INDIANAPOLIS (Inside INdiana Business) — The developer of a $40 million mixed-use development near downtown Indianapolis says the project will continue the momentum of creating a healthy community. Arrow Street Development joined Mayor Joe Hogsett and other officials Monday to break ground on Wesley Place, which will bring 244 residential units and 3,000 square feet of retail space to the area when complete.
The development is being built near the planned $1.6 billion hospital expansion from Indiana University Health. The groundbreaking was also attended by IU Health President and Chief Executive Officer Dennis Murphy, who says the project will “add a new and much-needed housing option for those who work in this area and want to live here as well.”
Arrow Street Development, a minority-owned real estate development firm headquartered in Indy, says the investment in workforce housing reinforces its mission to develop projects in spaces that improve the quality of life for urban communities.
“We envision Wesley Place providing healthcare workers and other young professionals a convenient and inviting space to live, work and play, while also contributing to the Near North neighborhood’s ongoing efforts to renew and revitalize urban living,” Rodney Byrnes, founder and principal of Arrow Street Development, said in a news release.
The developer expects Wesley Place to open to tenants in the fall of 2022.