Eight37 Lofts – Shelbyville, IN (Nov. 22, 2024) – TWG (www.twgdev.com), a real estate development company specializing in commercial, market rate, affordable, and senior housing developments, announced the closing and planned construction of Eight37 Lofts, a $32.8 million multifamily workforce - affordable housing community coming to Shelbyville, Indiana.
Located at 837 Webster Street, Eight37 Lofts will consist of 138-units throughout two-, 3-story buildings and a 1-story clubhouse with one-, two-, and three-bedroom units. This workforce community will serve a variety of income levels for Shelbyville residents. Once completed, Eight37 Lofts will provide homes to those with a range of incomes including households at 50% and 60% Average Median Income (AMI), as well as non-restricted units.
“We're grateful for the new State Tax Credit program that is allowing us to revitalize a lot that suffered from a devastating fire in 2019. With the help of the City of Shelbyville, Indiana Housing and Community Development Authority, and PNC Bank, we're able to provide new housing options to the city and create a community that resident's will be proud to call home.” said Marisa Conatser, TWG’s Development Director. Eight37 Lofts amenities will include a playground, dog park, clubhouse, fitness center and CORES-certified resident services that focus on both professional and personal development. Construction planning is already underway with an expected completion in the Spring of 2026. PNC Bank, a key financial contributor to the project, expressed excitement for the impact of the development. “As housing affordability continues to be a challenge for Americans across the U.S., we are committed to leveraging our resources to increase and preserve the supply of affordable housing in Indiana and beyond,” said Todd Krumwiede, PNC regional manager of Originations. “We look forward to witnessing the positive, lasting impact these projects will have on the residents and companies based in Shelbyville.”
Eight37 Lofts is one of the first developments to utilize Indiana's competitive State Tax Credit program. Thanks to this new program, a site that suffered a devastating fire a few years ago will be redeveloped to create high quality, affordable housing. This is TWG's first development in Shelbyville and second development to utilize Indiana’s Affordable and Workforce Housing Tax Credit. Eight37 Lofts would not be possible without our valued partners: IHCDA and the City of Shelbyville.