Billionaire Calls Indianapolis Project 'A Miracle'

INDIANAPOLIS (WISH) - Warren Buffett helped unveil a new community project on the north side of Indianapolis Wednesday.

The billionaire is lending his support to an apartment complex that’s trying to bring new life to the Meadows neighborhood.

Buffett helped Mayor Ballard cut the red ribbon for this new development, called the East Village at Avondale.

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“I just sit back and cut ribbons…and that's the way I like it,” Buffett joked.

The community project is aimed at changing the stigma now associated with the Meadows neighborhood. Buffett and his partners in the project say they want to help reverse the generational poverty in the area.

“I am joining success. I’m joining successful people,” said Buffett.

The East Village at Avondale is a mix of affordable and market-rate rentals. Rent prices range from $280 to $710 a month.

Seventy percent of the space will be reserved for tenants who meet low income requirements, and the rest will be rented at market rates.

Purpose Built Communities, a company founded by Buffett, along with Strategic Capital Partners are working together on the project.

The group plans to build a community park, community center and promote two charter schools in the area as well.

“This isn't the projects, and behavior tolerated in the projects won't be welcome here,” said Trevor Bradley, executive director of the Meadows Community Foundation.

Leaders from 20 other cities spent time in Indianapolis reviewing the project, and organizers say they hope the East Village at Avondale will become a model for other projects throughout the nation.