Ground on $7.6 Million Senior Housing Project

INDIANAPOLIS, IN (November 4, 2010)– Keystone Construction will break ground on a 33-unit senior housing apartment building next week. The project is called St. Clair Senior Apartments and is part of the Super Bowl Legacy development area.

The $7.6 million project will be located at East 10th Street and North Keystone Avenue. The developers are Indy-East Asset Development and Riley Area Development Corporation. The project received Tax Credits from Indiana Housing and Community Development Authority and Home funds from the City of Indianapolis. The project includes 3,600 SF of retail and office space and will be completed next year.

About Keystone Construction Corporation: Keystone Construction is located in downtown Indianapolis in the historic Majestic Building. Keystone offers Construction Management, General Construction, Design-Build, Master Planning, Project Management, Development, and Investment services. Keystone has successfully executed hundreds of projects with varying degrees of complexity for clients in these market segments: municipal, multifamily, commercial, residential, institutional, industrial, and healthcare. Keystone’s current projects in process range in size from $50,000 to over $100 million. Current work in process exceeds $200 million.

About Riley Area Development Corporation: The Riley Area Development Corporation is a Community Development Corporation (CDC). CDCs are catalysts for community-led neighborhood rebirth through housing revitalization, economic development, and partnerships with crucial self-sufficiency programs. CDCs maximize public funds through alliances with financial institutions, equity investors, and individual donors.

About Indy-East Asset Development: Founded in 2003, Indy-east Asset Development (I•AD) is the Community Development Corporation (CDC) serving the Near Eastside of Indianapolis. I•AD’s mission is to catalyze housing development within the NESCO (Near Eastside Community Organization) catchment area. By leveraging the community building expertise of NESCO and the supportive-service delivery capacity of the John H. Boner Community Center, I•AD approaches traditional real estate development within the context of a comprehensive community development framework. This collaborative, community-driven approach allows I•AD to effectively address housing and homeownership issues on the Near Eastside.
Media Contact: Greg Martz (317) 636-2000 or [email protected]    

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For media information, contact: Greg Martz at (317) 636.2000 / [email protected]