The Zionsville Town Council approved a zoning change Tuesday so Carmel-based Sila Capital LLC can build a new market-rate apartment complex.
Michael Andreoli, of the Zionsville-based Andreoli Law Office, represented Sila Capital at Tuesday’s meeting and detailed the developer’s plans to build three, 3-story buildings at the southeast corner of Oxford Drive and Grove Pass. The zoning change allows for a denser multi-family development than had been planned there years ago but never built.
Andreoli presented detailed plans for the project, but Sila Capital will still have to undergo further site plan review before turning dirt.
Currently, that 9-acre stretch of land just south of the Get Go convenience store is undeveloped. Council member Craig Melton said CountryMark Cooperative previously cleared a gas easement between the neighborhood and the project’s proposed site of all trees and bushes.
Melton said he went door-to-door recently to ask residents of the single-family Royal Run neighborhood to the south what they thought about Sila Capital’s replacement project.
“Change is always hard, and I feel that the CountryMark coming in and ground clearing was a big change for these residents. But what we’ve been able to understand is this developer, I believe, is going to have some strong commitments with berming, trees and fencing,” Melton said. “The majority of the constituents, as well as residents impacted, were welcoming some of those nice commitments and that was the tradeoff.”
Melton said Sila Capital has made commitments to create separation between the different density neighborhoods, which should make for an acceptable development.
“We essentially spent the time, effort and money to master plan the site, come up with renderings of the building, come up with the actual site plan, fencing, landscaping—and all of those things were generally put into a statement of commitments,” Andreoli said.
Andreoli previously told the plan commission that Sila Capital’s project would primarily feature one- and two-bedroom units, with a small number of three-bedroom apartments. He said the intended demographic is young professionals. Preliminary plans for the project also show a pool and dog park, among other communal amenities.
According to Sila Capital’s website, the privately held real estate investment and asset management firm specializes in investing, managing and participating in joint venture opportunities. The company says its average deal size is between $1 million and $10 million per transaction.
Other Sila Capital projects include Echo Park at Perry Crossing, a 274-unit apartment complex located near The Shoppes at Perry Crossing in Plainfield, and Ethos, a four-building, 480-bed student housing complex in Bloomington.
Neither Andreoli nor representatives from Sila Capital were available for comment before the IBJ’s deadline.