TWG Development, a real estate developer, has unveiled plans for a US$58 million apartment complex just south of downtown Indianapolis. The Rise on Meridian will be a 6-story, 269-unit skyscraper with 3,500 square feet of retail space. The development near the historic Old Southside district is set to begin construction in October. According to TWG, the project, which is located along the South Meridian Street Corridor, is part of a federal Opportunity Zone and the Near South Gateway Economic Development Area. Through a collaboration with the city of Indianapolis using Tax Increment Financing bonds, 5% of the units will be designated for those earning less than or equal to 30% of the area’s median income.
Further details on The Rise on Meridian project
The Indianapolis apartment complex will be built between Meridian and Charles streets on land TWG holds under contract for an unknown sum. The building will be six storeys tall, with units ranging in size from 562 to 954 square feet with rentals ranging from US$1200 to US$2100 per month. TWG plans to begin renting units in the complex in the winter of 2023. The amenities will include a pool, lounge, courtyard, dog park, second-floor balcony, coworking space, bicycle storage, and garage parking. TWG also intends to construct a surface parking lot with approximately 100 spots on the east side of Charles Street, across from the apartment complex. The route would remain available to automobile traffic.
“The development of Rise on Meridian will bolster an already vibrant restaurant and neighborhood culture on Indianapolis’ southside. There is now a desire for development in this region, and we look forward to building on the momentum established by the Stadium Village Business Association and the Old South Side Neighborhood “Tony Knoble, TWG’s chief executive officer, stated He also stated that any amount not paid for using TIF funds will be covered by a standard debt-equity split. The project’s overall cost is projected to be around US$58 million.