Two residential developments proposed as part of a $100 million revitalization project in a north-side neighborhood along the Monon Trail received approval from the Indianapolis City-County Council for their own respective tax increment financing districts and city incentives Monday evening.
The Monon 32 and the Domino, two projects by Monon Development Group LLC, were approved to receive a combined $15.3 million in TIF-backed bonds, as well as their own TIF districts within the existing Hillside housing tax increment financing district. The two developments are part the 14.5-acre Monon 30 project.
The development is expected to take up a four-block section along the trail north of 30th Street, with commercial and housing elements on both sides. There are also plans for a 1.3-acre parcel with commercial uses south of 30th Street on the east side of the trail.
Plans call for Monon 32 to be an 81-unit single-family development at 1120 E. 32nd St. The townhouses and duplexes will cost about $20.5 million and be constructed by Gilliatte General Contractors. Under the approved proposal, the city will issue up to $4.8 million in developer-backed bonds for the project.
The Domino will be a 220-unit multifamily residential building with a mix of studio, one- and two- bedroom apartments along 3122 Dr. Andrew J. Brown Ave. The apartments will cost about $44.3 million and be constructed by Muncie-based The Ridge Group. The city will issue up to $10.5 million in bonds for the development.
To comply with recently-changed TIF regulations, both developments will have 5% of units at or below 30% the area median income. This would be 14 units at the Domino and four units at Monon 32.
The Monon 30 is being developed by Monon Development Group LLC, a firm composed of eight local firms and property owners: The Monon 30 Group, The Ridge Group, DMJR Development, Mojave Ghost Blackhawk Assets Management, Premier Commercial Real Estate Services, Architects Forum, Gilliatte General Contractors and Gradison Design and Build.
Cameron Starnes, an attorney with Taft representing the Monon Development Group, said the Domino will have an average rent of $1.77 per square foot and the Monon 32 will have an average rent of $1.73 per square foot.