Overview

The Lofts at Headwaters Park is a proposed $90 million mixed-use project with 232 apartments, retail, and structured parking that will be constructed at the corner of Superior and Clinton streets. READI funds will be used for a combination of city and developer-initiated construction and remediation activities at the site, including removal of contaminated soils, installation of a groundwater collection and treatment system, and public sewer and pedestrian infrastructure around the site, which is in a qualified census tract. The project is expected to begin construction by the end of Q1, 2023. The public parking garage component of the project will be open by the end of Q1, 2024. The mixed-use portion of the project would be completed in Q3, 2025. The property is currently a parking lot. An analysis by Baker Tilly anticipates that the Lofts will generate approximately $927,000 in new property taxes each year, and an IMPLAN analysis estimates an annual economic impact of more than $27,550,000. The State of Indiana should expect to receive approximately $1.2 million in annual tax revenue attributable to the development. In addition to these new tax revenues, the project will add approximately 400 new residents to our downtown, provide convenient parking for downtown festivals, and continue the growth of our Urban Trail to connect the city’s largest downtown attractions to safer, more convenient bike and pedestrian infrastructure, creating a more vibrant downtown.