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The Indianapolis City-County Council’s Metropolitan and Economic Development Committee on Monday approved the use of up to $12 million in tax increment financing bonds for a 313-unit apartment complex proposed by Carmel-based developer JC Hart Co. on the city’s north side.
Plans call for the project, named Allison Pointe, to be built on a 10.5-acre undeveloped parcel in a small commercial park just south of Interstate 465, north of 82nd Street and west of Allisonville Road, between Castleton and Keystone at the Crossing.
The project at 8465 Allison Pointe Blvd will cost an estimated $79 million to develop, said Misha Rabinowitch, an attorney representing JC Hart. He told the council that JC Hart seeks the funding agreement due to the costs associated with the development, including a parking garage that will cost $8.8 million and $1.6 million to elevate land near a lake.
The planned garage will house 324 interior parking spaces, with an additional 164 surface spots, for a total of 488.
Due to the TIF agreement, 32 of the apartment units will be required to be affordable. The market-rate units will cost an estimated $1,455 for a studio, $1,695 for a one-bedroom, and $2,212 for a two-bedroom. The affordable units would start at $901 for a studio and range to $1,158 for a two-bedroom.
The proposal advances to the full Indianapolis City-County Council for a vote.
Councilor Dan Boots, a Democrat who represents the district, said the project “checks off all the boxes.” He pointed to a 2020 strategic revitalization plan that prioritizes dense housing in the area over the existing dense commercial development.
Indianapolis-based Blackline is the architectural firm on the project.
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Make the Castleton Strategic Plan happen.
That price for a studio, especially in that area, is absolutely insane. And lol at the “affordable” units still being very high priced.
You can’t walk to anything from that area. I guess maybe the Speedway gas station. But its a half mile just to get out of the complex to 82nd. Then you have to cross 82nd, which is a deathtrap for pedestrians.
Might as well pay the rent downtown or Midtown Carmel. You’d get the same or similar space for the same or better price and have far better access to amenities.
Agreed.
IBJ should do a deep dive into TIF districts. The politicians and planners using them rarely understand what they are, and the taxpaying public certainly does not. Is it really cheaper to subsidize housing via gifts to developers? Do we really need to pay developers to build apartments in this area? This citizen suspects all TIFs of being great for everyone except the taxpayers, who are almost always the last to be considered in these deals.
I’m not sure a $900/month studio is “Affordable”?!? It’s also a half mile walk out to 82nd street and a bus line. This sounds a little like a tax give-away rather than a serious attempt at affordable housing.
A rough calculation shows they will be giving up about $200,000 a year to get $12 million. To borrow $12million for 30 years at current interest rates should cost almost $900,000 a year.
We walk down to the Montage and sometimes as far as Nora from Dean and Allisonville road. There are sidewalks now under Keystone. Also, crosswalks and pedestrian crossings signals have been installed at the main entrance Clearwater Springs shopping center.