhods and close to redevelopments such as Fall Creek Place, Herron Morton Place and the old Northside. Check out an aerial on Google or check out the report for this project over on urbanindy.com to see the real story.
  • Uggghhh!!
    While I love to see new urban development, this appears (at least from the rendering) to be HORRIBLE!! In the rendering it looks to be situated in the middle of a former cornfield!

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

    2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

    3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

    4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

    5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

    ADVERTISEMENT