Abatement Sought For Indy Apartment Projects
Indianapolis-based TWG Development Inc. is seeking tax abatement for two residential projects in the city. The real estate development company is looking to invest a total of nearly $32 million in the projects, which include the redevelopment of a former Indianapolis Public Schools maintenance facility.
According to documents filed with the city, TWG plans to acquire the IPS facility and several adjacent properties near 16th Street just northeast of downtown Indy. The company says it will invest nearly $26 million in the multi-family Westmont project, which will include 188 apartment units and 5,000 square feet of amenity space, including bicycle parking, a fitness center, community lounge, business center and outdoor pool area.
In addition to the apartments, TWG plans to renovate an existing IPS office building for use as leasable space for tech businesses, as well as the historic Polk stable building for nonprofit use. The company is seeking a 10-year tax abatement for the project, however the non-residential portion will not be covered under the abatement.
TWG is also seeking to acquire the Nora Pines apartment complex on the north side of Indianapolis and invest $8 million toward renovations. The complex includes 254 apartment units and the company says it looks to preserve the affordability of the apartments for low-to-moderate income families, including 26 units that would be set aside for special needs housing.
Some of the planned upgrades include security, energy efficiency and quality of life improvements to the interior of the units. The renovations are expected to be complete by September 2020.
In total, the projects are expected to help retain five jobs and create six more with an average wage of $20 per hour. The Indianapolis Metropolitan Development Commission will consider the abatement requests during its meeting Wednesday.