River Rock Lofts Primary Rendering August 2024. Courtesy of Rebar Development
MARION — The Marion City Council unanimously passed an ordinance for two bond sales totaling $4.5 million at their meeting Tuesday, which will allow the developer of the $10.8-million River Rock Lofts to finance construction of the mixed-use development.
According Chris Griesl, attorney for the Marion Redevelopment Commission, payments for the bonds will be made solely by Rebar Development, and offset by revenue from the tax increment financing revenue generated in the development’s allocation area and the Marion Consolidated economic development area.
The Marion City Council approved a project agreement with Rebar Development on Aug. 6, 2024, and the city’s redevelopment commission began working on finalizing details for the development soon after. Marion Mayor Ronald Morrell Jr. said the bond ordinance is the final step in pushing the development forward, with the exception of a request to vacate a street.
According to Morrell, the city and developer plan to close all documents by the first week of November, and begin preparing the site for construction before the end of the year.
According to a press release from Rebar Development, the $10.8 million mixed-use investment property will bring apartment housing, commercial space and public infrastructure improvements along the River Walk in Marion.
“The River Rocks Lofts will be a pivotal landmark development in downtown Marion,” said Morrell in the release. “It has been a privilege to collaborate with Shelby from Rebar Development, a native of Marion, to bring this vision to fruition.”
“River Rock Lofts has been a dream of mine for many years and we have an experienced team in place to make it successful,” Shelby Bowen, founder and partner at Rebar Development, said in the release. “Working in collaboration with The Ridge Group and City officials, the project is tailor-made to meet the City’s goals and begin to transform the riverfront district.”
Planned to be constructed along the riverwalk in between Adams and Branson streets, River Rock Lofts will bring 44 modern one- and two-bedroom apartment homes with private balconies overlooking the river, 3,300 square feet of commercial space along Adams Street, and a public plaza for community activation along the riverfront. Future residents will also enjoy living in the walkable/bikeable community with connection to downtown, public parks, and the nearby YMCA.
“The riverfront district is ripe for transformation and the River Rock Lofts establishes an anchor to the area, as well as access to our downtown core,” Morrell said in the release. “Connecting the riverwalk to our community through investments such as this will create vibrancy for residents and visitors for years to come.”
Led by Shelby Bowen, a graduate of Marion High School and builder of Indiana Freedom Memorial in Matter Park, Rebar Development will present the public private partnership project at the City of Marion’s August Council meeting. Under consideration is an economic development agreement that will support public infrastructure improvements included in the redevelopment. River Rock Lofts follows several successful Rebar Development projects that bring solution-driven results to historic downtown districts throughout Indiana, most notably The Levinson in Noblesville, The Barlow in Plainfield, and The Ellsworth in Lafayette.
“Rebar Development has a track record of redevelopment projects in established downtown districts, and I’m very excited to present this opportunity to Council in my hometown,” said Bowen.
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