Indianapolis, Ind. - Revitalization efforts continue in one of the City’s most challenging neighborhoods with the ground breaking of the East Village at Avondale Meadows. Strategic Capital Partners (SCP) is developing the project on 12 acres at 38th Street and Meadows Drive. It is a 248 unit apartment complex where 70 percent of the units will be leased to people with low and moderate incomes and 30 percent of the units will be leased market rents. Plans call for the first person to move in sometime in the fall of 2011.

The Department of Metropolitan Development has committed $3,650,000 to the redevelopment efforts at New Avondale-Meadows including the East Village development and the former Timber Ridge Apartments.

DMD conveyed land and committed $1,750,000 of grant funds for the East Village project. This project will provide quality mixed-income rental units for families and will complement other development efforts in the area.

In addition, DMD provided $800,000 of Neighborhood Stabilization Program (NSP) funds to acquire the former Timber Ridge Apartments out of foreclosure and $1.1 million to remediate asbestos and demolish 23 of the 26 buildings at the Timber Ridge Site. The remaining three buildings will be redeveloped and leased.

In the 1950s and 1960s, the Meadows area was “the” place to live, work and play. It was home to one of the first premier shopping centers in Indianapolis. The Avondale Playhouse booked nationally known entertainers during the summer months. The apartments in the area were the first Indianapolis homes of business people and professionals, many of whom subsequently assumed important leadership positions in the Indianapolis community. Then, in the 1970s, concentrated poverty became the theme in urban areas nationwide.

Today, the goal of the Avondale Meadows community redevelopment initiative is to holistically build an attractive, safe, environmentally-friendly 100-acre neighborhood and replace concentrated poverty with a mix of affordable and market-rate rental and owner-occupied homes.

East Village at Avondale will provide a wide range of amenities in and around the development, such as: a Clubhouse offering computer work stations, high speed internet and a printer. A fitness center, garden gazebo, sparkling pool, picnic grounds with convenient built-in barbeques, serene walking trails and garden spaces for residents to enjoy.

Adjacent to East will be the Avondale Meadows Community Center, a space which will house a large number of organizations and service providers for residents. Committed to providing an array of services are: Forest Manor Multi Service, Indianapolis Neighborhood Housing Partnership, Challenge Foundation, Health & Hospital, United North East Community Development Corporation and Goodwill Industries of Northern Indiana.

Strategic Partners Urban Development Group was formed in 2008 with the mission to redevelop distressed urban communities nationally. Its goal is “double bottom line investing” – to serve a positive community purpose and to develop in an environmentally conscious manner.

Formed in 2005, Strategic Capital Partners, LLC (SCP) is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties across the United States. SCP, through its Strategic Partners Value Enhancement Fund and its Strategic Partners Urban Development Group, has invested more than $1 billion in total capital.

The SCP team of veterans has over 200 years and $20 billion of collective real estate investing experience, employing a hands-on, cycle-tested investment approach. Strategic Capital Partners is headquartered in Chicago with offices in Indianapolis and New York. Learn more about SCP at www.strategiccapitalpartners.net.

The Sterling Group is a privately held firm that develops, constructs, acquires and manages investment quality real estate; Specializing in multi-family apartment homes, senior communities, student housing and self-storage facilities in 13 states across the country.

Formed in 1976, The Sterling Group offers its customers the ability to access an extensive list of resources from one full-service real estate company. Broadening our commitment to the industry, The Sterling Companies include: Sterling Management, Sterling Construction, Sterling Development and Sterling Acquisitions. Through vertical integration, consistent performance and tireless work ethic, Sterling has earned a reputation of credibility and trust. It’s that accountability that distinguishes The Sterling Group which attracts investment partners and talented colleagues to the firm.

The Sterling Group is headquartered in Mishawaka, Indiana. Learn more about Sterling at www.thesterlinggrp.com.

Mishawaka, Ind. – Sterling Construction broke ground last fall on its newest duplex construction project, The Village at Whitewater. This development, in Richmond, Indiana, is set to open in February, 2011.

The Village at Whitewater will consist of 54 duplex homes located along 52nd Place, just off of National Road (Hwy. 40). These homes will consist of 32 three-bedroom homes (1,214 sq. ft.) and 22 four-bedroom homes (1,352 sq. ft.).

All homes will be single-family, ranch-style homes featuring a front porch with a rear patio, two full bathrooms, a full-size washer and dryer, a dishwasher, ceiling fan, walk-in closets, gas hot water heater, electric range and garbage disposal. Other amenities include central air conditioning an attached two-car garage.

The Village at Whitewater will be constructed with energy efficiency in mind. All homes will be constructed with energy rated exterior doors and windows and feature Energy Star Rated Equipment such as a programmable thermostat, range hood fan, a water conservation showerhead, kitchen faucet, and lavatory faucet. In the construction of every home, there will be an Energy Star Certified Building Envelope and each home will be tested through the Home Energy Rating System (HERS).

The homes are built as part of the Section 42 Tax Credit Program, providing a high quality housing alternative with households of lower to medium income levels.

Sterling Construction Corporation is a company of The Sterling Group, Inc., which has also built various other housing communities across the Midwest and Southeast. Sterling Construction has been focused on constructing housing facilities since 1983, and is currently expanding across the country, seeking additional General Contracting opportunities.

For more information regarding The Village at Whitewater or Sterling Construction, please contact Scott Buckey, Vice President of Construction, at 574-247-3246. Find more information on Sterling’s website by visiting www.construction.thesterlinggrp.com.