Land sale approved for residential development at 4741 S. Indiana

The Community Development Commission has approved the market-rate land sale of a city-owned parcel at 4741 S. Indiana. Planned by JD Housing LLC, the project site is located midblock between E. 47th St and E. 48th St. The city-owned lot is sandwiched between two lots owned by the developer who will combine the three for their proposed development.

Designed by SKI Architecture, the project will consist of two brick residential structures, each set to hold three rental units. Every apartment will have three bedrooms and two bathrooms, with outdoor decks on the back of the building. Three parking spaces will be available for each building, totaling six spaces.

With the city selling the land at its market rate value of $59,200, the commission’s approval was required due to its location inside the 47th/King Drive TIF district. With an overall development cost of $1.5 million, the developers have secured a $1.3 million bank loan and $280,000 in equity.

Crown Construction Company will serve as the general contractor for the development. Permits for the new construction have not been filed.