The Point On Fall Creek Opens

The former Keystone Towers site is getting a new look, one the city believes will help revitalize the area.

The Towers were imploded in August of 2011.  Indianapolis Mayor Greg Ballard described them as "an eyesore" and "nuisance" for the city.

"The Keystone Towers were a real blight on the community and unfortunately it was right along a thoroughfare separating essentially downtown from the north side of Indianapolis," he said.  "Pretty happy now that we were able to get that down and now we've got a good development going on here that hopefully will be a catalyst for more redevelopment in the neighborhood."

With the help of federal funds, the site has a new apartment complex – The Point on Fall Creek.

"What you are seeing is not just affordable housing being created, but, there is a revitalization effort taking place," said Executive Director of the Indiana Housing and Community Development Authority, Jacob Sipe.  "I think you can feel it...the pride that we have for this development and this neighborhood."

The complex opened about six weeks ago and is already half full.  The $16.8 million project received $2.6 million from the City's Neighborhood Stabilization Program fund by the U.S Department of Housing and Urban Development.

"I'm thankful to the needed uplifting that this development will bring to this entire area," said City County Counselor Christine Scales.  "As our old PBS friend Mr. Rogers used to say, 'it's a beautiful day in the neighborhood.'"

IMPD Lt. Dale Braun sees replacing the towers as a positive and thinks it is an important piece in lowering crime in the area.

"(The Towers) were a big problem for us for years.  We are glad they are gone," he said.  "This is just beautiful compared to what was here before.  So, we're encouraged."

Construction on the second phase of the new complex is set to begin November 15.