Work finally has begun on construction of a 60-unit apartment project for seniors behind the former St. John United Church of Christ, which will receive $1.5 million in preservation work.
The buyer is TWG Development LLC, one of four bidders for the 4-1/2 parcel. It plans to construct 190 market-rate and affordable apartment units and office space.
The 16-acre property could command $6 million to $8 million from developers, but a state law might prevent Indianapolis Public Schools from cashing in.
The local developer has been awarded nearly $900,000 in incentives for a senior housing project in Cumberland that will be built near the church, which was once slated for demolition.
The 4.5-acre parcel just east of the Monon Trail received a high bid of $2.75 million. All of the proposals would mix commercial and housing development.
The local developer has modified its plan and wants to build an affordable senior housing project on the far-east-side church property instead of in the church itself.
The congregation that owns the St. John United Church of Christ in Cumberland says $75,000 needs to be raised within the next few weeks to pay for upkeep or the structure will be demolished as soon as June 1.
TWG Development’s plan to convert the century-old structure into senior housing units has hit a snag, as the project wasn’t awarded federal tax credits in the latest round of allocations.
IPS has agreed to sell the vacant structure, once part of Angie’s List’s bold expansion plans, to the local developer for $1.65 million.
Tony Knoble was just 24 years old when he took a chance with TWG, and the company has now completed $392 million in development, totaling 44 housing communities and 2,500 units.
As the recipient of a $1.1 million city loan, TWG Development has agreed to include public art in its mammoth project on the site of the former Indianapolis Star headquarters.
Construction of Penrose on Mass, Park at Pulliam Square and the second phase of CityWay will add another thousand units by the end of 2018.
After a drawn-out drama over the structure’s fate, TWG Development LLC has agreed to buy the century-old building and convert it into senior housing, contingent upon receiving federal tax credits.
The project, which received final approval from the Noblesville City Council earlier this week despite receiving a negative recommendation from the Noblesville Plan Commission, will include 270 multifamily units and 140 single-family homes.
City approval of the design paves the way for TWG Development LLC to begin construction this fall on the downtown project at 307 N. Pennsylvania St.
The company will attempt to develop the property near the intersection of College and Kessler avenues after neighbors rejected the plans of another developer.
The local developer had wanted to convert part of a property owned by AT&T near Kessler Boulevard into a mix of apartments and retail but faced opposition from neighbors.
TWG is finalizing the design for its long-anticipated second phase and expects to submit plans to the city next month. The move comes as occupancy increases at its first phase of the mixed-used project, which will total nearly 480 apartments.
The developer of the mixed-use Pulliam Square project intended to salvage most of the building, but as IBJ reported last month, ultimately chose to demolish the structure.
TWG Development LLC has abandoned plans to save most of the headquarters after deciding that renovating the oddly configured structure would be too difficult.
