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New development is good on North Meridian south of Fall Creek hopefully this will attract more development. This area definitely needs improvement. Sidewalks, landscape and lighting would help.
I thought the city rezoned all properties within 1,000 feet of a BRT Station to give owners and developers “by right” permission to build multi-use buildings without have to go through the costly and time-consuming bureaucratic process? Why is this project having to get a hearing examiner’s approval?
https://www.ibj.com/articles/indianapolis-locks-in-new-transit-focused-zoning-changes
Brent, sometimes I think you don’t know how to read or think independently.
Murray, enlighten me…
The height and density fit within the TOD overlay parameters but it still requires a variance for reduced parking.
Nice upgrade in density for this spot and exactly what was envisioned when the Red Line went in.
Keep em coming!!!! All over the county!!!!!!! Go!!!!!!
Was this one of those “15 year mandatory affordability period” LIHTC deals? Or does IHCDA and TWG have to abide by the actual federally required minimum 30 years of affordability? I hope they are actually following the rules these days, otherwise, naming it Redline Holdings IX, LLC seems like an ironic choice that might come back to bite INHP in the ass.
Thousands of units and and millions in incentives and tax breaks.
You sound bitter Tad A. ? Do you have an axe to grind about this deal ?
Not with this deal. Just with how IHCDA administers LIHTCs in general. For some reason, our community development non-profits don’t seem to be able to utilize the program much, so the vast majority of the the credits go to for profit affordable developers, and every single one of them exit the affordability requirement at year 15 (15 years earlier than the federal minimum–some states require 50+ year minimum affordability periods… and the they actually enforce them). This “loophole” in the law has caused the loss of over 50,000 units (my estimate, I can show you the math) of affordable housing prematurely, statewide. So when you consider Indianapolis has one of the highest eviction rates in the US, highest rates of people who are “extreme rent burdened” (pay more than 40% of their gross monthly income on rent), and one of the lowest ratios of publicly subsidized housing units in service per families that qualify… SO, to know that “affordable housing development” is one of the most lucrative sectors of real estate around here, and to know why, and that this is just the tip of the iceberg, yeah–I guess you could say it grinds my gears. I don’t have an axe though.
Ahh, TWG, the only developer in town who can challenge Milhause (and by extension Onyx and East) for the title of king of the swindling fly by nighters.
125 units with 20 pricey parking spaces ?
It will literally be across the street from a Red Line station, drastically reducing the need for tenants to need cars. That’s the whole idea of “transit-oriented-development.”
There’s even a grocery store within a 15-minute walk. If there’s a place to put apartments with limited parking, this is it.
There’s another grocery store a hop-skip away on the Red/Purple Line too; the Kroger in front of the Vermont Street station.