Riverside High School
About this Project
Date Closed: December
Total Project Cost
New Markets Tax Credit Investment
In early 2018, Indy CDE financed the modernization of the long-vacant 66,000 square foot former Heslar Naval Armory into Riverside High School with a $9.3 million NMTC loan. Constructed in the 1930s, the armory has been listed on the National Register of Historic Places since 2003 and was used as a Navy and Marine Corps Reserve Center until 2014. In addition to NMTCs, the project was financed using Historic Tax Credits, grants, charitable donations, and $1.5 M in TIF funding.
Riverside High School is a member of the Indianapolis Classical School network and the second campus of the award-winning Herron High School. The school is a tuition-free, intentionally diverse, public charter high school located on the near northwest side of downtown Indianapolis. The project expanded the school’s quality educational opportunities. Student enrollment has grown from 282 students in 2019 to 437 students in 2020, with an estimated graduating class of 117 in 2021. 66.1% of enrolled students are economically disadvantaged. The campus is also accessible by walking, biking, or bus.
Riverside High School lives its mission of providing a classical, liberal arts education. The school’s first graduating class (Class of 2021) enjoys a college acceptance rate exceeding 90%. Many of the students are also offered scholarships to schools of their choice. The school has received numerous accolades, including being named one of the nation’s best high schools by U.S. News and World Report.
In 2020, Indiana Landmarks awarded Riverside High School with one of their top prizes, the Cook Cup. Indiana Landmarks gives this award to projects that follow the highest standards of restoration in transforming a significant historic building, with a positive impact on the neighborhood or community.
“Riverside High School provides tuition-free and nationally-recognized classical education.”