In 2009, Insight Development purchased Caravelle Commons—a 65-unit housing cooperative originally developed in 1975.
Caravelle lies within a vibrant downtown Indianapolis community that is economically and racially diverse. With the desirability of downtown living on the rise, it's an area that has recently experienced significant residential and commercial growth.
16 Park, a $34 million redevelopment effort, calls for demolition of the 35-year-old structures, replacing them with 155 units of mixed-income, affordable housing. Green design elements—including the use of rain gardens and green roofs—will enhance the new construction, while the building plan will physically connect the site to adjoining neighborhoods, retail centers, parks, and service providers. The proposed redevelopment received the single largest tax credit award ever made by the Indiana Housing and Community Development Authority.
To learn more about the 16 Park development, visit the 16 Park leasing website.
Indianapolis, IN 46202