Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
A pair of apartment projects on Dr. Martin Luther King Jr. Street near the under-construction Indiana University Health hospital campus received initial approval for $2.3 million in tax-increment financing bonds Monday evening.
The projects, called The Kennedy and The Chloe, have a combined 52 apartment units and are expected to cost $13.8 million to develop. The Indianapolis Metropolitan and Economic Development Committee voted unanimously (with one abstention) to send the financing proposal to the full City-County Council, where it will receive a final vote at the Feb. 3 meeting.
Councilor Brienne Delaney abstained from the vote, citing a potential conflict of interest.
Ken Thorpe, an entrepreneur and commercial real estate investor, is the owner of the company developing the apartments, KTKF Holdings LLC. The Kennedy is complete, while the company expects The Chloe to be finished by May.
As part of the requirements of the tax-increment financing bonds, each project will feature three units for renters who make 30% or less than the average median income for the city of Indianapolis. Additionally, the developer committed to working with IndyGo to make a bus stop near the project ADA accessible and making a 1% contribution to public art through the Indy Arts Council.
The Chloe, at 1401 Dr. Martin Luther King Jr. Street, will have 36 one- and two-bedroom units. The total cost of the project, including the cost of an underground stormwater system redesign at the site, is $8.5 million. It will have 21 on-site parking spaces.
The units are being constructed offsite by Indianapolis-based modular housing company Volumod.
The Kennedy, at 806 Dr. Martin Luther King Jr. St., will have an 16 units and a total of 14,855 square feet. It borders the Cultural Trail. It’s also located near the IU Indianapolis and Purdue University in Indianapolis campuses.
Thorpe has completed at least two other projects in the neighborhood over the past 16 years: the eight-unit Canal Gardens Condominiums in 2008 and 26 apartments at Canal Gardens in 2011.
The site engineers for the projects are Veridus LLC and JPS Consulting LLC. The development consultant is Crossroads Consulting LLC. The General contractors are Community Construction LLC and Urban Property Group LLC. R3B Architecture is the design firm on The Chloe.
Please enable JavaScript to view this content.
A rare appropriate use of TIF funds.