By Heidi Unger

On the second Tuesday of 2017, Third Street Ventures and Blackline Studio presented the third version of the site proposal for the Bonna Avenue property. The design is a hybrid of previously presented designs, created with neighbor feedback in mind. The proposal (including any minor tweaks resulting from the community discussion) will be submitted to IHPC for approval, and the commission will hear the case on February 1, 2017 at the City-County building. Download the 2-1-17 IHPC Agenda and Coal Yard Staff Report PDF. (If you’d like to watch the meeting where this project was discussed, check out Irvington Development Organization on YouTube.)

First-floor commercial and community space

First-floor commercial and community space

Community members (approximately 40 in attendance) viewed the new site plan, which includes a two-story, L-shaped, mixed-use building. The commercial portion of the building features a modern-looking brick and wood exterior, accented with a two-story trellis. The residential façade features gables and board and batten siding, a nod to the surrounding residential area. Apartment units cantilever outward from the main structure to provide additional space and soften the exterior look. The highest point of the building is two feet shorter than the adjacent commercial property on Ritter Avenue.

Residential units facing Bonna Avenue

Residential units facing Bonna Avenue

The development, previously referred to as The Coal Factory, has been renamed Coal Yard Lofts, noting the urban feel of residential space with high ceilings and exposed duct work and the absence of industrial (factory) space in the building.

The building’s anchor is a 3,000 square-foot, first-floor commercial space and community room with glass overhead doors. The community room faces Bonna Avenue and the Pennsy Trail. The commercial space is designed for three business or retail tenants, such as a coffee shop.

The site plan includes 46 residential units. The parking area will contain spaces for 91 automobiles, which is higher than the 84 spaces required by city ordinance. IHPC will not require a parking variance. As mentioned in earlier meetings, an 8-foot privacy fence will border a portion of the irregularly shaped property.

Site drainage hasn’t been designed, but developers are committed to mitigating the drainage issues that have caused headaches for adjacent property owners. At this early stage, developers expect to include swales, potentially at the back (south) side of the building. Swales are a natural way to manage storm water. The site is also expected to include underground retention, most likely at the north end of the property.

Phase I of the environmental study is complete. If the project moves forward, a Phase II assessment will provide more detail about the scope of the work required. Developers would work hand in hand with the appropriate state and local agencies to meet or exceed any requirements for remediating site contamination.

The development team intends to use high-quality, durable building materials in accordance with IHPC recommendations and requirements, including brick, wood, and fiber cement products. Choices for exterior wood used on the building include a durable oak and ash product (depending on availability) or stained cedar. The building’s masonry stair towers will be constructed of charcoal-colored block, an architectural reference to the property’s former history as a coal yard. Galvanized metal and wire mesh railings will be installed on balconies.

The building currently occupied by Playground Productions and Black Acre Brewing will remain on the property and might at some point be sold to the current tenants. At this time, Third Street Ventures doesn’t intend to make improvements to that structure.

Regarding the upcoming milestones the project must pass, Craig McCormick of Blackline Studio says that his team is “confident about the design [which is subject to IHPC approval] and hopeful for the tax credits.”

The expectation is that IHCDA will notify applicants in late February of Section 42 tax credit awards. If the development team isn’t awarded Section 42 tax credits, Third Street Ventures might need to make changes to the site design. In that case, the developers would host another community meeting requesting neighbor feedback, and they would also be required to submit any changes to IHPC for approval.


read more

Notes from 12/06/2016 Community Meeting Regarding Coal Factory Development

Irvington United Methodist Church, 30 North Audubon Road, Indianapolis, IN

Presenters: Jarod Brown and Antone Najem, Third Street Ventures; Craig McCormick, Blackline Studios; Margaret Banning, Irvington Development Organization

Margaret Banning mentioned that several people had asked about demographics and how Irvington compares to other neighborhoods. She referred neighbors to www.savi.org and www.indyvitals.org. These tools provide lots of useful data, including this info: Irvington is the 14th most dense neighborhood in Marion County, and that’s more dense than the county at large. The median assessed value of Irvington homes is $90,000, and in the last six years, that has increased $8,700.

Regarding Section 42 tax credits awarded by IHCDA, there have been approximately 150 Section 42 tax credit projects in Indianapolis since the program began.

The handout Margaret distributed also linked to these articles and studies:

  • “Opposition to affordable housing in Tinley Park rooted in unfounded fears, experts say,” Chicago Tribune, https://goo.gl/qKbgyD
  • “Does Federally Subsidized Rental Housing Depress Neighborhood Property Values?,” National Housing Conference, https://goo.gl/JUa9NL
  • “There Doesn’t Go the Neighborhood: Low-Income Housing Has No Impact on Nearby Home Values,” Trulia, https://goo.gl/20qfw0

How does Section 42 differ from other rent assistance programs, like Section 8? 

The residents who live in Section 42 units must be income and program eligible similar to residents who live in rental assistance developments. However, the rent that a Section 42 resident will pay is capped at a fixed amount and includes utilities that are the resident’s responsibility. In rental assistance programs such as Section 8, the resident’s rent is based on 30% of his/her income and the remaining adjusted portion is funded by the federal government. The Section 42 Program is not a government- subsidized rental program.

During the meeting, several neighbors mentioned how they were feeling about the proposed development. Some said they’re still anxious about the proposal and fast pace of the project, and uncertain that the residential component is right for the neighborhood. They suggested that a different type of development, such as an ice skating rink or commercial property, might be a better fit.

Other neighbors said they’re eager to move forward, especially because the property has been in such bad condition for a number of years.

Other neighbors expressed a neutral attitude and desire to hear more from the developers.

Craig McCormick reminded neighbors that while the pace of the project seems fast, there’s still a long way to go toward a finished development. He reminded neighbors that award of the tax credits won’t be announced before February. In order to give neighbors more time to provide feedback, and developers time to respond to that feedback, the next IHPC hearing has been moved to February 1st. He said it’s likely that work wouldn’t begin on the site before late 2017.

Neighbors who attended the meeting were shown two new proposals and asked for their feedback. Craig stated that although the drawings look finished, they’re simply mockups, not final.

Note: It’s important that neighbors understand that while the developers are working hard to create a product that neighbors are happy with, the plans presented in the meetings are subject to change, as almost always happens in a complex project like this when conditions in the field may dictate it.

Proposal A: This would be a brick, flat-roofed apartment building similar to many other apartment buildings in Irvington in the 1920s.

Proposal B: This apartment building has gabled roofs, more of a town home look that is somewhat consistent with surrounding homes.

Neighbors briefly discussed the merits of each.

The developers are committed to using high-quality materials, and IHPC supports that choice in any development. Although some neighbors find certain architectural styles too modern for the neighborhood, it’s important to understand that IHPC prefers work that is “of its time” and constructed with high-quality materials. IHPC doesn’t like architecture that mimics an older style. In regard to the look of this development, Craig said he thinks it’s important to consider context, scale, and rhythm.

Neighbors asked about some issues that had been discussed previously.

  • Parking: The onsite lot is likely to include 91-93 parking spaces, which is much more than the city requires. A parking variance won’t be necessary.
  • Drainage: The developers understand that neighbors oppose a retention pond. Storm water will instead be managed below ground, most likely beneath the parking lot, likely with rain gardens included on the property.
  • Aisle size: The plan includes larger drive aisles to allow for semi-truck deliveries to the Black Acre Brewing facility.
  • Fence: An 8-foot privacy fence in appropriate places on the property will prevent foot traffic to neighboring yards. However, the fence won’t screen visibility from the second floor of the apartment complex, just as a fence between existing residential neighbors wouldn’t screen visibility from two-story homes.
  • Density: High infrastructure costs associated with the site mean that building single-family homes on the site isn’t financially feasible. The previous proposal for the property required an estimated $1.5 million investment, and unfortunately the project failed because that cost doubled to $3 million. The new developers have found a way to invest $7 million, but that plan requires the proposed density.
  • Brownfield: Developers are engaging highly qualified environmental engineers and intend to follow all laws and protocols when mediating contamination on the site. Also, Irvington-based environmental consulting company Mundell & Associates owns the property adjacent to the site and was hired to work on the environmental assessment.
  • Property management: A reputable property management company will screen potential renters and ensure that residents follow all rules on the property.

Irvington Lofts, another Irvington property that was developed and managed by the same entities as the group developing this property, includes a community room that is available to residents and neighborhood community-focused organizations, but it isn’t available to businesses and individual neighbors. If a community room is included with the new building, those same rules would apply.

A neighbor asked what will happen when the tax credits expire. IHCDA establishes requirements related to expiration of the tax credits on a case by case basis.

Neighbors again mentioned infrastructure problems (flooding and water pressure issues and phone utility boxes) in the neighborhood that are unrelated to the property on Bonna. Developers acknowledged that working with utility companies can be tricky and recommended that neighbors engage a liaison who can help them work with the utility companies to resolve these issues. Neighbors agreed that they would follow up.

Some neighbors again expressed distrust of community organizations, including IDO, HICC, and “the historical society.” In response to that, another neighbor recommended that concerned neighbors attend meetings and volunteer with those organizations to get a better sense of how they work. When a neighbor mentioned she would prefer that the people representing her actually lived in Irvington, others clarified that all members of our community organizations (IDO, HICC, Irvington Historical Society, IBA, and Irvington Garden Club) live and/or work in Irvington.

Neighbors asked who profits from the new development and whether community organizations will receive payment for their support of the development. Margaret explained that IDO is a co-developer that would receive a professional fee for services if the project goes forward as was the case with the Lofts apartments and the original Coal Factory proposal. Fundraising for IDO pays for the streetlights along the business corridor and the landscape maintenance. Margaret offered to share IDO’s financial statements and budget with concerned neighbors.

A neighbor asked about the future of the site if this proposal doesn’t work out and expressed concerns about values of adjacent properties if the site remains in its current state. Margaret explained that if this proposed development falls through, IBRE (the current property owner) would continue to look for a buyer until someone sees the potential in the site and is willing and able to make the investment.

Neighbors asked for data regarding value of properties adjacent to other Section 42 developments. Margaret said she was not able to find data that showed a decrease in properties adjacent to Section 42 developments (see previously listed articles and studies).

A neighbor who is also a city planner in Hamilton County spoke in favor of the proposal. He mentioned that he is aware of multiple Section 42 developments in Hamilton County, and they work well. He’s heard that some Irvington neighbors are concerned about crime but isn’t aware of an increase in crime near Section 42 properties.

As follow-up to questions raised at or after the meeting, here is some information about Irvington Lofts, which was built with a similar codevelopment agreement and benefits from Section 42 tax credits.

  • Rents: $275 for a studio unit, $285–575 for a one-bedroom unit, and $675 for a two-bedroom unit.
  • Demographics: Leaseholders include 4 single moms (1 child each), 1 married couple, 1 roommate pairing, and 44 individuals who live alone. There are approximately 9 leaseholders in the 18–30 age range, 21 in the 31–50 age range, and 14 who are over 50.
  • Property management: Mark III manages the property and has an excellent reputation.

A third meeting to review the revised drawings will be scheduled in January, date and location to be determined.

For more information, contact Antone Najem, antone@thridstreetventures.com or Margaret Banning, 317-260-0669, Margaret@irvingtondevelopment.org.

 

 


read more

 

 

Coal Factory Redevelopment:  IDO Community Update Meeting

Tuesday, December 6

6:00 pm

Fellowship Hall

Irvington United Methodist Church

30 N. Audubon Rd.

(please note the location change)

Irvington Development Organization is hosting the second in a series of meetings over the next couple of months before the Indianapolis Historic Preservation Commission (IHPC) hears the rest of the items (variances, site plan, design, and demolition) in the proposed redevelopment of the Coal Factory property. This meeting will be a chance for the development team to show two versions of the project designs based on the comments from the neighbors in previous meetings.   

To recap, IHPC voted to include residential and artisan and beverage/food production uses in the CS zoning of the property at their November hearing. They are scheduled to hear the additional items at their January 4, 2017 hearing unless it needs to be continued further out. No actual work can be done on the site until those other items are approved.

Please come with your ideas for how to make the project better!

For notes from the last meeting and additional facts regarding the Coal Factory Redevelopment, please click here.

Questions? contact Margaret at Margaret@irvingtondevelopment.org, 317-260-0669 or Antone at antone@thirdstreetventures.com.

______________________

About Irvington Development Organization

Irvington Development Organization, founded in 2002, works for the benefit of Irvington by cultivating positive business development, promoting the unique character of our neighborhood and enhancing the quality of life for residents and visitors. Irvington is a historic community on the East Side of Indianapolis known for its winding, tree-lined streets and architecturally significant homes and businesses. To donate to IDO or become a member click here. 


read more

This article was posted from our November IDO Newsletter. You can read the full newsletter which includes highlights from the Irvington Masquerade Ball, a run-down on new Irvington businesses, and additional great info here.

Tara Schnaus Elder’s aptly named business, Simply Helpful, lends a hand to those who need help minimizing the chaos in their professional and personal worlds. If this scenario sounds familiar, know that Tara provides free consultations and is currently booking clients for January.

 

How long have you lived and worked here?

I’ve lived here 10 years and I started Simply Helpful in my home 5 years ago.

How did you first hear of Irvington and why did you move here?

My (would be) in-laws lived here, and I bought a house on the street behind them when I was dating their son. A number of years later, I married him and we bought a bigger house two blocks away after we were married.

tara

Tara and her husband, John.

What do you do for fun?

I spend most of my fun time watching the world through the eyes of my two sons (3 ½ and 9 months).  I also love to cook, listen to audio books, attend my book club (celebrating 13 years together!), and plan periodic outings for the Irvington Mom’s Facebook Group.

What’s your favorite walk, bike ride, block, or view in the neighborhood?

I love our street. We live on Pleasant Run South Drive near North Butler Ave and Washington Street. Our porch overlooks the creek, and it’s like a nature preserve. We hear a family of owls calling to one another (what sounds like mom, dad, and a baby learning to call), feed the fish from the footbridge, and I even saw a huge groundhog walk through our yard and clumsily stumble into the brush on the edge of the creek. You never know what you’re going to see (and that includes people, too!).

If you were Mayor of Irvington for a day, what would you do first?

I assume you mean a mayor with unlimited funds. In that case, I would bring the Ellenberger Park Community Center, which was proposed years ago, to fruition. I would also lure more businesses to Washington Street near Emerson Avenue. That portion of the neighborhood (literally our backyard) has so much potential!
What’s your connection to IDO?

About 5 years ago, I was on an IDO event planning committee with a number of other wonderful IRV residents. Shortly after that, I started my business, Simply Helpful, and was contracted by IDO to help organize their archives prior to their office move into The Lofts. Then the last two years I planned The Irvington Halloween Festival. Though the Halloween Festival is not an IDO event, IDO is absolutely involved with the festival. I love that IDO is a centralized organization for all things Irvington. We have so many groups and talented people in this community, and IDO is the tether to our many balloons.

______________________

About Irvington Development Organization

Irvington Development Organization, founded in 2002, works for the benefit of Irvington by cultivating positive business development, promoting the unique character of our neighborhood and enhancing the quality of life for residents and visitors. Irvington is a historic community on the East Side of Indianapolis known for its winding, tree-lined streets and architecturally significant homes and businesses. To donate to IDO or become a member click here.


read more

 

 

 

Coal Factory Redevelopment

 IDO Community Update Meeting

Tuesday, November 15

5:30 pm

Fellowship Hall

Irvington Presbyterian Church

55 Johnson Ave.

(just prior to the HICC meeting)

Irvington Development Organization is hosting the first in a series of meetings over the next couple of months before the Indianapolis Historic Preservation Commission (IHPC) hears the rest of the items (variances, site plan, design, and demolition) in the proposed redevelopment of the Coal Factory property. This meeting will be a chance for the development team to confirm and clarify as needed the concerns of the neighbors that were heard in previous meetings and to work with the neighbors to address those issues in a revised site plan and design.

IHPC voted to include residential and artisan and beverage/food production uses in the CS zoning of the property at their November hearing. They are scheduled to hear the additional items at their January 4, 2017 hearing unless it needs to be continued further out. No actual work can be done on the site until those other items are approved.

Please come with your ideas for how to make the project better!

For more facts regarding the Coal Factory Redevelopment, please click here.

Questions? Margaret@irvingtondevelopment.org, 317-260-0669 or antone@thirdstreetventures.com.

______________________

About Irvington Development Organization

Irvington Development Organization, founded in 2002, works for the benefit of Irvington by cultivating positive business development, promoting the unique character of our neighborhood and enhancing the quality of life for residents and visitors. Irvington is a historic community on the East Side of Indianapolis known for its winding, tree-lined streets and architecturally significant homes and businesses. To donate to IDO or become a member click here.

 

 


read more

This document includes 1) Notes from the Nov 15 Community Meeting re: the Coal Factory redevelopment and 2) Additional facts on the the Coal Factory development.

Notes from 11/15/2016 Community Meeting Regarding Coal Factory Development

Irvington Presbyterian Church, Fellowship Hall, 55 Johnson Avenue, Indianapolis, IN

Presenters: Jarod Brown and Antone Najem, Third Street Ventures; Craig McCormick, Blackline Studios

  • Jarod thanked everyone for attending. “We’re working diligently to create a property that everyone can be happy with.”
  • Jarod acknowledged previously mentioned neighbor concerns, including parking, population density, lighting, and screening. With those concerns in mind, Third Street is revisting and reworking the proposed plans.
  • Regarding the process for gaining the necessary approvals through IHPC, Jarod noted that only the zoning variance has been approved. IHPC will hear additional items in January or later if necessary. (Update: the IHPC will hear the petition February1, 2017.)
  • Third Street has submitted the application for the Section 42 Tax Credits through Indiana Housing & Community Development Authority (IHCDA). They applied for this funding to open up the most sources of funding to produce the best-quality product. Awards will be announced in late February.
  • If that funding is denied, Third Street does intend to explore going forward with the development. There are other potential sources of funding.
  • In regard to the number of units on the property, there are some requirements attached to the tax credit funding, with some wiggle room. Third Street would need to stay close to the proposal they submitted to IHCDA, so likely the property would end up with 45-55 units.
  • In regard to the brownfield issues on the property, John Mundell of Mundell & Associates confirmed that he has conducted an environmental assessment and determined that the property may be appropriate for residential with some remediation, but that the Indiana Department of Environmental Management has the final say. Antone confirmed that Third Street is working hand in hand with state agencies to meet or exceed their requirements.
  • A neighbor asked about asbestos that might be on the property and how the development team would handle it. Third Street assured neighbors that if the assessment shows that there is asbestos on the property, they will hire the appropriate professional services to mitigate it properly in accordance with regulations.
  • Craig McCormick acknowledged neighbors’ concerns about the timing issue regarding the zoning variance. He explained that it was necessary to obtain approval to rezone the property because the application for tax credits from IHCDA required it.
  • Craig presented a proposed site design, created with neighbors’ concerns in mind. The new design includes 45 residential units, commercial space, additional parking (90 spaces onsite; 10’ x 20’), and oversized drive aisles to accommodate delivery trucks. Third Street and Blackline are also looking into installing a bioswale (similar to a rain garden) in place of the previously proposed retention pond. They’re also looking into the potential for some type of community garden space. With this proposal, no parking variance is required.
  • Depending on funding, the market, and other factors, the residential space would include mostly 1-bedroom apartments, some studios, and possibly some 2-bedroom apartments.
  • The developers have not yet engaged a civil engineer, so some matters regarding the site can’t be answered at this time.
  • In regard to neighbors’ concerns about the existing drainage issues, the developers expect their efforts to improve the drainage issues throughout the area.
  • Current neighbors report issues with water pressure. As required for any new development, they will have pressure testing done before construction. The developers mentioned that tap fees will cost approximately $2,300 per unit.
  • The tax credits program caps the tenants’ income at approximately $28,000 per year for a single resident. If two people reside in a unit, the income cap is raised to about $36,000 per year combined.
  • The rent per unit will be close to the current market rate in the area. Size of the units is to be determined, but rent for a studio apartment is expected to be approximately $300 and a 2-bedroom apartment would rent for somewhere near $600.
  • Jewel, a resident of the Lofts, spoke. She works for a not-for-profit in Irvington, and helps people with disabilities. She sometimes tries to place clients in the Lofts. She likes living in the Lofts. Speaking to neighbors’ concerns about income caps residents of the proposed development, she stated, “Just because someone makes a lower income doesn’t make them a lower-quality person.”
  • An attendee commented that there were already too many affordable apartments in Irvington. Margaret reported that the only other apartments in Irv with any government subsidy were the Lofts and the Mission Apartments. All the other apartment buildings in the neighborhood are considered market rate, which means they charge as much rent as the market is willing to pay.
  • The developers are still considering feedback regarding the architectural style of the development and will present two options at the next meeting. IHPC discourages designs that mimic older styles. They support architecture that is the best of its era and push developers to raise the standards of new construction. Also, the architect is considering making the ground floor units open directly to the outside of the building.
  • Developers are still working out the details of what type of privacy screening and landscaping the property will include. An 8-foot-privacy fence was requested by a neighbor.
  • The site contains serious and costly infrastructure drainage issues. The tax credits are a preferred financing mechanism because they can lower the cost of financing so that developers can also deliver a high-quality product. They mentioned that these factors impacted the previously proposed development which led to their inability to proceed given their budget.
  • Some neighbors again expressed concerns about property values and asked why the developers wouldn’t instead build higher-rent apartments or townhomes. The developers responded that the numbers (cost of construction vs. the rent rates they could charge given the Irvington market) don’t work out for that.
  • The developers mentioned that they expect $2 million in expenses to clean up the site, install the utilities, mitigate the drainage issues, and grade and pave the parking lots.
  • Neighbors asked about IDO’s financial stake as a co-developer. The response was that it’s too early in the process for a dollar figure of what IDO would earn, but that if IDO proceeded as a co-developer, yes they would receive a fee for their services. Someone else asked how IDO is funded. The response was with fundraisers and memberships and previous fees for professional services (as with the Lofts development). Someone else mentioned kickbacks and a conflict of interest. Someone explained that this is how community development nonprofits are funded; across the nation it’s done this way.
  • There was discussion about what types of people might live at the new apartments, such as artists, teachers, and waitresses.
  • Another Lofts resident, Diana who is a retiree, spoke. She was the third resident to move into the Lofts when it was completed three years ago. She wanted to live there because she had two home-owning daughters in the neighborhood, and she wanted to be near her grandchildren. She intended to live at the Lofts as long as she could. She said she had not expected to be living on a limited income when she retired, but was very happy to have a quiet, safe, and attractive home.
  • There was a request for the property to be beautiful and perhaps include some sort of “Welcome to Irvington” sculpture along the Pennsy. The developers said they are in favor of that idea.
  • What is the future of Coal Yard Coffee? Michelle said that she plans to stick with Third Street Ventures, that she trusts them and will continue to talk with them about an opportunity for CYC to be included in this new space.
  • Someone asked if credit checks and background checks for potential residents will be conducted, and the answer is yes, an extensive background, including criminal, was done before anyone could lease an apartment.
  • Is there a demand for affordable income housing? Yes. There’s a long waiting list for the Lofts without any advertising or marketing. Many of the Lofts residents work in Irvington businesses making it desirable.

Next meeting:

December 6, 2016

at the Irvington United Methodist Church,

30 N. Audubon Rd.

____________

Irvington Development Organization and the Coal Factory Development Fact Sheet

10/27/16

On Monday, October 24, 2016, the board of the Irvington Development Organization (IDO) – made up of neighbors like you – voted unanimously to approve a resolution to join Third Street Ventures LLC (Third Street) as co-developers of the Coal Factory property at 5543 Bonna Avenue. This is in keeping with IDO’s mission to promote positive growth and development in Irvington. To explain the reasoning and the history of events so far, here’s some background and a summary of events:

  • The current Coal Factory plan is, unfortunately, not going to happen. The current owner Irvington Brewing Real Estate LLC (IBRE) faces expenses nearly double the original budget. This is due to unexpected complications developing the property, installing utilities, etc. IBRE has agreed to sell the property to Third Street.
  • The plan put forth by our co-developer, Third Street, proposes a be mixed-use development: apartment units, limited new commercial space, and some of the existing artisan production and studio uses.
  • The proposed development is in line with the Neighborhood Plan, which recommends that this land be developed for residential use. http://www.indy.gov/eGov/City/DMD/IHPC/Districts/Pages/plans.aspx
  • At its October meeting, the Historic Irvington Community Council (HICC) – elected representatives from the neighborhood – voted to support Third Street’s proposal to rezone this area to include residential, with the stated recognition that issues and concerns still needed to be addressed by the developer with the neighbors.
  • IDO co-developed the Irvington Lofts apartment complex, at 5855 East Washington Street, with one of the partners in Third Street. The Lofts development has proven to be a successful project, and we believe these same partners have the expertise needed to help the Bonna Avenue project succeed as well.
  • The residents of the apartments will have low to moderate incomes compared to the median incomes of the area. That means:
    • A single resident can’t make more than about $28,000 a year. That number goes up as the household size increases.
    • For comparison purposes, at least 25% of current Irvington neighbors earn incomes comparable to that amount and could qualify to live there.
    • Much like your neighbors living at the Lofts, residents of these apartments are likely to include a mix of retirees, local business employees, artists, people working for nonprofits, recent graduates, and others with limited incomes.
  • The proposed development meets a need for quality, affordable rental housing in the area. There is up to a two-year waiting list for the Lofts apartments.
  • The same company that manages the Irvington Lofts, Mark III Property Management, will also manage the Coal Factory Flats. They manage 12 market rate and affordable properties in Indianapolis. They are a local company with 20 years of experience in apartment management. The criteria for screening and keeping tenants is the same or higher for the affordable apartments. Both screen for criminal, credit, and rental histories. Affordable properties are subject to inspections and audits by HUD and the Indiana Housing and Community Development Authority. Mark III reports a very low turnover rate for the Lofts apartments, resulting in the long wait list. When tenants do move out, very little maintenance is needed to prepare them for the next tenant.
  • Since the Lofts have been built, a number of additional positive projects have been refurbished or are being developed in the area. The doctors’ office next door was rebuilt and two houses across the street were sold and are being restored. One is now on the market again for $200,000, and the other will soon open as a bakery. The apartments to the east and two across the street were recently sold and are being renovated for market rate units. The Irvington Office building is being converted to market rate apartments. While the apartments were being built, a home immediately to the west of the Lofts was sold within a week for more than the asking price. Far from dampening property values around the Lofts, the construction has helped to spur additional investment and improvements.
  • IDO and Third Street recognize that there are concerns about parking near the development. Because we live here too and care about the impact of any changes to the current residents and businesses, we share that concern. We’re committed to finding workable solutions.
  • By joining the project, we ensure that Irvington neighbors have a say in the development of this key piece of real estate.
  • We’re excited to bring new residents to Irvington! These folks, like you, will help support our neighborhood businesses. IDO’s mission is to lead the charge for positive new growth in Irvington. Providing safe, quality, well-maintained housing opportunities for new residents is key to growing our vibrant, diverse neighborhood.
  • The proposed rezoning is to be heard by the Indianapolis Historic Preservation Commission on November 2. The application for the tax credits, the funding mechanism to make the apartment rents affordable, is due November 7 with award announcements in late February. The plan is to continue meeting with the neighbors and stakeholders in the interim to refine the design and site layout.
  • For more information, contact antone@thirdstreetventures.com and margaret@irvingtondevelopment.org.

_______________________

About Irvington Development Organization

Irvington Development Organization, founded in 2002, works for the benefit of Irvington by cultivating positive business development, promoting the unique character of our neighborhood and enhancing the quality of life for residents and visitors. Irvington is a historic community on the East Side of Indianapolis known for its winding, tree-lined streets and architecturally significant homes and businesses. To donate to IDO or become a member click here.

 


read more


footer