DEVELOPER PROPOSES INCOME-BASED SENIOR APARTMENTS IN FISHERS
A developer who earlier this year announced plans to build an income-based apartment complex in Fishers is also planning a senior-living complex there.
Fishers-based RealAmerica Development LLC has filed plans with the city to build two structures housing 65 units each on a 12.5-acre site on the south side of 106th Street between Hague Road and the Nickel Plate Railroad. The vacant land, at 7877 E. 106th Street, is west of the Stoeppelwerth and Associates civil engineering office. RealAmerica didn’t reveal the project cost.
Called Ritchey Reserve, the apartments would be restricted to those 55 and older. One building would offer units at market-rates, while the other would set rents based on income, so long as the project gets approved for rental housing tax credits, said Jeff Ryan, the company’s vice president of development.
The developer has filed a request with the city to rezone the land, which is zoned commercially, for a planned unit development. The request goes before the Fishers Plan Commission in November.
The three-story buildings would have 37 one-bedroom units with about 714 square feet and 27 two-bedroom units with 898 square feet. Each apartment would have an 81-square-foot deck or patio.
Apartments in the market-rate building would rent for between $1,000 and $1,200, while units in the affordable-rate building would rent for between $700 and $850, according to documents filed with the city. The developer plans to build the complex in two phases, starting with the market-rate apartments.
Should the project not be approved for the competitive tax credits, the second building could also rent at market-rates, Ryan said.
If approved by the city, site development would begin in early spring 2019, with construction starting shortly after.
Amenities would include a library, a pet wash station, a fitness center, a salon and a community room. There will also be raised garden beds and a path connecting to the future Nickel Plate Trail.
In July, RealAmerica announced it would be building a $14 million, seven-building apartment complex near Interstate 69 and 116th Street in Fishers that would be reserved for lower-income tenants.
RealAmerica anticipates tenants in the complex, called SouthPointe Village, will have an average income range of $27,703 to $41,700.