Apartment developer plans $25M project on North Meridian Street

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Tony Knoble

An Indianapolis-based developer plans to build a $25 million apartment project targeted at mid-income residents north of downtown along Meridian Street.

TWG Development LLC is in early discussions with city zoning and planning officials for the 125-unit project, which would be developed on the east side of the road from 1815 to 1835 N. Meridian St. The 1.1-acre assembled parcel is mostly owned by the Indianapolis Neighborhood Housing Partnership, through Redline Holdings IX LLC. TWG has the land under contract.

Tony Knoble, president of TWG, said the 18th and Meridian Family Apartments project will consist of studio apartments and one- and two-bedroom units for individuals and families making 60% or less of the area’s median income.

The four-story development would feature about 20 parking spaces, along with bicycle parking, a fitness center and a business lounge. It would also feature some to-be-determined commercial spaces, he said.

The property is adjacent to a stop on IndyGo’s Red Line, which Knoble said plays a big role in the company’s efforts to build there.

“We think this area is going to see a growth in population, so we see some opportunity to create some newer workforce housing in that neighborhood, compared to what’s there now,” he said. “We’re trying to step up options for people that are living and working in the area.”

The proposed development is set to go before the city’s Regional Center Hearing Examiner on Thursday. The property is currently zoned C-4 commercial, but TWG is expected to request a rezoning to MU-2, mixed use.

The project is expected to be funded in part through a 4% low-income housing tax credit from the Indiana Housing and Community Development Authority. Knoble said it’s not clear yet whether the firm plans to request any incentives from the city of Indianapolis, although the rent limits set for the project would likely make it eligible to receive some assistance. The city has an affordability requirement for all new multifamily projects seeking city funds.

Knoble said the project could expand to include the opposite side of Meridian Street, with another 125 units, but the focus is currently on the initial development.

TWG has developed thousands of multifamily units in Indiana and 14 other states. Its local projects include 333 Penn Apartments, 707 North Apartments, 1010 Central Apartments, 800 Capitol Apartments, Canal Gardens Apartments, Fall Creek View, Pulliam Square Apartments and Lockerbie Lofts.

“We are excited to do another project in the downtown core,” Knoble said. “We think there’s a huge need for workforce housing. All the other projects we’ve been working on have leased up really well, so we expect the same here.”

He said the project is being designed internally, and no date has been set for a potential groundbreaking.

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16 thoughts on “Apartment developer plans $25M project on North Meridian Street

  1. New development is good on North Meridian south of Fall Creek hopefully this will attract more development. This area definitely needs improvement. Sidewalks, landscape and lighting would help.

    1. The height and density fit within the TOD overlay parameters but it still requires a variance for reduced parking.

  2. Was this one of those “15 year mandatory affordability period” LIHTC deals? Or does IHCDA and TWG have to abide by the actual federally required minimum 30 years of affordability? I hope they are actually following the rules these days, otherwise, naming it Redline Holdings IX, LLC seems like an ironic choice that might come back to bite INHP in the ass.

    1. Not with this deal. Just with how IHCDA administers LIHTCs in general. For some reason, our community development non-profits don’t seem to be able to utilize the program much, so the vast majority of the the credits go to for profit affordable developers, and every single one of them exit the affordability requirement at year 15 (15 years earlier than the federal minimum–some states require 50+ year minimum affordability periods… and the they actually enforce them). This “loophole” in the law has caused the loss of over 50,000 units (my estimate, I can show you the math) of affordable housing prematurely, statewide. So when you consider Indianapolis has one of the highest eviction rates in the US, highest rates of people who are “extreme rent burdened” (pay more than 40% of their gross monthly income on rent), and one of the lowest ratios of publicly subsidized housing units in service per families that qualify… SO, to know that “affordable housing development” is one of the most lucrative sectors of real estate around here, and to know why, and that this is just the tip of the iceberg, yeah–I guess you could say it grinds my gears. I don’t have an axe though.

  3. Ahh, TWG, the only developer in town who can challenge Milhause (and by extension Onyx and East) for the title of king of the swindling fly by nighters.

    1. It will literally be across the street from a Red Line station, drastically reducing the need for tenants to need cars. That’s the whole idea of “transit-oriented-development.”

    2. There’s even a grocery store within a 15-minute walk. If there’s a place to put apartments with limited parking, this is it.

    3. There’s another grocery store a hop-skip away on the Red/Purple Line too; the Kroger in front of the Vermont Street station.