Bartlett Reserve of Castleton – Luxury Senior Living Development
AGS Capital, LLC, a venture capital company, renovates outdated hotel spaces into high-end, senior living facilities. AGS Capital established its first location in the Raleigh-Durham area in 2013. Bartlett Reserve senior living developments create a “resort” atmosphere for seniors, featuring fully furnished suites, physical fitness and therapy rooms, hair and beauty salon, an onsite physician’s office, fully staffed kitchen and dining area complete with gourmet chef, and other outdoor amenities.
The Bartlett Reserve of Castleton will be the first Bartlett Reserve development in the Indianapolis area. The former Travelodge hotel will be retrofitted from 164 hotel rooms to 90-100 luxury suites. The location plans to host up to 30 new jobs, including housekeeping staff, drivers, serving staff, and management. The Bartlett Reserve of Castleton serves an important segment of the aging population while still providing high-end services for an increased quality and quantity of life. These incentives were critical for the financing of this project.
AGS Capital hired McGuire Sponsel to negotiate and procure economic incentives on their behalf in support of the company’s considered renovation project. McGuire Sponsel worked with Develop Indy and the City of Indianapolis Metropolitan Development Corporation (MDC) to procure tax credits and incentives to assist with the renovation of this property on Indianapolis’ north side. The company, with the guidance and collaboration of McGuire Sponsel’s Credits and Incentives team, requested and received a three year real property tax abatement for the renovation/redevelopment of the building from the City of Indianapolis.
State and Local Incentives
$200,000 Real Property Tax Abatement (for renovation)
$200,000 Total Incentives