GREENFIELD — Two developers are seeking funding for new apartment complexes in the city, and one who was unsuccessful last year is trying again.
Along with the proposed apartment development Greenfield officials discussed in July, a total of four projects are seeking tax credits from the state for affordable workforce housing. The developers are applying for Rental Housing Tax Credits awarded by the Indiana Housing & Community Development Authority to help fund the projects. The tax credits for workforce housing allow developments to provide affordable rents for workers earning up to 80% of the area median income at the county level. According to the U.S. Census Bureau, Hancock County’s median household income in 2018 was $73,142.
Indianapolis-based RealAmerica seeks funding for a 60-unit development called Barrett Preserve near the southeast quadrant of State Street and Interstate 70, just north of Hampton Inn and west of Brandywine Village.
Jeff Ryan, vice president of development for RealAmerica, told the Daily Reporter in an email that if successful, Barrett Preserve would consist of two three-story buildings and a clubhouse. He added it would have 18 one-bedroom apartments, 24 two-bedroom apartments and 18 three-bedroom apartments. The company would invest about $12.5 million in the endeavor.
“We like Greenfield for multiple reasons, starting out with the need for new apartments, according to our market study, and the very high occupancy rates at the existing properties in the area,” Ryan said. “Also, the growth in Greenfield and Hancock County shows us the need will be there for a long time. Our location is great with all of the retail and other services and jobs in the immediate area.”
Greenfield planning director Joan Fitzwater told the Daily Reporter in an email that due to the zoning classification for the property RealAmerica is eyeing, its proposal does not require approval from the city’s plan commission or board of zoning appeals.
“The multi-unit residential use would provide a great transition from single-family residential to commercial,” Fitzwater said. “The ability to mix residences with retail services and job opportunities within walking distance helps create a vibrant city.”
Fort Wayne-based Keller Development Inc. plans to seek Rental Housing Tax Credits to help it redevelop the property at 230 E. Osage St. into apartments. That will be discussed during a Greenfield Advisory Plan Commission meeting at 7 p.m. Monday, Oct. 12, at City Hall, 10 S. State St. Keller Development also developed Broadway Flats at 210 Center St., which opened last year.
Wallick Communities of New Albany, Ohio, plans to try again for tax credits for a development it was unsuccessful with last year. The project calls for 48 apartments across three buildings along West McClarnon Drive’s south side between State Street and Fields Boulevard.
In July, the Greenfield Board of Zoning Appeals approved measures for 50 apartments across three buildings at 861 N. Swope St. that Indianapolis-based Gratus Development is seeking tax credits to help fund.
The Indiana Housing & Community Development Authority will announce the awards for the Rental Housing Tax Credit program in January 2021.
At an August city council meeting, city senior planner Jenna Wertman expressed her confidence in the workforce housing proposals.
“I think we’re very likely to see one funded,” Wertman said. “Nothing’s guaranteed. Sometimes you get none. We’ve seen communities every now and then get two. We’ll know more about that at the beginning of the year.”
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Proposed apartment complex
- Near southeast quadrant of State Street and I-70, just north of Hampton Inn and west of Brandywine Village
- Two three-story buildings
- 60 units: 18 one-bedroom, 24 two-bedroom, 18 three-bedroom
- Clubhouse
- Dependent on Indiana Housing & Community Development Authority tax credit funding
Source: RealAmerica
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