$35M Greendale apartment complex to create 176 new rental units

(GREEDALE, Ind.) – A groundbreaking ceremony was held for the Copper Creek Apartments in Greendale on Thursday morning. 

The $35.6M development will be located on Connector Drive near I-275 and will create 176 new, modern rental units. They will feature a mix of 1,2 and 3-bedroom rentals. 

The apartment will offer units with market-rate rents, filling a critical need for affordable housing in the region. 

In addition to housing, the development will include community and quality-of-life focused amenities, such as parking, a clubhouse, event room, exercise facility, swimming pool, and dog park and pet spa.

Construction is now getting underway and pre-leasing is expected to begin in mid-2027. 

The project received a $2 million grant from the Indiana Regional Economic Acceleration and Development Initiative (READI).

Indiana Governor Mike Braun said Copper Creek is another example of the affordable, quality housing that is being created to meet growth across the state. 

“Through READI, we’re investing heavily in regional-driven developments that will create new options for Hoosiers to live in urban, rural and suburban communities. Copper Creek Apartments is yet another example of how Indiana is investing in its people and in its future,” Gov. Braun said. 

The six-county Southeast Indiana READI region set a goal of adding 1,800 new housing units and 5,000 new residents by 2023. 

“The groundbreaking of the Copper Creek Apartments project is a significant step toward achieving those goals and keeping our cities and towns thriving,” said Bill Schirmer, president of the Southeast Indiana READI Board of Directors. 

Indiana’s READI program is a $1.25 billion investment in regional-led strategies designed to strengthen communities, retain and attract top talent, and increase opportunities for Hoosiers for years to come. 

Southeast Indiana was awarded $25 million in READI 1.0 and READI 2.0 matching funds, with additional project support through Lilly Endowment Inc. grant funds.

“The READI program has accelerated the growth of Greendale’s population and local economy,” said Greendale Mayor Vince Karsteter. “READI 1.0 helped modernize our regional wastewater treatment plant. Building upon that critical infrastructure, the Copper Creek Apartments READI 2.0 project is making much-needed new housing a reality in our city.”

In addition to READI 2.0 funding, the Indiana Economic Development Corporation (IEDC) committed an investment in the project of up to $2.7 million in the form of Redevelopment Tax Credits to support critical site development needs.