An Indianapolis-based developer plans to build a $ 25 million apartment project for middle-income residents north of downtown along Meridian Street.
TWG Development LLC is in talks with city zoning and planning officials for the 125 unit project, which would be developed on the east side of the road from 1815 to 1835 N. Meridian St. The assembled plot of 1.1 acre is primarily owned by the Indianapolis Neighborhood Housing Partnership, through Redline Holdings IX LLC. TWG has the land under contract.
Tony Knoble, president of TWG, said the 18th and Meridian Family Apartments project will consist of studios and one- and two-bedroom units for individuals and families earning 60% or less of the region’s median income.
The four-story development would include approximately 20 parking spaces, as well as bicycle parking, a fitness center, and a business lounge. It would also include commercial spaces to be determined, he said.
The property is adjacent to a stop on the IndyGo Red Line, which Knoble says plays an important role in the company’s efforts to build there.
“We believe this area is going to experience population growth, so we see an opportunity to create new housing for the workforce in this neighborhood, compared to what currently exists,” he said. “We are trying to increase options for people who live and work in the area. “
The proposed development is expected to be presented to the city’s regional center hearing examiner on Thursday. The property is currently Zoned Commercial C-4, but TWG is expected to seek rezoning from MU-2, mixed use.
The project is expected to be funded in part through a 4% low-income housing tax credit from the Indiana Housing and Community Development Authority. Knoble said it was not yet clear whether the company planned to apply for incentives from the city of Indianapolis, although rent limits set for the project would likely make it eligible for aid. The city has an affordability requirement for all new multi-family projects seeking municipal funds.
Knoble said the project could expand to include the opposite side of Meridian Street, along with 125 more units, but the focus is currently on initial development.
TWG has developed thousands of multi-family units in Indiana and 14 other states. Its local projects include 333 Penn Apartments, 707 North Apartments, 1010 Central Apartments, 800 Capitol Apartments, Canal Gardens Apartments, Fall Creek View, Pulliam Square Apartments and Lockerbie Lofts.
“We’re excited to have another project in the heart of downtown,” Knoble said. “We believe there is a huge need for housing for the workforce. Every other project we’ve worked on has praised each other very well, so we would expect the same here.
He said the project was designed in-house and no date had been set for any possible innovation.