Indianapolis, Indiana – The City of Indianapolis unveiled its plan on Wednesday to transform the historic Drake building, a nearly 100-year-old former luxury apartment complex, into affordable housing for the city’s inhabitants.
The Drake, positioned at 3060 N. Meridian Street, is a towering eight-story edifice erected between 1928 and 1929. During its period of prosperity, the Drake accommodated 26 deluxe apartments. However, it deteriorated over the following decades and has been vacant since 2016.
In recognition of its historical significance, the Indianapolis Historic Preservation Commission officially designated the Drake as an Indianapolis Historic Landmark in 2019.
Mayor Joe Hogsett commented on the acquisition, “The procurement of the Drake extends beyond mere investment. It embodies our commitment to respect our history, commemorate our city’s heritage, and provide affordable housing.”
To facilitate the purchase of the Drake from the Children’s Museum of Indianapolis, the City of Indianapolis Department of Metropolitan Development allocated $1,015,000 from the Community Development Block Grant funds. This transaction successfully resolved a legal dispute between the city and the Children’s Museum.
Expressing optimism about the venture, Hogsett stated, “We are proceeding with a plan to preserve the Drake’s historic value to the community and enhance opportunities for Indianapolis residents along a transit corridor. The future of this location brims with boundless potential.”
The city’s acquisition of the Drake aligns with its ongoing focus on creating housing along transit routes. The Children’s Museum will contribute to the restoration and redevelopment of the Drake and will join a review board comprising other community stakeholders, as stated by the City of Indianapolis.