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Real Estate & Retail

16 Park set to officially open following last year’s fire

June 18, 2013
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park_apartments_225pxInsight Development Corp. on Wednesday will officially open the $34 million 16 Park Apartments, about a year after fire destroyed one of the housing project's buildings while it was under construction. Insight, the development arm of the Indianapolis Housing Agency, led the 11-building, 155-unit project that was set to open in October along 16th Street between Central and College avenues. “It’s been very well received and already has a waiting list,” Insight President Bruce Baird said. The June blaze engulfed a four-story, 28-unit apartment building that was due to open last fall. Four occupied buildings in the complex were not damaged. The Indianapolis Fire Department estimated damage to the building at $3.5 million and ultimately determined the fire to be accidental. 16 Park replaces Caravelle Commons, a 65-unit, low-income housing property built in 1975. IHA bought Caravelle Commons in March 2009 from the Near North Development Corp., which took over the complex in 2003. Near North stepped in to refinance, renovate and stabilize the property with an eye toward eventually selling it to a more appropriate owner. IHA financed most of the 16 Park project with nearly $28 million in federal and state tax credits and another $4.4 million in federal stimulus funds. The housing agency used a grant of about $400,000 from a city housing trust fund to acquire the property and begin drawing up plans for redevelopment. 16 Park is the largest project in IHA’s $120 million portfolio, which includes the redevelopment of Barton and Lugar towers downtown, and the construction of The Braxton at the base of Lugar Tower.

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