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TWG Development LLC plans to spend about $75 million building a six-story apartment project on the south side of downtown, a block from Lucas Oil Stadium.
The Indianapolis-based firm has filed preliminary plans with the city of Indianapolis to demolish several buildings on the northwest corner of Missouri and McCarty streets to construct an apartment building with approximately 270 units, a built-in parking garage and a small amount of retail space.
The unnamed project, which is still in the early stages of planning, would occupy the full block that is bounded to the west by Chadwick Street and to the north by Norwood Street, totaling about 1.93 acres. The site is directly across Missouri Street from the south Lucas Oil Stadium parking lot.
TWG says it has all four of the parcels comprising the site under contract, pending city approvals to rezone them from the current I-2 industrial classification to CBD-2, which allows for mixed-use developments including apartment properties.
Chase Smith, vice president of market rate development at TWG, said the total number of units and the anticipated cost of the project have not been finalized.
He said the concept is similar to the company’s 269-unit, six-story Rise on Meridian project at 915 S. Meridian St., which is expected to begin leasing this summer.
The Lucas Oil-adjacent project is expected to consist of studios and one- and two-bedroom units, as well as a two-floor, 202-space parking garage for resident use, Smith said. Plans for access points to the garage are still being finalized, but they could include points along Chadwick Street, McCarty Street or both.
The retail space, which would front Missouri Street, is expected to be 1,500 to 2,000 square feet.
Smith declined additional comment on the matter until after an April 25 public hearing with the Metropolitan Development Commission’s hearing examiner, which has authority over zoning for the project.
Truck parts supplier Young & Sons occupies the largest building on the planned development site, a 20,000-square-foot industrial building spanning half of the block’s eastern length. Two residential buildings sit along Chadwick, along with a storage building. The southwest portion of the site has a small surface lot, while the northern portion of the lot is largely undeveloped.
Several housing projects have cropped up on the south end of downtown in recent years, including a few near the stadium. In September, IBJ reported that a Greenfield-based developer plans to build a 21-unit project at the former Stadium Tavern site at 802 S. West St. In May 2023, plans were unveiled for Meridian Enclave, a townhouse development southeast of the intersection of Sycamore and Charles streets, about four blocks from the venue.
Hundreds of apartments are also planned as part of the $1.5 billion Eleven Park development a couple of blocks west of Lucas Oil Stadium, on the former Diamond Chain manufacturing site. The first phase of that project, including a new 20,000-seat soccer stadium, is expected to be completed by mid-2026.
Denver-based Studio Architecture is the design firm on the project.
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Sales of existing homes in central Indiana decreased for the 26th straight month on a year-over-year basis in March amid higher prices and despite rising inventory.
Love the idea… price it right and you’ll have a thriving area.
Lets hope it isn’t a massive ugly flat block filled box like their other development just east near an I70 onramp. maybe some a little more architectural interest?
+1, but don’t cross your fingers.