Kilgore Place apartment project, new homes for westside, wins tax credit financing

MUNCIE, Ind. -- A planned 120-unit apartment complex on Kilgore Avenue received approval for state tax credit financing last week.

Kilgore Place, will be located next to Silver Birch Apartments, an assisted-living community at 2500 W Kilgore Ave. The venture is being developed by TWG, an Indianapolis company that recently developed River Bend Flats apartments at Memorial and Burlington drives.

The $27 million project has already been approved by the Metropolitan Plan Commission and the Board of Zoning Appeals. Mayor Dan Ridenour told The Star Press that $2.7 million, or 10% of the cost for development, will come from the city.

The financial commitment from Muncie government is required for the tax credit financing, he said. The money will come from the Muncie Redevelopment Commission, Community Development and through Economic Development Income Tax funds.

The complex will contain a mix of one, two, and three bedroom apartments, including ADA accessible units and increased sidewalk access to bus stops. Kilgore Place will have both market rate and income-based apartments, according to the city administration.

This is the fifth housing project to be approved for tax credits in Muncie in four years. Indiana Housing and Community Development Authority made the announcement Thursday.

“Housing has been a huge priority for my administration,” Ridenour said in a press release. “We’ve made tremendous strides, and this will pave the way for different projects to develop in the next four years.”

Construction is expected to begin in the summer of 2024, and the project is estimated to be completed in about 18 months. The mayor said the city and TWG have been working in the effort since early in the year.

Muncie has already gained 287 of what the administration calls workforce housing units in the past four years. For market rate housing, 34 houses are in development at Storer Estates, and Texas home builder DR Horton has an accepted purchase agreement for 82 acres on the east side of Muncie, which will be developed into a subdivision.

David Penticuff is a reporter with The Star Press. He can be contacted at dpenticuff@gannett.com.

This article originally appeared on Muncie Star Press: Kilgore Place project, new homes for westside, wins tax credit funds