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Milestone Seeks Rezoning To Build Senior Apartments
Updated May 17, 2013 7:33 AM
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(BEDFORD) - The Board of Zoning Appeals will consider a request from Milestone Ventures Inc to change the zoning for tracts of property on 16, 17 and K streets during their meeting at 3 p.m. on May 28 at City Hall.

Bob Bridge of the Times-Mail reports that the Bedford Plan Commission members voted unanimously this week to forward Milestone Ventures Inc.'s request to the zoning appeals board for a special exception for property it plans to purchase at 1028 and 1030 16th St., plus a property at 1618 K St.

Milestone, acting on behalf of Hoosier Uplands, seeks to obtain the former Carriage House Furniture Store and construct Stonecutter Place Senior Apartments. The area is zoned B-2, and Milestone is seeking an exception for multi-family dwellings.

Milestone also plans to purchase a tract of property on 17th Street which is currently owned by Goff Refrigeration. This tract would be utilized to accommodate parking for the complex.

Chuck Heintzelman, representing Milestone, says the housing project would target low-income seniors 55 and over. Construction would be divided into two phases. One building would feature five or six one-room apartments. The second structure would house approximately 25 units of one- and two-bedroom apartments.

Heintzelman estimated applicants could make up to $22,500 and qualify for residence.
Asked if the project would proceed if the city failed to acquire the Stellar Community Award it is seeking, Heintzelman said he thought it would.

Of the $8,670,000 the city is required to leverage if it receives the multi-million dollar Stellar grant, more than $5.5 million is earmarked for Stonecutter PlaceSenior Apartments.

Heintzelman explained the city would not be spending that much money. Funding for the project, which would include property tax abatements and leveraging of tax credits, is similar to the formula being utilized for the financing of the old Stalker School Apartments project, also under the direction of Hoosier Uplands.



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