DJM Investments nearing groundbreaking for new apartment complex in Shelbyville

DJM Investments, LLC, moved one step closer to securing the financing for a proposed market-rate apartment complex along Shelbyville’s Progress Parkway.

David Muselman appeared before the Shelbyville Plan Commission Monday night at City Hall with the goal of a new TIF District being created to help push through the financing for his project.

The City of Shelbyville Redevelopment Commission adopted a resolution on May 21 to create the DJM/Deer Valley Drive Allocation Area. The Plan Commission was required to determine if the economic development plan is in conformance with the planned development of the area affected.

A Tax Increment Financing (TIF) district, according to the Shelbyville Planning & Building Department, is an economic development tool used by local governments to finance infrastructure and development projects.

The TIF bonds help secure financing from the bank, stated Muselman.

“I think we do need the market rate apartments and I understand this is a common practice anymore,” said Plan Commission member Gary Nolley. “Whether we all understand it or like it is another thing, but it’s what is getting things done.”

The proposed apartment complex will sit at the western corner of Highpointe Boulevard and Progress Parkway.

Phase I of the project is expected to begin in August. There will be eight three-story buildings totaling 144 two-bedroom apartments.

Phase II of the project crosses Highpointe Boulevard for more apartment buildings and, potentially, a clubhouse and pickleball courts.

DJM Investments estimates the project cost at $35 million.

The Plan Commission unanimously approved the order.

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