See what will replace abandoned buildings on Meridian Street
INDIANAPOLIS (WISH) — Five abandoned buildings on the near-north side of Indianapolis will soon become the sites of a medical facility and a mixed-use retail and residential space.
This redevelopment is happening in the 1800 block of North Meridian Street on the city’s near-north side.
This investment will total $65 million from TWG, an Indianapolis-based real estate company; its sister company, Innovcare, a health care real estate company; and the city government. City leaders provided funding for the apartments through a tax-increment finance bond, which redirects property taxes to support only the new development in the area.
Buildings at 1815, 1819, 1927, 1829 and 1835 N. Meridian St. will be demolished and replaced with a six-story apartment building. The first floor will be used as retail space.
Chase Smith, the vice president of market-rate development at TWG, said, “Everything above that will be units. There will be an elevated courtyard, a pool, and some grilling stations on top of that parking garage.”
Smith says one store could be in the building, but it’s not enough room for a grocery store. It’s just “1,500 square feet. That’s more like a coffee shop or a small business type. It’s a little bit of a different product type in this project.”
The building at 1840 N. Meridian St. is already being rehabilitated to become the new home of health care provider Adult & Child Health. The real estate company Colliers facilitated renting that building to the health care provider so it can add mental and physical health services to the area.
“Access to timely, affordable, high-quality healthcare and social services, particularly for persons with limited means, are vital for a healthy, diverse community. Compared to our previous locations, the 1840 N Meridian project with Colliers, Innovcare, and TWG represents a new beginning for A&C in downtown Indianapolis. We’re excited for the change and fully expect better care and better outcomes for downtown residents with the launch of our new health center.”
Allen Brown, chief executive officer of Adult & Child Health
The healthcare project is a $20 million dollar deal with $5 million of it already invested.
The apartment project will total a $45 million investment. The City pledged just under $5 million for the project from the TIF Bond; TWG will invest over $40 million in additional funding to complete the project.
The City provided Indianapolis with a statement regarding the TIF Bond.
“We are excited that the City’s $4.5 million investment in workforce and affordable housing has been leveraged into a transformative $65 million investment in the Meridian Street corridor. This development will include 166 new housing units with easy connection to the Red Line and in the heart of IU Health’s burgeoning Health District.”
Scarlett Andrews, Deputy Mayor for Economic Development
Five percent of the total 166 apartments will be reserved as affordable housing. This comes out to 9 apartments rented to people who make 30% or less than the area median income.
“95% of units or 157 of remaining will be offered to residents making between 80-120% of area median income, which falls in that workforce/market rate arena,” Smith said.
A groundbreaking for the apartments will happen in the next 60 days and the building should be done in May 2025. They will begin preleasing units in February or March of 2025.