Fishers-based Rebar Development LLC is planning to build a $12 million apartment project in downtown Delphi. The Carroll County Economic Development Corp. says the project, which will also include a new parking garage, is part of an effort to boost residential growth.
The proposed project will include 62 market-rate apartments with one- and two-bedroom options. The building would be constructed one block south of East Main street in Delphi as part of an economic development area.
Mayor Anita Werling says the project will bring more young professionals to the city.
“The site is within easy walking distance of Riley Park, downtown restaurants and shops, the library, entertainment venues, and connects to miles of hiking and biking trails,” Werling said in written remarks. “Topping the list of community needs in every recent survey are housing and parking. This project addresses both with high-quality development.”
In addition to the apartment building and parking garage, the project will include surface and street parking, an outdoor amenity space, pedestrian bridge, and a connection to nearby trails.
Carroll County EDC Executive Director Jake Adams tells Inside INdiana Business an agreement between Rebar and the city must still be finalized, and the project will also be submitted for funding from the Greater Lafayette Region’s $30 million allocation of the Regional Economic Acceleration and Development Initiative (READI) grant program.
“We will be seeking a redevelopment TIF bond, infrastructure financing, and public support over the next 3 months,” Adams said. “We are hopeful by mid-December to have those agreements in place.”
Adams says once the agreements are finalized, the developer could break ground early next year.