Indianapolis seeks to redevelop apartments designated as historic
INDIANAPOLIS (WISH) — The mayor wants developers to submit proposals for the redevelopment of a high-rise apartment building on North Meridian Street into affordable and accessible housing, the city announced Thursday.
The city government in July paid $1.015 million to buy the Drake Apartments, 3060 N. Meridian St., from the Children’s Museum of Indianapolis, says a news release issued Thursday from Hannah Thomas of the Indianapolis Department of Metropolitan Development.
The eight-story building contains 15 one-bedroom units, 10 two-bedroom units, and two four-bedroom units, the release says.
Indiana Landmarks, a group that works to preserve historic structures, says the Tudor Revival-style building was completed in 1928 during a multifamily housing boom in Indianapolis. The building has been vacant since 2016, and the Children’s Museum had initially announced plans in July 2019 to demolish the structure.
Indianapolis architect Henry Ziegler Dietz designed the building for developer Arthur Baynham, Indiana Landmarks says.
The Metropolitan Development news release said, “The Drake was designated as an Indianapolis Historic Landmark by the Indianapolis Historic Preservation Commission in 2019, which placed it on the Marion County Register of Historic Properties.”
A committee will review redevelopment proposals, which must be submitted by noon Oct. 25. The release says the city government is “open to utilizing an array of economic and community development incentives, including New Markets Tax Credits, Tax Abatement, Affordable Housing Incentives, and brownfield redevelopment funds.”