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Committee approves PILOT for 144-unit Promenade At The Square with rooftop solar and resident amenities
Summary
The committee approved a PILOT for the Promenade At The Square, a 144-unit 100%-affordable project at Lafayette Square Mall featuring rooftop solar to cover electricity for residents, on-site daycare, free Wi-Fi and transit passes; construction is expected to start in 2026.
A proposed 144-unit affordable housing development at Lafayette Square Mall received committee approval Nov. 17 for a PILOT under IC 36-3-2-12.
Cole Kerest of Burgeon Holdings said the Promenade At The Square would be 100% affordable and average 60% AMI across its unit mix, with rooftop solar sized to provide 100% of the property's electrical load so the owner will cover residents' utility costs. Kerest said the project includes free Wi-Fi, a community daycare, a computer lab, 200 monthly first-come-first-served bus passes for residents, and education/job-training partnerships. He estimated total development costs just under $48 million and said construction is expected to begin in 2026 with opening in 2027.
Council members praised the project's solar plan and resident services. Kerest said the owner will pay utility and connectivity costs for the first 15 years and estimated a pilot-level tax contribution of roughly $300 per unit annually in early years, escalating 3% for 15 years in line with tax-credit timelines.
The committee moved, seconded and approved the PILOT by voice vote. Staff and developers will complete PILOT agreements and return with final documents as needed.
