Zionsville weighs $45M, 179-unit apartment proposal that would use TIF allocation and bond

Thompson Thrift Residential proposed three three-story buildings totaling 179 market-rate apartments near 700 East and Grove Pass, just south of Whitestown Parkway. The estimated $45 million complex would include amenities such as a pool deck and is described by the developer as similar in market orientation to other local apartment projects.

The property lies inside a Zionsville tax increment financing district; town officials are considering a separate allocation area so tax increment from this development could be used for project-specific costs like curbs and infrastructure. A TIF bond would back the project and be repaid from the increment, with the developer agreeing to cover any shortfall between projected and actual TIF revenue. The Redevelopment Commission took votes on Aug. 25 to move the proposal forward; the Plan Commission, Economic Development Corp. and Town Council will also hear the project. A previously approved Adler Apartments plan for the same parcel did not proceed.

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