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PLK proposes 55+ workforce housing on Montgomery Maple site after cleanup, seeks tax-credit financing
Summary
PLK Communities presented plans for a 55+, 174-unit age-restricted apartment development on the former Frisch’s site on Montgomery Maple, described a remaining small EPA cleanup on city right-of-way, and said the project will use a 4% tax-credit financing structure with a local county equity partner and an operating partner from Indianapolis.
PLK Communities announced plans to build a 55-plus, age-restricted apartment complex on the Montgomery Maple parcel previously occupied by Frisch’s, saying the developer expects a 174-unit, two-building project and would use a 4% low-income housing tax-credit financing structure paired with a county equity investment.
The developer, Nick Lingenfelter of PLK Communities, told the Norwood City Council meeting attendees that the site remains under remediation and that a small portion of contamination sits on city property next to the sidewalk. “There is still some limited cleanup remaining,” Lingenfelter said, adding that PLK has committed to finish the cleanup as part of its agreement with the U.S. Environmental Protection Agency.
The proposal calls for two four-story buildings with a total of about 174 units and an age restriction of 55 and older. Lingenfelter described the project as workforce or “mid-tier” affordable housing — not deeply subsidized units — and said rents would average about $1,200 per month, with one-bedroom rents generally…
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