REDEVELOPMENT PROJECT BRINGS $18 MILLION INVESTMENT TO SOUTHPORT
The City of Southport and project partners marked a monumental day for the City with the groundbreaking of a new apartment community. A catalyst for further economic development, The Jacob will bring increased population density to Southport, adding vibrancy and a high-quality housing on a key redevelopment parcel in downtown. The project is an $18 million investment to the community. “The City of Southport is pleased to partner with Rebar Development for this project,” said Mayor Jim Cooney from the City of Southport. “The Redevelopment Commission has worked tirelessly to ensure a good development project that will kick start additional investment in downtown Southport. This is the first of many steps to make Southport a desirable city in which to live.”
The Jacob Apartments is the first apartment housing development planned in Southport in more than two decades and redevelops a prominent parcel located in the 2100 block of E. Southport Road. Conveniently located within walking distance to the future Red Line transit stop and a 15-minute drive to downtown Indianapolis, The Jacob includes a four-story building with 93 market-rate apartment homes, modern community amenities, and a creek-side pet park.
“Our team is thrilled to partner with the City of Southport, the IEDC, and The Ridge Group on this project,” said Shelby Bowen, CEO of Rebar Development. “The Jacob is the embodiment of a collaborative public-private partnership, and our team is excited to see this project begin to transform downtown Southport.”
The Jacob was awarded a Redevelopment Tax Credit (RTC) of $2.2 million by the Indiana Economic Development Corporation (IEDC). The RTC provides incentives for investment in the redevelopment of vacant or underutilized land likely to spur future investment and improve quality of place. This is the fourth Rebar Development public-private partnership project with the IEDC throughout the state.
“By focusing on regional collaboration and quality of place investments, we’re committed to making Indiana a magnet for a diverse and dynamic workforce,” said IEDC Chief of Staff Vincent Ash. “This significant redevelopment project will not only enhance the community but will also support the region’s growing talent pipeline as Indiana continues attracting investment from around the world.”
Designed to attract and retain young professionals, seniors, and empty nesters to downtown Southport, The Jacob amenities include a state-of-the-art fitness center, a work-from-home lounge with Wi-Fi, indoor bike storage, and a courtyard with fire pit and gas grills. Apartment units at The Jacob will feature modern kitchens with stainless steel appliances, granite countertops, and a tile backsplash; high-end interior finishes; a full-size washer and dryer; and balcony or patio.
"The Redevelopment Commission is excited to be involved with this project,” said Russell McClure, President of the Southport Redevelopment Commission. “This development stands to be the single largest investment in the city's history and is the result of a years-long effort between the RDC and Rebar Development. We are confident that this first large step toward redevelopment in Southport will be the catalyst for additional development, as well as encouraging locally owned businesses to locate within the Southport area to make our city a viable destination on the south side."
With construction underway, The Jacob is expected to be complete in the Fall of 2025 with leasing starting in the spring of 2025. Future residents are encouraged to join the community interest list at www.thejacobapartments.com or follow on social at @TheJacobApartments.
