Urban Indiana

Townhome project proposed along Monon Trail on near-north side

A Zionsville real estate firm is paving the way for the development of 42 townhomes along the Monon Trail in the Martindale-Brightwood neighborhood on the near-north side of Indianapolis.

A holding company affiliated with Kosene & Kosene Development and Management Co. Inc. recently requested city approval for several aspects of the project at 1902 Alvord St. Calling for 42 single-family attached homes, the project is expected to occupy a two-acre parcel running between Alvord Street and the trail between 19th and 20th streets.

The project would consist of eight buildings, each ranging from four to six homes. The development proposal was filed with the city's Department of Metropolitan Development in August.

More below:
https://www.ibj.com/articles/local-developer-plans-42-townhouses-along-monon-trail?utm_source=ibj&utm_medium=home-latest-news

Drake apartments property receives five proposals for reuse

Five Indianapolis-based firms submitted bids to renovate the historic Drake apartment building on North Meridian Street, according to public documents released Wednesday by the city of Indianapolis.

The Department of Metropolitan Development in August issued a request for proposals for updating the long-vacant, city-owned building at 3060 N. Meridian St., with a focus on low- and moderate-income housing for the eight-story, 27-unit building.

The firms that put forward ideas for the site were ALK Development; Beautified Living; a partnership of C&H Capital LLC and Near Northside Development Corp.; Flaherty & Collins; and Rdoor Housing Corp.

For a bid to be considered "responsive" by the city—a term that means it meets all parameters of the RFP and can remain in contention for a project award—the city required an offer of more than $1 million for the property, as well as fulfill requirements from the federal Community Development Block Grant program. Specifically, the grant program requires developers to allocate at least 51% of the residential units in a building to individuals and families making less than 80% of the area's median income.

More below:
https://www.ibj.com/articles/drake-apartments-property-receives-5-proposals-for-reuse

TWG beefs up plans for apartment project at 18th and Meridian

Plans for an apartment complex on the near-north side have bulked up with significant changes to its scope.

Indianapolis-based TWG Development LLC on Thursday will ask the city to approve modifications to its proposed $25 million development at 1815 to 1835 N. Meridian St. They include adding more than 50 apartments—for a total of 166 units—and a new parking garage.

The cost for the revised development has been estimated by TWG at $45 million.

Initial plans called for a four-story, 115-unit structure and about 20 on-site surface parking spaces. The updated project would have six stories with a 44-space parking garage.

More below:
https://www.ibj.com/articles/twg-updates-plans-for-18th-and-meridian-apartment-project

Local investors plan to revamp dilapidated College Avenue building

A pair of local investors have acquired a two-story commercial building north of downtown Indianapolis, with plans to spiff it up into business space and a pair of luxury apartments.

JBCC Holdings LLC partners Jack Burd and Conner Cunningham plan to spend $500,000 to $600,000 to update the dilapidated and graffitied vacant structure at 2701 N. College Ave.

As proposed, the project would consist of two 1,600-square-foot commercial spaces, including a new space for Burd's Indiana Farm Bureau Insurance business—a three-person office currently located on Allisonville Road in Fishers. The second floor would feature two upscale three-bedroom, three-bathroom apartments available for lease. Cunningham's construction company, Hoosier Home Experts LLC, is expected to conduct the interior renovations.

More below:
https://www.ibj.com/articles/local-investors-plan-600k-revamp-of-college-avenue-building

Apartment developer plans $25M project on North Meridian Street

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.

More below:
https://www.ibj.com/articles/apartment-developer-plans-25m-project-on-meridian-street