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$12M apartment project serving homeless veterans planned for former foundry
Indianapolis – City and local not-for-profit officials plan to break ground Thursday (Nov. 8) on the city’s first supportive housing facility for homeless veterans. The 75-unit Lincoln Apartments project is planned for the former home of an iron works foundry along Holmes Avenue just north of West Michigan Street on the near west side. The project cost, including the value of grants, federal housing tax credits and site remediation, totals about $11.6 million. The city donated the land, which had been vacant since 1962, and paid for remediation with federal and state grants. Great Lakes Capital Fund arranged the sale of tax credits to provide $9.8 million in equity. The development team includes Building Blocks Non-Profit Housing Corp., Volunteers of America of Indiana Inc. (which will manage the facility), Milner and Caringella Inc., Roudebush VA Medical Center (located about a mile away), and Keystone Construction. The architect is Axis. The project’s fully furnished apartments are scheduled to open in fall 2013.
IBJ.com / Property Lines