The redevelopment commission last November asked for proposals for developing the 1.5-acre property. Real America Companies of Indianapolis was picked to build the complex with 50 one-, two- and three-bedroom apartments as well as commercial retail space on the ground floor. The five-story apartment building will be called “Retreat @ Switchyard.”
“I’m thrilled to see a second high-quality, affordable housing development shape up beside the park for welcoming more of our residents,” Mayor John Hamilton says.
Real America says it will team up with Stone Belt for the financing of this project through the Low-Income Housing Tax Credit (LIHTC) program. This program is administered by the Indiana Housing and Community Development Authority.
Between 20-25% of the units will be offered to clients of Stone Belt and the remaining units will be available for residents who earn 50% to 80% of Area Median Income (AMI).
“Switchyard Park is a public asset for everyone to enjoy. The Retreat will offer a great place to live and help steer the transformation of the neighboring area,” Hamilton says.
An application for the funding to the tax credit program must be submitted by September 2020. If the project is approved, construction is expected to be completed in the summer of 2022.