In 2009, Insight Development purchased Caravelle Commons—a 65-unit housing cooperative originally developed in 1975.
Caravelle was located within a vibrant downtown Indianapolis community that was—and continues to be—economically and racially diverse. With the desirability of downtown living on the rise, it was an area that had recently experienced significant residential and commercial growth.
16 Park, a $34 million redevelopment effort, called for demolition of the 35-year-old structures and replaced them with 155 units of mixed-income, affordable housing. Green design elements—including the use of rain gardens and green roofs—enhances the new construction, while the building plan physically connects the site to adjoining neighborhoods, retail centers, parks and service providers. The redevelopment received the single largest tax credit award ever made by the Indiana Housing and Community Development Authority (IHCDA)