What has long been an underused site at the corner of White River Parkway and West Michigan Street will soon be home to Indianapolis’ first workforce housing apartment community. Site preparation is underway on Riverview Apartments, a joint venture between Goodwill of Central & Southern Indiana and Indianapolis-based Strategic Capital Partners, LLC. The complex will not only fill a vacant lot, it will fill an Indianapolis housing gap that needs attention.
As workforce housing, Riverview Apartments will address a critical need for middle-income housing near downtown, particularly for those working in essential services such as teachers, nurses, medical personnel, police officers and firefighters. Typical downtown rents force these workers, and others like them, to drive away from their workplace until they can afford a place to live. This extends the workday for many who already work long shifts and the commute increases transportation expenses.
Workforce housing developments are designed for households with earned income less than what is needed to find quality housing near their downtown employers. At Riverview Apartments, all units are reserved for renters at incomes between 61-120 percent of the area median income. In 2018 that equates to $30,000 - $60,000 annual income.
“Creating alternative housing options for people in the middle-income bracket is a perfect fit for our mission to empower people to increase their independence and reach their potential,” said Kent Kramer, Goodwill president and CEO. “As the gateway to River West, one of LISC’s Great Places 2020 neighborhoods, Riverview Apartments will contribute to the vitality of the area and transform the southwest corner of White River Parkway and West Michigan Street into something we can all be proud of,” Kramer said.
The $28.5 million Riverview Apartments development will offer 208 unfurnished studio, one-bedroom and two-bedroom units with rent starting at $600/month, below the downtown average. The complex includes free on-site parking, a fitness center and outside amenities. There is also a bus stop at the intersection which means those without cars will still have easy access to downtown shopping, restaurants and employers including four major hospitals and IUPUI.
Strategic Capital Partners has years of experience in public-private partnerships and joint ventures. “We understand that it takes shared goals to make our city better and we are committed to creating value for our partners like Goodwill, our investors and the communities in which we do business,” said Strategic Capital Partners Senior Vice President Will Zink.
The importance of the Riverview Apartments development to Indianapolis is demonstrated by the tenacity of those who have been relentless in their pursuit of filling the workforce housing gap. This effort has been years in the making and it is being realized thanks to a strong financial partnership with the City of Indianapolis, INHP, IFF, Merchants Bank, and PCG.