Awarding of Hendricks Pointe Apartments

Welcome to Shelbyville

The City of Shelbyville is pleased to announce that the former Hendricks Elementary School will be renovated as a new development known as Hendricks Pointe Apartments.

This is a culmination of a nearly year-long process in which the developer, with the support of the City, applied for and received tax credits issued by the Indiana Housing and Community Development Authority.

The highlights of the grant award are as follows:

  • $7.1 million investment to create 37 apartment homes
  • Awarded $759,000 in annual tax credits by the Indiana Housing & Community Development Authority
  • 1, 2, & 3 bedroom apartments

Construction schedule  is anticipated to be as follows:

  • Construction to begin summer 2012
  • Opening summer 2013

And the amenities include full-sized washers and dryers, playground, computer lab, exercise room, on-site management, and more.

The City Administration believes this will be a benefit to the area and to the City as a whole.

Thanks go out to Real America Development LLC for their investment and confidence into the community.

– From the Office of Mayor Tom DeBaun

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  • http://www.facebook.com/people/Tyler-Simpson/1068259884 Tyler Simpson

    7.1 MILLION DOLLARS???  At 800 dollars an apartment per month multiplied by 37 apartments its going to take almost 20 years to get your investment back and start making profit……….

    • Indyishome

      Tyler, that’s where some of the Tax credits come in.  at $750k a year in tax credits, this helps the bottom line of the company.  Trust me, I wouldn’t be worried since it isn’t your investment, but they will get it back in at least 7-10 years, if not sooner.

  • Mabeckley

    This is great; both my boys went to grade school there and I was so sad to see it just sit there!

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