Indianapolis Public Schools has sold its Facilities Maintenance Division buildings for nearly $3 million to TWG Development LLC, which plans to construct an extensive mixed-use development at the site.
The buildings at the corner of East 16th and Yandes streets were purchased for $2.75 million, setting up locally based TWG’s effort to add 190 market-rate and affordable apartment units and office space to the area.
TWG was one of five bidders on the 4-1/2-acre parcel in January 2018.
The new plan differs extensively from the original concept, which included 268 apartment units, 20 percent of which would have been income-restricted.
It’s not clear whether TWG plans to use any of the existing buildings for the project—it originally planned to—but construction is expected to begin immediately, according to IPS.
The maintenance campus is one of 10 properties IPS has sold since 2015, collectively bringing in $20 million. Redevelopment projects on those sites are valued at $425 million.•