$18M Project Economic Driver for Downtown Lafayette
Construction is underway on an $18 million, multiuse development project that will not only change the Lafayette cityscape, but it will also utilize a previously vacant property. City officials and Fishers-based Rebar Development say the five-story Ellsworth will bring housing, retail and parking to the downtown area.
“This project will be one of the premier mixed-use apartment buildings in any downtown across central Indiana,” said Shelby Bowen, president of Rebar Development. “The Ellsworth will be a great place to live and an economic driver for nearby restaurants and businesses.”
Developers say the Ellsworth will offer 97 apartments, designed to attract young professionals, empty nesters, and a growing downtown workforce in Tippecanoe County. The structure, located at 5th and South Streets, also includes more than 1,300 square feet of commercial space and 40 public parking spaces during business hours.
The city says the property was designated an Opportunity Zone by Governor Eric Holcomb to encourage capital investment in economically distressed areas. The project was also awarded a $2.3 million Redevelopment Tax Credit by the Indiana Economic Development Corp.
“Our partnership with Rebar Development and the Indiana Economic Development Corporation was essential in meeting our goals for this endeavor,” said Lafayette Mayor Tony Roswarski. “We look forward to the on-going effort of this five-story construction project that will truly complement the Ellsworth Neighborhood and the city’s landscape for years to come.”
Construction on The Ellsworth is expected to be complete in the fall of 2022.