Developers Plan $10.7M Affordable Senior Housing Project in Indianapolis
Local low-income housing developer BWI Development & Management Inc. has partnered with the non-profit Local Initiatives Support Corporation to develop an affordable housing project for seniors in Indianapolis.
The Indianapolis Business Journal reports that the $10.7 million project consists of two four-story structures located at the southwest and northwest corners of 30th and Clifton streets. Since the buildings are across the street from one another, the developers have decided to connect the facilities through a skywalk. According to BWI President Gary Hobbs, this particular architectural feature would be the first of its kind in the city for such a project.
Designed by The Architecture Studio Inc., the complex known as Clifton Square will offer 57 one- and two-bedroom units, as well as a 6,500-square-foot health and wellness center on the ground floor. Monthly rents will range between $266 and $543 for a one bedroom and between $319 and $630 for a two bedroom, depending upon income.
BWI expects to close on the purchase of the two vacant buildings in November and complete the project by December 2014.
“We feel that this project will be a major catalyst for continued development in that particular area,” Hobbs told the newspaper.
The Clifton Square development will receive $1 million in federal tax credits administrated by the Indiana Housing and Community Development Authority. The project was one of only two in the city to benefit from credits this year.
According to LISC Executive Director Bill Taft, the area where the new complex will be located would benefit from the new investment after having experienced a lot of foreclosure and vacancy.
“There’s no place near this site that has had this scale of investment in a long time, so I think it will make a big difference,” he said.
Photo credits: DJDavis92 via Wikimedia CommonsTags: affordable housing, Architecture/Design, BWI Development & Management, Clifton Square, Commercial, Consumer, Developers, Development, economy, Finance/Investment, Hospitality, Indianapolis affordable, Indianapolis apartment, Indianapolis Lead Story, Indianapolis senior, Investors, leasing, Local, Local Initiatives Support Corporation, Managers, mixed-use, multi-family, National, Owners, Professional, Regional, Residential, Senior