The Bartholomew County Commissioners have given initial approval to re-zone a parcel of land near Taylorsville where a 200-unit apartment complex is planned.
The commissioners unanimously approved on first reading a proposed ordinance Monday that would re-zone for residential use 31 acres just east of Hubler Drive between County Road 700N and Bear Lane in German Township. Currently, the property is zoned for industrial use.
All the units in the proposed apartment complex would be one story and include two bedrooms, two bathrooms and an attached two-car garage, said Russell Brown, an attorney at Indianapolis-based law firm Clark Quinn, who is representing the potential developer, Redwood Apartment Neighborhoods. The units would be between 1,300 to 1,700 square feet and are projected to have monthly rents between $1,400 to $2,000, Brown said.
The commissioners are expected to make a final decision on the proposed rezoning ordinance during a second reading held during their meeting on Nov. 12 at 10 a.m.
Based in Independence, Ohio, Redwood has around 11,000 apartment units across the country, including 15 apartment developments in Indiana, Brown said. This project would be the company’s first in Bartholomew County. The closest Redwood Apartment Neighborhoods development is located along Interstate 65 just north of Stop 11 Road in Indianapolis.
The target demographic for the apartments are young professionals “who are not ready to buy a home but want a neighborhood feel” or empty-nesters who are looking to downsize, Brown said.
“We think there is a void in this market for this type of product,” Brown told the commissioners on Monday. “…We’re excited about this project, and we’re excited to move forward.”
On Oct. 9, the Bartholomew County Plan Commission voted 6-0 to issue a favorable recommendation to the commissioners for the proposed ordinance, as long as the developer agreed to several commitments.
Among the commitments, the developer would be financially responsible for making improvements along County Road 700N, extending Bear Lane from its current location to the proposed apartment complex, install a pedestrian path from Mill Street to Bear Lane and install a buffer between the development and the pedestrian path, said Melissa Begley, assistant director of the Columbus — Bartholomew County Planning Department, during the commissioners’ meeting on Monday.
Currently, Redwood Acquisitions LLC, the acquisition arm of Redwood Apartment Neighborhoods, is in talks to purchase the 31 acres of land from its current owner, Snyder Franklin Richards. Any purchase agreement would be contingent upon the land being re-zoned for residential use, Brown said.
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Visit byredwood.com for more information about Redwood Apartment Neighborhoods.
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