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Developer outlines $62.5M, 251‑unit Millbrook Phase 1; says bonds will be developer‑backed
Summary
Grant Dean of The Ridge Group presented the Millbrook Phase 1 plan — a $62.5 million, 251‑unit multifamily development with 412 parking spaces, Class A+ amenities, and financing that relies on an 80% TIF pledge and developer‑backed bonds.
Grant Dean, senior development director with The Ridge Group, told the Tippecanoe County Redevelopment Commission the Millbrook Phase 1 multifamily project would cost about $62,500,000 and include 251 units and 412 parking spaces. "Again, just for the record, my name is, Grant Dean, senior development director with the Ridge Group," he said during the commission's Aug. 4 hearing.
The developer described Phase 1 as Class A+ multifamily housing with studios through three‑bedroom units and amenities including a clubhouse, fitness center, pool and a rooftop lounge. Dean said financing would include roughly $18,700,000 of institutional equity and about $43,800,000 of construction debt. He also said the team had secured rezoning and variances and expected TIF approval in September, financing and land closings in October and construction to begin early next year after financing closes.
"This will be a 251 unit, multi family project comprised of studios, ones, twos, and 3 bedroom units," Dean said, summarizing the unit mix and scale. The presentation named The Ridge Group (TRG) and Bowen Capital as co‑developers, Studio Access as architect of record and Kimberly Horn's local office as civil engineer. The developer emphasized high‑quality exterior materials (brick, cast stone, premium windows) and said the buildings are designed to present well on all four sides.
Provenance: the developer introduction and cost/unit details were presented during the public hearing (SEG 089–SEG 133; SEG 132–SEG 141).
