16 Park Apartments, the eco-friendly affordable housing community that is helping revitalize a downtown neighborhood, was recognized with the Monumental Award, the city’s premiere award for achievement in design, architecture and neighborhood redevelopment.
The 33-year old awards, sponsored by the Greater Indianapolis Chamber of Commerce, honor those who enhanced Marion County’s visual and physical environment over the past year through architecture, interior design, landscape architecture, engineering and construction and public art.
16 Park was honored with the Chamber’s top award for neighborhood development and a merit award for innovation in architecture, interior design and landscape architecture.
“16 Park is more than just a new apartment building,” said Bruce Baird, president of Insight Development, which oversaw 16 Park’s construction. “It represents a comprehensive approach to neighborhood revitalization, protecting our environment and providing affordable housing opportunities, all while using the most innovative and modern design and architecture standards available.”
16 Park is a $34 million redevelopment that replaced the 35-year-old Caravelle Commons housing cooperative with 155 units of modern, mixed-income apartment housing. What’s more:
16 Park offers one- to four-bedroom apartments and townhomes with the modern amenities offered in most comparable new developments.
16 Park employs the latest in “green design” technology, including: green roofs; rain gardens, rain barrels and bioswales; tankless water heaters; permeable pavers; low-flow plumbing fixtures; and high efficiency light fixtures, furnaces and A/C units.
The building plan also connects the property to adjoining neighborhoods, retail centers, parks and service providers.
Unlike traditional housing projects in the past that solely utilized government dollars, 16 Park combined private financing, federal funds and tax credits to complete the redevelopment.
The first phase of 16 Park was completed in 2011 when it opened its first 29 apartments. A 2012 accidental fire temporarily interrupted development, but the project formally opened in July 2013.
About Insight Development. Insight, the nonprofit development arm of the Indianapolis Housing Agency (IHA), seeks mixed-source financing to preserve, improve and reuse existing properties, transforming community liabilities into assets, while creating high quality, affordable housing for low- and moderate-income families.
Established in 1999, Insight has served as sole or co-developer on developments worth over $88 million, resulting in 462 affordable housing units, 14 market rate units and 52 home ownership units. Insight currently is renovating 1,320 and creating 229 units of affordable and mixed income housing.
“This is another indication that Insight’s new, holistic development strategy is working,” said Bud Myers, executive director of the Indianapolis Housing Agency. “We sincerely appreciate this recognition and look forward to continuing to be a partner in the revitalization of Indianapolis neighborhoods.”