Correction: The original version of this story had an incorrect cost for the five-story multi-use development. The correct cost is approximately $70 million.
The Common Council of Lawrence unanimously voted to approve construction of an approximately $70 million multi-use development that will be the first of its kind in the city.
The five-story mixed-use building will include 248 luxury apartments with 25,000 square feet of retail, office or other commercial space. The city said that the partnership between the Indianapolis-based developer Keystone Group, the City of Lawrence, the Mayor’s Office and the Fort Harrison Reuse Authority will work together to bring the development to the City of Lawrence.
The project will be paid for through bonds and residents will not see a tax increase. Keystone Group bought the land from the Fort Harrison Reuse Authority for $10.
“We are delighted to have Keystone Group as part of the Lawrence community. The addition of this mixed-use development will bring new businesses and restaurants to Lawrence for our residents and visitors to enjoy while helping meet the housing needs in our growing city,” Mayor Steve Collier stated.