An Indianapolis developer is asking for a tax abatement to offset the cost of building a $7.9 million apartment-and-retail project on part of a surface lot in Fountain Square that had been owned by the city.
The city last September selected Deylen Realty from three proposals it received to redevelop the lot at 1202 S. Shelby St.
The five-story Forte would be one block southwest of the Fountain Square Theatre Building, and would include 64 market-rate units, 4,000 square feet of retail and a 70-space parking garage.
Deylen, under the entity TCT Four LLC, would save $802,030 and pay $818,233 in property taxes over the span of the 10-year abatement. The project should result in an increase to the tax base of $5.5 million of assessed value.
TCT expects Forte to create six jobs paying an average wage of $17.37 an hour.
The Metropolitan Development Commission is set to hear the request on Wednesday.
Deylen bought the nearly one-acre parcel from the city for $322,500, an average of two appraisals done of the property.
Deylen’s other projects in the Fountain Square and Fletcher Place neighborhoods include The Hinge and Slate, a $10 million, 68-unit mixed-use apartment project under construction at 501 Virginia Ave.