SENIOR HOUSING DEVELOPMENT COMING TO FOUNDERS SQUARE IN SPEEDWAY

SPEEDWAY, IN – Another project is coming to the popular Founders Square development in Speedway near I-465 and Crawfordsville Road. Project partners and Town officials announced a new senior housing facility planned to be completed in the fall of 2022. Awarded tax credits through the Low-Income Housing Tax Credit program, the development will bring high-quality, affordable housing to adults 55 and over.

“This is the perfect next project for the Founders Square development,” said Jana Hageman, President of T & H Investments. “The new senior housing development will add a high-quality, modern housing option for those 55 and older in a great community. We are excited to bring this project to the residents of Speedway.”

The Founders Square Senior Housing development is a $13.5 million investment and includes a 73,000 square feet building with three stories. The project includes 60 two-bedroom and two-bathroom apartment homes, a fitness center, community lounge and technology room. Plans also include a micro-retail space on the ground floor and a surface level parking lot.

“This is a great opportunity to better serve the residents of Speedway,” said Tim Gropp, Speedway Economic Development Director. “When the Speedway Redevelopment Commission started the visioning process for Founders Square, we asked the community for their input on where the gaps were in our local resources. Senior housing options was near the top of the list and this project will provide new housing options in the Town to begin to fill that gap.”

Project partners worked with the Indiana Housing and Community Development Authority to obtain the housing tax credits for the new community. Rent rates will be based on the area median income with units available at three different percentage thresholds and are expected to range from $500-$1000 a month. The apartment homes will include spacious floor plans, modern furnishings, and energy-efficient appliances, including an in-unit washer and dryer. The community is designed to promote independent, aging-in-place with social programing and onsite aging services.

“We appreciate the partnership with the Town and T & H, and we are proud to be a part of the continued momentum in Speedway,” said Shelby Bowen, president of Rebar Development. “The interest in Founders Square has exceeded our expectations and our team is looking forward to additional announcements and groundbreakings this year.”

The Founders Square development is located on the northwest corner of Crawfordsville and High School roads and was initially announced in 2018. The Town of Speedway hosted a listening session with residents to gather input on desired uses for the development. Since then, project partners have announced several new businesses including an ALDI Grocery Store, Hampton Inn Hotel and Conference Center, and Crew Carwash with more announcements to come. The Town of Speedway also invested $5 million in infrastructure improvements and sitework.

“Not only will the senior house development offer a modern place to call home for tenants, but the entire Founders Square development is full of convenient amenities for our future residents,” said Hageman.

Construction is scheduled to begin in the fall of 2021 and be complete in October of 2022. Pre-leasing is expected to start in the summer of 2022. For inquiries, please email founderssquare@herronmgmt.com or call 844.543.7766.