Development to Address 'Workforce Housing' Shortage
INDIANAPOLIS - A proposed mixed-use development that would be located west of downtown Indianapolis aims to provide affordable housing options for middle-income workers. The $26 million Riverview project will feature 200 apartments targeting residents with annual family incomes of $40,000 to $60,000 as well as retail and office space.
Riverview is being developed by Riverview Partners LLC, a joint venture between Goodwill of Central and Southern Indiana and Indianapolis-based Strategic Capital Partners LLC. Each apartment unit will be reserved for residents with incomes between 61 percent and 120 percent of area median incomes.
The development will include studio, one-bedroom and two-bedroom units, off-street parking, a fitness center, coffee bar and outdoor areas. Project Manager Will Zink with Strategic Capital Partners says rent will be well below the downtown market rate average for a new construction project.
The office space portion of the project will be used for Goodwill workforce job training programs. The developers say the project will address a critical need for workforce housing in downtown Indianapolis, especially for workers in professions such as teaching, nursing and public safety.
"Creating affordable housing options for this middle-income range is a perfect fit for our mission to empower people to increase their independence and reach their potential," said Kent Kramer, Goodwill chief executive officer. "It also helps keep these workers in the neighborhood, closer to their downtown employers and they will contribute to the vitality of our area."
Kramer says the development will occupy unused property near Goodwill's headquarters at the southwest corner of White River Parkway and West Michigan Street.
Riverview Partners says it is applying for New Market Tax Credits from the city of Indianapolis. The joint venture expects to break ground on Riverview this year with the project being complete before 2019.