Multi-Million Dollar Senior Apartments Open
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA more than $11 million senior housing project has opened in Indianapolis. Development of Clifton Square was led by Indianapolis-based BWI LLC. It includes 57 apartments, retail space and what officials say is a unique skywalk. March 27, 2015
News Release
INDIANAPOLIS, Ind. – Representatives from the State of Indiana, Local Initiatives Support Corp. (LISC), HealthNet, and BWI will join community leaders and neighbors today to officially open Clifton Square, a unique urban senior housing development at the southwest and northwest corners of 30th and Clifton Streets.
Clifton Square offers a number of features to residents, including an outdoor patio with a skyline-view of downtown, Juliet balconies in every unit, and a sky-bridge over 30th St. connecting the two buildings. The skywalk is the first of its kind in the city for senior housing.
Monthly rents for the one and two-bedroom apartments at Clifton Square range from $265 to $660. Access Therapies intends to occupy commercial retail space on the 57-unit development's ground floor.
Indianapolis-based BWI, LLC is Clifton Square's lead developer. BWI has more than a decade of experience in developing affordable housing opportunities in the city's urban core that benefit underserved populations and the overall community.
“At BWI, we treat every project as if we were building it for a member of our family,” said Gary Hobbs, president and CEO of BWI. “Clifton Square respects the dignity of our seniors, while connecting our residents to onsite health care, as well as the many amenities in our downtown and nearby neighborhoods.”
Clifton Square also fills a critical housing gap for seniors in the neighborhood. The Northwest Area Quality of Life Plan, adopted in 2015 and one of nine that LISC has sponsored, highlights the need for affordable senior housing in the neighborhood.
Approximately 55 percent of the area's residents are over age 50, and many face challenges to maintain their homes on fixed incomes. Already, Clifton Square's occupancy stands at 65 percent and is expected to be fully occupied by summer 2015. Approximately half of the residential tenants are from the surrounding neighborhood.
“Clifton Square represents one of the many new investments in housing, human capital, and infrastructure in the Northwest area,” said Bill Taft, executive director of LISC Indianapolis. “From fa?ade and infrastructure improvements to new businesses, the neighborhood is working collaboratively to capitalize on its strengths as they collectively look to the future.”
“Clifton Square promises to be a highlight of the revitalization of the United Northwest Area. We commend the efforts of LISC, BWI, the City of Indianapolis, the Indiana Housing and Community Development Authority and other partners to bring affordable housing and other support services to this community,” said HealthNet President/CEO Jimmy Brown.
Clifton Square was financed through multiple public and private entities, including a $9.5 million investment from LISC's National Equity Fund, federal tax credits from Indiana Housing and Community Development Authority, TIF and $400,000 in HOME funds from the City of Indianapolis, AHP funds from Federal Home Loan Bank of Atlanta, Bank of America, and BWI.
In addition to BWI, the development team consists of Buckingham, Architect Studio, Reptucom, and Simply Sustainable LLC. Clifton Square is LEED Silver certified.
LISC Indianapolis is the local office of a national organization that helps resident-led, community-based development organizations transform distressed communities and neighborhoods into healthy ones — good places to live, do business, work and raise families. By providing capital, technical expertise, training and information, LISC supports the development of local leadership and the creation of affordable housing, commercial, industrial and community facilities, businesses and jobs.
Sources: Local Initiatives Support Corp., HealthNet and BWI LLC