Indy Developer Opens Downtown Apartment Project
Indianapolis-based property developer and operator Milhaus is welcoming residents to its newly constructed $30 million apartment project, Grid.
The property is located at 520 East Washington Street in the Cole Noble neighborhood of Indianapolis, an area of the city considered a Qualified Opportunity Zone.
The zones were created as part of the 2017 Tax Cuts and Jobs Act, signed by President Trump, to spur economic development and job creation in distressed communities.
The measure intends to provide benefits to investors who invest in capital projects in rundown urban areas. This was Milhaus’ first Qualified Opportunity Zone investment.
“Our main goal when investing in properties is to form partnerships within the local community to revitalize and enhance what is already there. We want to bring people back to cities’ urban cores and highlight what makes them so great to live in,” said Brad Vogelsmeier, vice president of development for Milhaus. “With Grid, we were able to invest in a community that was primed for new opportunities while strengthening our partnerships with local partners here in Indy.”
Grid includes 175 apartment units and 175 parking spaces. It offers co-working spaces, multiple fitness areas, outdoor grilling space and courtyard with a fire pit lounge.
The company said this is its ninth development in Indianapolis.