$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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  • Waste
    This building is only in the way of Re-Development. If the North Side is to be a more vibrant,safe neighborhood then this is precisely what shouldn't happen.This is 24 Units at a cost of $1.4 million? Something fishy here.Please tell us good readers our Tax dollars/property Taxes aren't being used for this mess?
    • In the way?
      How is this building in the way of redevelopment? Fixing up an abandoned building and turning it into apartments is somehow bad for the neighborhood? $580 for a one bedroom is pretty average, so it isn't like this is Section 8 housing going in.
    • RE: Waste
      Mitch, If you read the entire article it is 20 apartments (was 24). Do some basic math, and that brings the renovated project down to approximately $70,000/unit from a construction cost perspective. I am assuming that the land cost was minimal (probably a tax sale property or some other low price acquisition method) and the bulk of it is in construction costs, then that really does not seem like an off the mark price for a mid quality unit.
    • $58K/unit
      I don't see an issue with spending $58,000 per unit for what amounts to new, safe, up-to-code apartments available to working people whose wages are low. A rental landlord that screens tenants and manages the project well can make this a positive community asset.
    • 1 of several
      There are several examples like this building between 38th and Fall Creek. Is there that much red tape and politics involved in trying to clean up this area? I drive through this area everyday and it would be great for everyone if we just blew up a couple of these buildings and started over. I know that is easier said that done but you get the point.
      • Blow them up?
        No Ben, that would not be easier, unless you think a bunch of empty lots along Meridian Street is an improvement. In that case, yes, it would be easier.
      • Blow them up?
        Ben, it would be a destructive move on both our urban fabric and this city's architectural heritage to just go through and blow them up. Just because there are "several" buildings similar to this doesn't make them less valuable to this city. I'm glad this building is being restored and I hope more are!
      • Great Project, and Hope To See Many More Like It
        Ben, we don't randomly blow up buildings--join the Taliban if you are into that sort of thing. Also, tearing down buildings doesn't magically redevelop an area. The tear-down strategy was tried for several decades and all it generated was vast areas of abandoned lots and more blight. The building is getting renovated and it will provide 20 reasonably priced rental units--that is a good thing. There is nothing bad or controversial about this project. It is wonderful, and hopefully, there will be many more like it.

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