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Property Lines - Scott Olson

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Real Estate & Retail

Nonprofit group plans renovation of 2 vacant apartment buildings

March 30, 2011

Meridian Mark IndianapolisA nonprofit group is partnering with a locally based developer to renovate two vacant apartment buildings near Meridian and 38th streets into affordable and supportive housing.

The $7 million project, dubbed The Enclave at Meridian, involves the 7-story Meridian Mark (3777 N. Meridian St., built in 1928, shown at right) and the 3-story Schuylar (3761 N. Meridian St., built in 1918), along with a small duplex next door that will be torn down for parking. Plans call for 75 studio to two-bedroom units, along with exercise and community rooms. Both buildings will get a complete interior renovation. Construction is set to begin in early May.

The Bethlehem House is set to receive $8 million in federal tax credits for the project over 10 years, and KeyBank has agreed to provide a $5.7 million construction loan, the group said.

Bethlehem House, which provides serves for people affected by substance abuse and HIV, will own the buildings, while Indianapolis-based Herman & Kittle Properties will serve as general contractor and property manager. Bethlehem paid about $1.2 million for the properties.

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