The five-story, market-rate project has received preliminary approvals from the city’s planning commission to build at 764 Greenwood Springs Drive, just north of the Verge Luxury Flats apartment complex that was completed in 2020.
The purchase comes just three years after the 151-unit complex on the Central Canal was sold for $40.7 million to Chicago-based Promus Holdings LLC.
The redevelopment of the former Broad Ripple Kroger and the Fountain Square White Castle could be the first residential projects to receive tax-increment financing from the city without including affordable housing units.
Officials with New York City-based SomeraRoad Inc. told IBJ the company is in the pre-development phase of at least two projects on land adjacent to the multi-building Stutz complex at 1060 Capitol Ave., which is in the midst of a $100 million renovation.
With the county experiencing the second-highest growth rate in Indiana, builders and apartment developers have not been able to meet the increasing demand for affordable and workforce housing.
The plans from Edward Rose & Sons call for demolition of the 54,500-square-foot Main Event entertainment complex, which opened in mid-2017 in the Lake Clearwater area.
A trend called “active adult communities” translates to age-specific housing that has eliminated dining, transportation and cleaning services.
TWG Development expects to spend $56.5 million to build Bakery Living, a six-story, 201-unit apartment project at 1331 E. Washington St., just east of its redevelopment of a Ford Motor Co. assembly plant.
The Indianapolis City-County Council and Metropolitan and Economic Development Committee are considering tax-increment financing for three apartment developments that prioritize access to transit.
City officials see the 0.65-acre parcel at 222 N. Alabama St. as a connector between the Mass Ave cultural district and the Market East area, potentially with a hotel or apartment project.
The Fort Harrison Reuse Authority has offered a 3.8-acre parcel of land to developer Keystone Group for $10 as an incentive to go ahead with the project.
With Purdue Polytechnic High School now planning to stay in the Broad Ripple High School building long-term, Keystone Group is redesigning the project it planned next to the village’s parking garage that would have contained Purdue Polytechnic’s campus.
The bonds and tax credits provided through the Indiana Housing and Community Development Authority are used to incentivize private developers to fund the acquisition, rehabilitation and construction of affordable housing communities.
Citizens Energy Group on Thursday announced an agreement with landlord JPC Affordable Housing that will result in the sale of four properties and relieve most of JPC’s past-due utility-bill debt, now totaling more than $1.9 million.
The local developer is planning several modifications to the complex, including the addition of two floors, more than 50 apartments and a new parking garage.
The site is just a few minutes from key employers in the airport corridor, including AAR Aircraft Services, Express Scripts, FedEx and Rolls-Royce.
The Fair Housing Center of Central Indiana and 11 partners in other states have reached a settlement agreement with a New York-based operator of senior-living apartments, including several in the Indianapolis area.
Plans call for the apartments to be constructed at the northwest corner of 96th Street and Allisonville Road as part of a larger, $96 million development.
The properties, which total 2,103 units on more than 165 acres, have seen significant rent growth in recent years and likely will see more after renovations by the new owner.
The Low-Income Housing Tax Credit program, in conjunction with the Multifamily Tax Exempt Bonds, are used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.
