Developer pitches apartments in Zionsville technology park
A local developer wants to build a 224-unit apartment complex in Zionsville’s Bennett Technology Park, but first must clear zoning hurdles relating to a taxincrement financing district.
Locally based Anderson Birkla Investment Partners LLC wants to build the Lofts at Bennett Park on about 12 acres west of Michigan Road and south of Advent Evangelical Lutheran Church. The parcel borders property upon which Wal-Mart wants to build a store. That project has been held up by a dispute between the retailer and the city that remains in litigation.
To get the apartments built, Anderson Birkla needs to convince city officials to rezone the property from business and industrial to multifamily residential. The task may be more challenging than normal because the property is within a TIF district. Property taxes generated by new development within the district are used to fund improvements inside the district boundaries. An apartment complex might not generate as much in taxes as a business. Developers presented their plans to the Zionsville Redevelopment Commission Aug. 11, but no recommendation was made.
Apartments in The Lofts would feature 9-foot ceilings and hardwood flooring. Rent for a one-bedroom would range from $750 to $930 a month; a two-bed
room would cost $1,100 to $1,500.
David Anderson, a principal of Anderson Birkla, said the project would target renters in their 20s and 30s.
Anderson and Anthony Birkla founded the firm in July 2007. Both previously worked at Pedcor Investments LLC and Flaherty & Collins Properties. They have projects in Ohio and Illinois and are targeting Noblesville and Charlotte, N.C., for others.