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A local developer is in the early stages of creating a 261-unit apartment project on the far-west side of Indianapolis.
Raceway Development Partners LLC, a holding company controlled by Dan Jacobs, intends to construct the six-building project on nearly 11 acres at 9110 W. 10th St., on the northeast corner of the street’s intersection with Raceway Road, on the edge of Marion County.
The project, a price for which has not been finalized, would focus on workforce housing, which typically is intended for middle-income workers, such as teachers, nurses and police. Jacobs said rent ranges have not yet been nailed down.
He said those details will be determined upon completing the process of rezoning the property from C-3, commercial, to D-8, which allows for multifamily development.
That request first will be considered by the Metropolitan Development Commission’s hearing examiner on Thursday. If approved, it would move on to the full commission, followed by City-County Council.
“It needs to get rezoned before we take that next step,” Jacobs told IBJ. “That ultimately determines the overall investment, rent thresholds and all that.”
According to filings with the city, the project would feature six three-story buildings. In total, the project would have 420 bedrooms, taking into account 129 one-bedroom units, 105 two-bedroom units and 27 three-bedroom units.
The unnamed project would have 363 parking spaces, as well as two pickleball courts, a trail, pools and a dog park. One of the buildings is expected to have a design reminiscent of townhouses, but the entire project will be for-rent apartments, Jacobs said.
Earlier this month, the Raceway Road and 10th Street intersection was closed for the development of a new roundabout, which is being paid for by the city of Avon at a cost of $3 million. A portion of the right-of-way is within the Hendricks County town, with that stretch of Raceway Road serving as the county line.
Jacobs, who also is president of local firm Chase Development Inc., anticipates Raceway Development Partners will seek city incentives for the project. However, he declined to offer additional details because the group is still early in the development process.
“Obviously there’s a need for this type of housing,” he said.
Indianapolis-based Blackline Studios is the design firm on the project.
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