{"id":1004078101,"date":"2013-06-28T12:07:07","date_gmt":"2013-06-28T20:07:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=143208"},"modified":"2020-05-13T02:20:00","modified_gmt":"2020-05-13T10:20:00","slug":"insight-development-opens-155-unit-mixed-income-apartment-community-in-downtown-indianapolis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/insight-development-opens-155-unit-mixed-income-apartment-community-in-downtown-indianapolis\/","title":{"rendered":"Insight Development Opens 155-unit Mixed-Income Apartment Community in Downtown Indianapolis"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/16-Park-Apartments.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-143214\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/16-Park-Apartments.jpg\" alt=\"\" width=\"300\" height=\"198\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Insight Development Corp., the development arm of the Indianapolis Housing Agency, has announced the official opening of 16 Park Apartments, an eco-friendly residential community located in the city\u2019s downtown area.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The $34 million redevelopment project has turned the 35-year-old Caravelle Commons housing cooperative along 16th Street into 155 mixed-income residences. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The new community offers one- to four-bedroom apartments and townhomes within 11 buildings, as well as green features, such as green roofs, rain gardens, rain barrels, permeable pavers, low-flow plumbing fixtures, high efficiency light fixtures, furnaces and A\/C units. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Last June, one of the project\u2019s buildings was destroyed in a fire, while still under construction. The estimated damage amounted to $3.5 million, the <a href=\"https:\/\/www.ibj.com\/property-lines-2013-06-18-park-set-to-officially-open-following-last-years-fire\/PARAMS\/post\/41988\" rel=\"nofollow\"><em>Indianapolis Business Journal<\/em><\/a> reports. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Financing for the 16 Park Apartments community resulted from a combination of private investment, federal funds and tax credits. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cCongratulations to all those who\u2019ve been involved in the creation the 16 Park Apartments, another unique and successful project for the long-standing partnership between IHCDA and Insight Development,\u201d said Lt. Governor Ellspermann, who chairs the Indiana Housing and Community Development Authority. \u201cI commend the development team on their foresight to bring in private funds to ensure their vision became a reality: providing smartly designed, affordable housing options for the residents of Indianapolis.\u201d<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Insight Development is a nonprofit development company that seeks mixed-source financing to preserve, improve and reuse existing properties, transforming community liabilities into assets, while creating high-quality, affordable housing for low- and moderate-income families.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Since it was founded in 1999, Insight has contributed to the development of 462 affordable housing units, 14 market-rate units and 52 home ownership units. The company is currently involved in renovating 1,320 and creating 229 units of affordable and mixed-income housing. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cInsight Development is pioneering a new model of addressing neighborhood development and affordable housing,\u201d says Insight President Bruce Baird. \u201cInstead of solely relying on government money, Insight works with private financiers and other private-sector partners to produce high-quality residences, while also breathing life into our developing neighborhoods.\u201d<\/span><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: www.indyhousing.org<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Adriana Pop, Associate Editor Insight Development Corp., the development arm of the Indianapolis Housing Agency, has announced the official opening of 16 Park Apartments, an eco-friendly residential community located in the city&rsquo;s downtown area. The $34 million redevelopment project has turned the 35-year-old Caravelle Commons housing cooperative along 16th Street into 155 mixed-income residences. [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004507159,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21742],"tags":[1815],"class_list":["post-1004078101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Insight Development Opens 155-unit Mixed-Income Apartment Community in Downtown Indianapolis - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/insight-development-opens-155-unit-mixed-income-apartment-community-in-downtown-indianapolis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insight Development Opens 155-unit Mixed-Income Apartment Community in Downtown Indianapolis\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor Insight Development Corp., the development arm of the Indianapolis Housing Agency, has announced the official opening of 16 Park Apartments, an eco-friendly residential community located in the city&rsquo;s downtown area. The $34 million redevelopment project has turned the 35-year-old Caravelle Commons housing cooperative along 16th Street into 155 mixed-income residences. 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