A run-down former retail plaza along Lafayette Road south of 30th Street in Indianapolis will be torn down to make way for an $8.5 million senior housing development.
The project, led by the not-for-profit Partnership for Affordable Housing Inc., calls for 72 units for people over 55 with a limited income. It will replace the vacant 47-year-old shopping center, which had been anchored by the department store Ayr-Way.
Financing for the project, dubbed Lafayette Landings, will come from federal and local tax credits and grants, including $900,000 from the Neighborhood Stabilization Program. The general contractor and property manager is locally based Herman & Kittle Properties Inc.
It wasn't clear how much of the project's cost, which the city pegged at $16 million in an announcement, involves demolishing the former shopping mall. In an application with the Indiana Housing and Community Development Authority, the developer said the project would cost $8.5 million.
Lafayette Landings will feature 56 one-bedroom units and 17 two-bed units, which will rent for between $260 and $530 per month.
Government officials and development representatives broke ground on the project Friday morning.