Client Profile
The Garrett Companies is a multifaceted company focused on multifamily development, construction, and management services. The Garrett Companies work in unison to entitle, develop, build, and manage multifamily apartment projects across the country. The Garrett Companies focus on high-end, multifamily housing that produces superior risk adjusted returns.
The Challenge
The Garrett Companies currently have luxury apartment developments in 14 different states. High growth/high demand markets are key drivers for potential projects. The Garrett Companies recognized the significant growth and demand in the Indianapolis market and sought to build a 180 unit Class A multi-family development in Greenwood, IN. While Garrett was passionate about the project, rent projections for Greenwood revealed a substantial financial gap between projected performance and required return on the project. With a total development cost of $24M, Garrett would need community support for the project to go forward.
Study Results
In order to bridge the financial gap, Garrett turned to McGuire Sponsel. McGuire Sponsel led discussions with the City of Greenwood regarding the project. With a need for new, high-end, multifamily housing to support downtown revitalization and corporate growth, the City was motivated to help the project go forward.
McGuire Sponsel negotiated developer-backed TIF bonds with the RDC and City Council in support of the project, bringing $1,721,802 in value over an 8 year period and allowing the project to move forward. Estimated completion date is fall 2020.
State and Local Incentives
- $1,700,000+ Tax Increment Financing (TIF) funds
$1,700,000 Total Incentives