$17M retail-apts project coming to Fifth and South, second in recent weeks for downtown Lafayette – Journal & Courier

A rendering of the Ellsworth building, planned on the southwest corner of Fifth and South Streets.(Photo: provided by the City of Lafayette)

LAFAYETTE Withother developments in various stages of completion around downtown Lafayette, financing for another new project adding both commercial and residential space was approved Thursday morning.

The newest project is The Ellsworth,a $17.7 million mixed-use project slated for downtown. The five-story building is planned to be built on the southwest corner of Fifth and South streets, on a parcel of land next to Regions Bank. Its development waspart of a resolution passed by the Lafayette Economic Development CommissionThursday morning.

Once completed, developers say The Ellsworth will include 97 loft-styleapartments, 2,000 square feet of commercial space along South Street and 40 public parking spaces in a garage during business hours.

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The building will be designed to be C-shaped with the inside of the C facing downtown, Shelby Bowen, president of Rebar Development, said Tuesday. The shape will allow a second-story courtyard and dog park, and the fifth floor will have an outdoor patio space overlooking downtown Lafayette.

The Regions Bank parking lot, located on South Street between Fourth and Fifth Streets, Thursday, May 21, 2020 Lafayette.(Photo: Nikos Frazier | Journal & Courier)

Bowen said it was a five-year process to identify the right spot, then another two years to work with Regions Bank and get site control.

Lafayette is an attractive place for us to invest, Bowen said. It will be one of the jewels of downtown Lafayette.

Bowen said while working with Mayor Tony Roswarski on the project, Roswarski was insistent upon high-quality project that was going to look good now and look good in 100 years.

"It has been a long process, but we do want this to be a signature piece," Roswarski said. "It's a great project that helps to continue to increase that density in downtown, which keeps it vibrant and growing."

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The project was led by Rebar Development, a Fishers-based firm that focuses on downtown redevelopment projects and public and private partnerships in central Indiana.

In addition to The Ellsworth, Rebar Development has also worked on other mixed-use projects in central Indiana, including The Levinson in Noblesville, The Barlow in Plainfield and 1300 Block in Speedway.

The Ellsworth also received a $2.3 million redevelopment tax credit from the Indiana Economic Development Commission. After an investment has been made, the state is providing a tax credit that can be sold as equity to make the project possible, Bowen said.

To help fund the project, Lafayette will issue up to $4.5 million in bonds,which the city expects will be paid back with taxes generated by the new development.

This is not the only project currently being planned fordowntown Lafayette developers are also looking to fill a parking lot on Main Street across from Lafayette Brewing Co. with a $20 million project, 631 Main Street Apt & Retail with retail space and 100 apartments.

Among other projects finished or just started:The Marq at Second and Columbia streets; a $16.8 million, five-story Nova Tower project on South Fourth Street; and Pullman Station, a $10.5 million, five-story mixed-use project expected to feature 76 apartments and 7,900-square-feet of commercial and retail space on the first floor on a former Lafayette City Hall parking lot at Fifth and South streets.

Construction for The Ellsworth willbegin infall 2020.

Emily DeLetter is a news reporter for the Journal & Courier. Contact her at (765) 201-8515 or via email at edeletter@jconline.com. Follow her on Twitter at @EmilyDeLetter.

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$17M retail-apts project coming to Fifth and South, second in recent weeks for downtown Lafayette - Journal & Courier