Indianapolis, Indiana – The revitalization of the North Meridian Street corridor in Indianapolis has taken a major step forward with the opening of the Wesley Place Apartments, situated at 75 West 18th Street, near the IU-Methodist Health campus.
The project, overseen by Arrow Street Development, has brought to life a 244-unit mixed-income residential complex with a modest allocation of retail space. Rodney Byrnes from Arrow Street Development commented, “We’re serving the health care workers, the hospital workers and the neighborhood, but it’s an option that hasn’t been an option for a long time in downtown.”
Located conveniently close to IndyGo’s Red Line and a mere two blocks from the IU/Methodist Hospital and IU Health’s $4.3 billion campus expansion, the five-story building offers a compelling proposition to potential renters, particularly hospital employees.
Recognizing the importance of affordable living, the city offered financial incentives to the developer, resulting in the designation of 10% of the units for lower-income workforce residents. Mayor Joe Hogsett noted the appeal these units will have for present and future healthcare workers, expressing the city’s pride in supporting this project through tax abatement.
The completion of this construction was foreseen by IndyGo planners who projected transit-oriented development along the improved bus route. The ribbon cutting of Wesley Place Apartments comes a week after the City announced its acquisition of the historic, yet long-vacant, Drake Apartment building at 3060 North Meridian Street. The future development of this site will prioritize affordable housing options.
However, Vop Osili, City County Council President, expressed concern over the affordability of new apartments. He noted that “rents of $1400 or more a month for a studio apartment do not meet most councilors’ definition of affordable.”
With the launch of Wesley, the ongoing construction of Hall Place, and the acquisition of the Drake, the near North Meridian Street corridor sees an increase in affordable residential development opportunities. Rusty Carr, Metropolitan Development Director, emphasized the City’s commitment to fostering affordable housing, pointing out that it’s a role the private market often doesn’t undertake.
In closing, Carr remarked, “This is where we use our federal and local resources to come in and make sure that we can provide housing for our neighbors and residents.” The revitalization of the North Meridian Street corridor is a reflection of the concerted efforts by city authorities and developers to provide affordable housing while enhancing the area’s aesthetic and functionality.