Developer proposes $14M income-based apartment complex in Fishers

A developer has plans for $14 million, seven-building apartment complex near Interstate 69 and 116th Street in Fishers that would be reserved for lower-income tenants.

RealAmerica Development LLC, a Fishers-based residential and commercial developer, plans to build the apartments at Lantern Road and Appel Drive, near Fishers Elementary School and the Heritage Meadows subdivision. The location is across the interstate from the Ikea store.

The project, called SouthPointe Village Apartments, would include 70 one- or two-bedroom units.

The apartments that would rent to residents that earn less than 60 percent of of the area’s median income.

 The median household income in Fishers in 2016 was $97,100, according to the U.S. Census. Median gross rent for the same time period was $1,133 per month.

RealAmerica anticipates tenants in SouthPointe Village will have an average income range of $27,703 to $41,700.

The firm plans to apply for rental housing tax credits under the state’s workforce and affordable housing program.

The developer has built affordable apartment developments across Indiana and in Colorado, but the project in Fishers would be its first in Hamilton County. It does own some market-rate rentals in Westfield and Fishers.

Hamilton County in general sees very little development of affordable housing projects.

The city of Fishers Monday night agreed to waive up to $100,000 of city fees that would be associated with constructing the project, including impact, location improvement and building permit fees.

City leaders anticipate the project will help fill local workforce needs by providing affordable housing to workers who currently don't make enough to live in Fishers.

“RealAmerica’s investment in Fishers allows us to respond to a growing demand for attainable housing for hard-working individuals who might not otherwise afford Fishers’ growing market-rate housing,” Fadness said in written comments. “RealAmerica stays dedicated to their communities, and I’m looking forward to welcoming a more diverse set of housing to downtown Fishers."

The development, if approved by the Indiana Housing and Community Development Authority for tax credits, would break ground in the spring, with pre-leasing planned for fall 2019 and a spring 2020 opening.

Residents would be required to meet the community’s resident selection criteria, which includes background checks, income qualification, student status and other occupancy standards.