Bridges Townhomes opens 43 homes at Sherman Park in $15.1 million redevelopment

Officials and community partners celebrated the opening of the Bridges Townhomes at Sherman Park, a seven-building project on 1.7 acres along LaSalle Street. The development contains 43 two- and three-bedroom homes; 11 of those units are reserved as permanent housing for families moving out of homelessness, and some residents moved from Wheeler Mission’s Center for Women and Children, marking that mission’s first permanent housing project.

Funding and support came from multiple public and private sources: the city donated the land, contributed $1.5 million in federal COVID-relief dollars and approved a 15-year tax abatement worth about $504,000; U.S. Rep. André Carson secured $850,000 for soil testing and surveys; the Indiana Housing and Community Development Authority provided $1.2 million in annual tax credits for 10 years and a $750,000 loan in late 2023. Construction began the following year, and partners on the effort included Englewood Community Development Corp., Gratus Development, Wheeler Mission, the Indianapolis Department of Metropolitan Development, the National Equity Fund, Fifth Third Bank and Elements Financial, which provided a furniture grant. The city says cleanup work continues on other parts of the former industrial site.

BusinessIndy examines this development and its implications for Indiana businesses and communities using the linked sources.