BEDFORD – A preliminary hearing for TWG Development LLC Travis Vencel for a rezone of property located at the former Georges Gateway property moved forward to the Bedford Zoning and Appeals Tuesday afternoon.
The measure passed in a 6-0 vote with member Steve Kimbley not present.
Currently, the property is zoned B-3 Planned Business District, and the request to rezone the property to R-3 Medium Density Residential District will be used for a proposed 60 unit multi-family dwelling.
TWG Development is based in Indianapolis with over 80 developments in 14 states that span over 75 years of development experience including mixed-use, market rate, tax-exempt bond funding, workforce housing, and affordable housing.
TWG says they develop and manage the properties and keep them in their portfolio for the required 15 years of the program or longer.
The property is on the site of the former George’s Gateway with 2 parcels which encompass 3.22 acres.
The construction of the building will house 60 apartments which include 39 two-bedroom and one bath apartments, and 21 three-bedroom apartments, an on-site leasing office, on-site leasing staff five days a week, on-site maintenance staff five days a week, on-site playground near the leasing office, and security systems and cameras.
The price range for the 2 bedroom apartments will range from $314 – $800 a month with the lease paying utilities, and TWG LLC. paying trash fees. The 3 bedroom apartments will range from $271 – $722 a month based on income level.
In 2019, ROI completed a Regional Housing Study to gather data and identify gaps and opportunities in regards to housing. In the Lawrence County section, the plan indicates that 108 low-income and affordable rental units are needed in Bedford to meet the demand.
“Overall there is a total need of 362 new housing units in Bedford by 2023, 145 of those being rental occupied. The apartments will be developed in an ideal location, close to amenities, and in an area that could benefit greatly from the redevelopment,” in a letter written by Regional Opportunities Initiatives in support of the proposed project.