Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
A Fishers-based developer is planning a $60 million, two-building apartment project consisting of more than 225 units in the Old Southside neighborhood of Indianapolis, just south of downtown.
The Annex Management Group Inc., which specializes in student and moderate-income housing, plans to earmark units for individuals and families making up to 60% of the area’s median income. There would be no market-rate units.
The project, which does not yet have a name, would occupy a 5.17-acre tract at 1406 and 1419 Capitol Ave. The land currently is vacant, with industrial sites including a large railyard directly to the west and south and small homes to the north and east.
The apartment development would include two four-story buildings, several shared amenities such as a large green space and dog park, and a surface parking lot with a 1-to-1 ratio of spaces to units.
The project is contingent on local and state funding support, Jake Rupp, development manager for the company, told IBJ. The firm plans to pursue housing tax credits through the Indiana Housing and Community Development Authority. On Monday, the firm submitted a request for a development incentive known as payment in lieu of taxes, or PILOT, to the Indianapolis Department of Metropolitan Development.
“Our team really is focused on impact, because in the current market costs continue to go up, and it’s just making it harder for people to be able to find places to live, especially those that are really trying to work to get ahead,” Rupp said. “These financial structures allow us to work out a true public-private partnership to supply quality living for people to help get ahead. So our driving force is to be able to make an impact.”
The state will make its decisions on funding for tax credits later this year, and the city typically takes a few months to consider any incentive request, including PILOTs.
Annex has a portfolio spanning 20 states, with Indy-area projects including The Annex on Tenth, with a high concentration of college students, and Union at 16th, which opened in late 2021. The company also has properties in Connersville, Columbus, Richmond, Vincennes, South Bend, Terre Haute, Bloomington and Kokomo.
Rupp said the project will require rezoning the existing site from its current I-1 industrial and D-5 dwelling designations to the D-8 designation, which allows for multifamily dwellings. The hearing examiner for the Metropolitan Development Commission is set to consider the developer’s requests for rezoning and a variance of development standards at its meeting on April 24 at the City-County Building.
Annex has control of the site, with a contract to purchase the property once the zoning has been changed. The parcels are currently owned by four companies with varying ownership stakes: NAMSSOB Investments LLC, Swonk Investments LLC, WAZ Investments LLC and GPG Holdings LLC.
Rupp said the project will have a timeline of about 20 months following the finalization of project funding. The company expects to submit its state tax credit application in the next few months to ensure it’s considered in the 2025 funding rounds.
He said that while the company has an architect lined up for the project, he couldn’t share details because the contract has not been fully executed.
Correction: A previous version of this story listed an incorrect owner for 1406 S. Capitol Ave. The story has been corrected. You can see other corrections here.
Please enable JavaScript to view this content.
Would be a great addition to the neighborhood. We need nice, new, and affordable housing for our city’s residents.
I live in the area. Excited to see this happen! Love the Old Southside growing and getting some love. It’s a great place to live.