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Housing agency breaking ground on $30M Lugar Tower project

IBJ Staff
June 29, 2011
Keywords
Apartments, Commercial Real Estate, Development/Redevelopment, Low-Income Housing, Project Funding, Public Housing, Real Estate & Retail, Residential Real Estate, Urban development
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The Indianapolis Housing Agency plans to break ground at 10 a.m. Wednesday on a $30 million project to renovate Lugar Tower and build two mixed-income buildings at its base.

Located at 901 Fort Wayne Avenue in downtown Indianapolis, Lugar Tower was built in 1974 and has undergone only minor renovations, in 1994 and 2001. The 15-story apartment building houses more than 200 low-income elderly and disabled residents.

The renovation to the tower and the construction of two buildings containing a total of 74 units at the tower’s base should be finished late next year.

The Lugar Tower project is being co-developed by IHA and Flaherty & Collins Properties, and is being designed by Memphis, Tenn.-based Looney Ricks Kiss Architects.

The developer got permission a year ago from the Indiana Housing and Community Development Authority to sell $29 million in tax credits to finance the project.

It is part of a $123 million campaign to improve affordable housing in the city.

IHA Executive Director Rufus “Bud” Myers will be joined at the groundbreaking by U.S. Rep. Andre Carson, D-Indianapolis, Deputy Mayor Olgen Williams and other community leaders and public officials.

 

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