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An Indianapolis-based developer is planning to build 230 townhouse and apartment units on the north side of Lebanon.
The development called Paddock Place would bring the number of housing units planned to more than 700 near the future Eli Lilly and Co. manufacturing campus under construction at the LEAP Lebanon Innovation and Research District. LEAP is an acronym for “Limitless Exploration/Advanced Pace.”
Spectra Student Living, headquartered in downtown Indianapolis, submitted plans to build Paddock Place on 15 acres on the south side of County Road 300 North, west of State Road 39.
Spectra has been involved in numerous student-living development and redevelopment projects at universities in several states, and has recently added more traditional housing to its business mix. Its local projects include Vivio near IUPUI and The Hub at Pennsy Trail, which is under development in Cumberland.
“Before we put pencil to paper, we met with Lebanon on several occasions and said, ‘What’s the gap here in housing? What do you need? What does it look like?’” said Amy Burmeister, Spectra’s vice president of development, at Monday night’s Lebanon City Council meeting.
Paddock Place would include two three-story townhouse buildings, each with 10 for-rent units, and seven apartment buildings. The apartment buildings would include 30 one- and two-bedroom units.
One-bedroom units would be at least 600 square feet, while two-bedroom apartments would be at least 725 square feet.
The development would also have a 5,000-square-foot clubhouse with a lounge, fitness center, dog-washing area and bike storage. It would also have outdoor amenities, such as a dog park and fire pits.
Pricing for the apartment units would be at around $1,100 per month. The developer has not determined rental prices for the townhouses.
Spectra is seeking to rezone the property from multifamily to the Paddock Place Planned Unit Development. The company focuses on both traditional multifamily housing and student housing.
Information about architecture and engineering firms involved with the Paddock Place project was not available.
The rezone request was introduced at Monday’s city council meeting. The city council is expected to vote on the request at its next meeting, on Sept. 11. The Lebanon Plan Commission previously issued a unanimous favorable recommendation for the project.
Paddock Place would be built near two other previously approved housing developments that are planned about two miles from Lilly’s future campus.
Indianapolis-based Gradison Land Development Co. plans to build Spring Creek on 140 acres bounded by County Road 300 North to the south, State Road 39 to the east and the CSX railroad to the west.
Spring Creek would be divided into four areas that would include 170 single-family houses, 130 duplex units, 100 townhouses and 25 acres of commercial space that could include a big box store at the intersection of State Road 39 and County Road 300 North. The development would take up to seven years to build to completion.
Lennar Homes of Indiana is planning to build Corbett Towns on 12 acres of undeveloped land across from Witham Health Services on the west side of State Road 39, south of County Road 300 North.
Corbett Towns would include 17 buildings with 96 for-sale, two-story townhouse units that would range from about 1,700 to 1,800 square feet each.
Each of the three developments would be about a mile from a proposed future interchange near Interstate 65 and County Road 300 North. The Indiana Department of Transportation is also planning improvements along County Road 300 North to turn it into a 140-foot-wide, four-lane boulevard.
Lilly plans to employ 700 workers in Lebanon at its $3.7 billion campus.
The pharmaceutical giant will serve as the anchor tenant of the Indiana Economic Development Corp.’s LEAP Lebanon Innovation and Research District, a planned 9,000-acre advanced manufacturing and tech hub in Boone County.
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