Indiana-based group to build 175-unit apartment building in downtown Lincoln
A 175-unit apartment complex an Indiana developer plans to build at 205 S. 10th Street would use nearly $5.6 million in tax-increment financing to help pay for its $41.7 million price tag.
Indianapolis-based Annex Group's affordable housing apartment complex would be six stories on the north half of the block bounded by Ninth, 10th, M and N streets.
Federal low-income tax credits will also finance the project, along with $26 million in multi-family housing revenue bonds.
The City Council on Monday approved issuing the bonds. Although the city issues the bonds, the developer, not the city, must pay them back and the city carries no liability.
The council also considered the redevelopment agreement with Annex and authorizing the use of tax-increment financing, or TIF, which allows developers to use future property taxes the redevelopment generates to pay for certain upfront costs. The council won't vote on those items until Nov. 18.
Urban Development Director Peter Hind said some of the TIF dollars will be used for streetscape improvements, and the design will incorporate the bike lane along N Street with a widened median for safe crossing. The project will create a bridge from downtown to the Haymarket, he said.
The plan also will create new on-street parking near the bike lane as well as a drop-off area along Ninth Street.
There will be a courtyard where kids can play and with a small dog run for residents.
Hind noted that this is the third affordable housing project Annex has done in Lincoln, and he said they work with a local architect and civil engineer, and nearly all the subcontractors are local.
The other Annex projects are Union at Middle Creek, near Southwest 27th and West A streets, and Union at Antelope Valley, 18th and K streets.
This project would be mostly one- and two-bedroom units, with a few dozen three- and four-bedroom units. In addition to the central courtyard, it would have amenities such as a fitness center and community room.
There will be no on-site parking, but the Annex Group has worked with the city to rent up to 200 stalls at a nearby city garage.
The apartments would be targeted to people making anywhere from 50% to 70% of Lincoln's area median income, with a one-bedroom renting for $1,079 a month. They would remain affordable for 30 years, Hind said.
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