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An Indianapolis developer plans to spend $10 million to develop more than three dozen single-family homes for low- to moderate-income residents on the near-north side.
BWI LLC has 37 vacant lots under contract in the area of 27th and Clifton streets, firm president Gary Hobbs told IBJ on Monday. Each lot is earmarked for the first phase of BWI’s Canal Village project, which will begin construction in June.
“Our plan here is to build upon the momentum there in the northwest neighborhood,” said Hobbs, whose firm has been active in the neighborhood for several years.
Its recent projects include the Cleo’s Bodega grocery project at Flanner House, the $11.3 million Clifton Square senior housing project, and Sprowl Funeral Home, at 1134 W. 30th St.—the first new African American funeral home in Indianapolis since 1927.
“We want to continue the activity and investments that have already been taking place there, and really hit the inner core of that community,” Hobbs said.
Hobbs said the majority of construction will take place along the east and west sides of Clifton Street, between Roache and 29th streets. Most of the lots are between one-tenth and two-tenths of an acre.
The Canal Village project, which received an undisclosed amount of federal affordable housing tax credits, is expected to feature homes ranging from 1,300 to 1,500 square feet, with three to four bedrooms. Each house would be offered on a rent-to-own basis, selling for around $70,000 to $100,000.
The development would include a mix of one-story, ADA-compliant homes for individuals with disabilities, and two-story structures. All homes will be equipped with security systems, and the landscapes of each property will be maintained by BWI for a 50-year period.
The area’s housing stock is split into thirds, between vacant, owned and rented properties, said Brandon Cosby, executive director of the social services agency Flanner House, which has consulted on the Canal Village project. He said the project will give many renters an opportunity to become home owners.
“This is adding quality housing stock that can lead to a pathway to homeownership for … existing residents in the neighborhood as well as other people who would like to come there,” he said. “It’s really exciting doing this with a partner that already has established relationships and integrity in the community.”
BWI also will make improvements to neighborhood streets, through the use of city-issued tax-increment financing funds, although Hobbs did not say which streets would be updated or how much money has been allocated for the project.
BWI plans to complete the first phase of the development by June 2021. The second phase, which does not yet have a hard timeline, is expected to focus on refurbishing and updating existing homes in the area.
“We would be looking to work with homeowners and help them make improvements to their home through various programs,” he said. “Or we may look at scenarios where a property is owned by an out-of-state entity and acquire those homes, refurbish them to our standards and sell them.”
In addition to Flanner House, BWI is working with the Indianapolis office of the Local Initiatives Support Corp. (LISC) and Near Northwest Neighborhood Inc. on the development, Hobbs said.
“They’ve put a lot of time and energy to make sure they have a presence in this area,” said Flanner House’s Cosby. “This project is really going to complement the character of the neighborhood and the community that’s long been established.”
Indianapolis-based RG Collaborative is the architect on the project.
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Wow only about $270k per house and sell for $70-100k. No wonder the city cant afford to fix the roads.
The money to build those houses doesnt come from the city or local tax dollars. This is a state tax incentive project and the money actually comes from private investors.
Opportunities to improve lives and neighborhoods with housing reflects a sound use of funds. Monies derive from different sources and are not interchangeable. Tax increment financing and the longer-term benefit of placemaking and tax-generating properties that may enrich the general fund so that it could be tapped for future roadway maintenance funds. In the interim, one can use alternate roadways or slow down along along roadway segments in perceptually poor condition. The greatest impediment to roadway maintenance repairs is limited funding. Taxes and other funds dedicated to roadway maintenance are much less than the need. Which roadways should be prioritized for repair and what is justification for the ranking?
The money to build those houses doesnt come from the city or local tax dollars. This is a state tax incentive project and the money actually comes from private investors.
This seems like a really neat idea and I hope they have every success. Although, it is too bad the houses (at least the one depicted) aren’t more traditionally designed; having a flat roof and other more ‘commercial’ cladding features may lead to more expensive maintenance costs over the years compared to a normal sloped roof and front porch.
Why doesnt IBJ call this downtown? Northside doesnt start until at least 56th St.
Downtown stops somewhere around 16th Street. This is the “Near-North Side”, a neighborhood just north of Downtown. After UNIGOV, the part of town called the “North Side” turned into “Near North Side.” Same for the other parts of Center Township that aren’t Downtown.
Does anyone know the actual address for these homes?