Lebanon’s supply of downtown apartments is set to grow again now that the developer behind The Flats of Lebanon has proposed a new $7 million residential project along State Road 39.

Lafayette-based Iron Men Properties has proposed building a 39,270-square-foot, three-story apartment complex on five vacant properties a block north of Lebanon’s downtown square. Called The 451 Flats, the project could bring 42 more market-rate apartments to the city if it gains approval.

Joe Blake, a partner with the firm, said his company purchased the combined 1.6 acres spanning 409, 417, 423, 503 and 507 North Lebanon Street/S.R. 39 more than five years ago to advance Iron Men Properties’ overall mission.

“Iron Men Properties, from a strategy standpoint, is interested in developing properties in and near downtowns to assist in the revitalization of downtowns in Indiana,” Blake said.

The 451 Flats received approval this week from the Lebanon Board of Zoning Appeals for eight variances regarding parking, minimum living space, building setbacks, lighting and more. The project needs to gain approval from the plan commission and city council before construction can start in July.

Iron Men Properties estimates the project will be completed by next spring.

As currently designed, the complex would have 24 one-bedroom, 15 two-bedroom and three three-bedroom units for young and mid-career professionals. Rent, which have yet to be finalized, could range between $950 and $1,750 per month.

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