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Real Estate & Retail

$1.4M revival planned for historic Oxmoor apartments

March 21, 2013
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Oxmoor IndianapolisThe abandoned Oxmoor Apartments on Indianapolis’ near-north side is about to be revived, thanks to a $1.4 million renovation set to be completed in July. A partnership between Near North Development Corp. and the for-profit North Meridian Community Partners is leading the project, assisted by grants from the city of Indianapolis and the Federal Home Loan Bank of Indianapolis. A massive fire in 2010 destroyed much of the historic complex, built in 1929, at 3640 N. Meridian St. The building has sat vacant since, becoming an eyesore and magnet for vagrancy, prostitution and drugs, said Michael Osborne, president of the Near North Development Corp. “It’s a complete gut job,” he said. “It’s not slapping a coat of paint on the building. Essentially, you’re saving a shell.” The three-story building formerly housed 24 units, but that number will shrink to 20 to allow for some three-bedroom units. Rental rates for a one bedroom, 500-square-foot unit will start at $580 a month. Cheaper rental rates for the area near the 38th Street corridor and the extensive work that needed to be done to the building made a renovation cost-prohibitive for a private developer, Osborne said. North Meridian Community Partners will own the building once the renovation is finished.

— Scott Olson, solson@ibj.com

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