by Adriana Pop, Associate Editor
Insight Development Corp., the development arm of the Indianapolis Housing Agency, has announced the official opening of 16 Park Apartments, an eco-friendly residential community located in the city’s downtown area.
The $34 million redevelopment project has turned the 35-year-old Caravelle Commons housing cooperative along 16th Street into 155 mixed-income residences.
The new community offers one- to four-bedroom apartments and townhomes within 11 buildings, as well as green features, such as green roofs, rain gardens, rain barrels, permeable pavers, low-flow plumbing fixtures, high efficiency light fixtures, furnaces and A/C units.
Last June, one of the project’s buildings was destroyed in a fire, while still under construction. The estimated damage amounted to $3.5 million, the Indianapolis Business Journal reports.
Financing for the 16 Park Apartments community resulted from a combination of private investment, federal funds and tax credits.
“Congratulations to all those who’ve been involved in the creation the 16 Park Apartments, another unique and successful project for the long-standing partnership between IHCDA and Insight Development,” said Lt. Governor Ellspermann, who chairs the Indiana Housing and Community Development Authority. “I commend the development team on their foresight to bring in private funds to ensure their vision became a reality: providing smartly designed, affordable housing options for the residents of Indianapolis.”
Insight Development is a nonprofit development company that seeks mixed-source financing to preserve, improve and reuse existing properties, transforming community liabilities into assets, while creating high-quality, affordable housing for low- and moderate-income families.
Since it was founded in 1999, Insight has contributed to the development of 462 affordable housing units, 14 market-rate units and 52 home ownership units. The company is currently involved in renovating 1,320 and creating 229 units of affordable and mixed-income housing.
“Insight Development is pioneering a new model of addressing neighborhood development and affordable housing,” says Insight President Bruce Baird. “Instead of solely relying on government money, Insight works with private financiers and other private-sector partners to produce high-quality residences, while also breathing life into our developing neighborhoods.”
Photo credits: www.indyhousing.org