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 say 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.