Ground broken on $27M apartment complex in Muncie
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TWG Development LLC has broken ground on a 120-unit apartment complex Muncie that is among the first projects statewide to be awarded a new state tax credit to develop low-income housing.
Called Kilgore Place, the $27 million complex will feature a mix of income-based and market-rate units and include one-, two- and three-bedroom options.
The city and Atlanta-based Monarch Private Capital, a financier of the project, said amenities will include a playground, dog park, fitness center, a community room, community garden beds and resident services that promote professional development and personal growth.
The site at 2380 W. Kilgore Ave. is where End Zone Bar & Grill stood before it was destroyed in a fire in 2022.
The apartment complex is among the first projects to be awarded the newly established Indiana Low-Income Housing Tax Credit by the Indiana Housing and Community Development Authority.
“In November 2023, Kilgore Place was awarded IHCDA’s new competitive State Tax Credits. Just seven months later, Kilgore Place successfully closed and became the first development in Indiana to break ground utilizing the new State Tax Credit program,” Joel Henney, vice president of finance at TWG, said in a news release.
Earlier this month, representatives from TWG, the city, First Merchants Bank and the Indiana Housing and Community Development Authority gathered for a groundbreaking ceremony. Construction is expected to take about 18 months.
Indianapolis-based TWG, which built Riverbend Flats apartments on the east side of Muncie, has announced a host of residential projects in Indiana over the past two years. Planned projects include a $73 million apartment complex near Lucas Oil Stadium in Indianapolis, a $140 million mixed-use project at the site of the Old City Hall in Indianapolis and a 603-acre real estate development on the east side of Noblesville in partnership with Carmel-based PulteGroup of Indiana Inc.