The development partners, operating as DJ BCG Monon 22 LLC, have the land under contract from the Indianapolis Neighborhood Housing Partnership, which acquired the site in February 2022 for $2.25 million.
Noblesville Economic Development Director Andrew Murray told the council that the developers plan to invest $475 million in the project, which is expected to have a $700 million market value when completed.
Some economists project U.S. rents will be down modestly this year after soaring nearly 25% over the past four years, but the trend will likely be little comfort for many U.S. renters.
The rethought 2.4-acre Stutz II project is now expected to consist of two new structures and the reuse of an existing three-story office building.
The Department of Metropolitan Development plans to convert the eight-story, 95-year-old building on North Meridian Street into affordable housing units.
In cooperation with city development officials, Midtown Indianapolis Inc. is making headway on a project to create low-cost apartments on both sides of 42nd Street, as well as retail space and a new home for Kids Dance Outreach.
The project proposed by Carmel-based REI Real Estate Services calls for 11 two- and three-story apartment buildings along North Michigan Road.
The complaint lists problems alleged by seven residents involving repairs that were never made, incorrect bills that caused financial hardship, and general difficulties in contacting and dealing with management.
Being able to afford rent, according to the report, means spending no more than 30% of your income on housing. With fair market rent for a two-bedroom home at $988 per month, wages are just not keeping up.
Chicago-based William Management expects to spend at least $14 million to redevelop the former, century-old school building and build a second structure, with the buildings totaling 70 apartments.
An Ohio-based firm plans to seek tax credits in its effort to develop dozens of apartments and townhouses on a seven-acre tract of land on the western edge of the Central State Hospital campus in Indianapolis.
The Indianapolis-based company expects to renovate all 96 units in the vacant Grand Meridian apartment building, as well as replace its windows, roofing and other building infrastructure.
The owner also wants the city to vacate its right to an alley between the properties, which he says has become a “safe haven for crime and inappropriate and lewd behavior.”
Plans call for Promenade Trails to include 151 apartments and 59 for-rent cottages for people ages 55 and older. The first cottage residents are expected to begin moving in later this year.
Known as Versa, the project will include more than 230 apartments, a 245-space parking garage, and 3,600 square feet of ground-floor retail space.
The first in a series of demolitions began at the 20-acre site near East 42nd Street and Post Road on Friday. Over the next year and a half, the city plans to acquire more than 150 parcels and relocate residents.
Called Allison Pointe, the project is designated for a 10.5-acre undeveloped parcel in a small commercial park along Allison Lake, a manmade body of water between 82nd Street and I-465.
The Plaza at Central Greens project will comprise five buildings, including three apartment structures with 117 units, an amenity center and a retail building.
Two projects—one in the International Marketplace and another on the north side of Indianapolis—have been approved for financing by the City-County Council’s Metropolitan and Economic Development Committee.
The Maddox would include 11 residential buildings on about 33 acres near the intersection of East Whitestown Parkway and Cardinal Lane in Whitestown.
