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Thursday, March 28, 2024

1733 Meridian Apartments bring affordable housing and historic rehabilitation

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Meridian Street is getting a new neighbor at 1733. Called simply the 1733 Meridian Apartments, this three-story, historic rehabilitation and true save will continue the vibrant re-use on Meridian Street and add housing density.

Adam Thies, DMD Director, City of Indianapolis and Jacob Sipe, Executive Director, Indiana Housing and Community Development Authority will be in attendance to celebrate the addition of the historic building to the neighborhood.

The once abandoned, collapsing, graffitied and boarded up structure is now an attractive, high class affordable housing option for downtown workers.

The structure included 24 affordable one-bedroom units. Three units are at 30 percent of area median income (AMI), seven units at 40 percent, and seven units at 50 percent, and seven units at 60 percent of AMI. The property also includes three ADA units specially designated and outfitted for physically handicapped individuals. Currently 19 of the 24 resident units have been occupied with a large demand for the location.

The LEED Silver project appeals to individuals of low to moderate income who wish to live and work downtown in a highly convenient location. High Class Amenities include: sunlit living spaces, energy efficient appliances, LEED certified HVAC, intercom system, secured access, laundry facilities, recycling, interior bike storage, covered outdoor picnic and grill area, and a well-fitted community room, kitchenette and computer area.

The location offers the opportunity to access the exciting multitude of services and amenities of downtown Indianapolis by stepping out the front door. Near restaurants, shopping, entertainment, medical facilities, a grocery store, a hardware store, drugstores, parks, public transportation and services ā€“ a growing area.

A ā€œHigh Building Recordā€ was set in 1919. Part of the boom was 1733 Meridian. It was constructed by E.G. Spink Company and architect W.K. Eldridge. As of 1923 E.G. Spink provided fifty-five apartments and hotels in Indianapolis which furnished modern living quarters for 5,000 people. Mr. Spink, came to Indianapolis from Kentucky in 1908 to build the Fletcher Sanitarium for his sister Doctor Mary Spink.

Bill Gray, Executive Director RADC stated, ā€œ1733 Meridian Apartments is standing tall again as a Landmark structure along Meridian Street. Our community partnership with Near North Development Corporation and our development partner Legacy Urban LLC is the way cooperative community development is done.ā€

William R Bates, project developer stated, ā€œ1733 Meridian was very close to being unsalvageable when we started. We are very appreciative of all the community support we received as to its save. I believe Mr. Spink would be very proud of 1733ā€™s return to the stature he intended on Indianapolisā€™ most prestigious street. ā€œ

Co-developed by Legacy Urban LLC and Riley Area Development Corporation (RADC), funding comes from multiple sources, including Housing and Urban Development, Indiana Housing and Community Development Authority, City of Indianapolis HOME funds, Indianapolis Neighborhood Housing Partnership, and Alliant Capital.

Other partners on the project include: Maxwell Construction/Construction Manager, Maxwell Design Build/Architect, MBA Property Management Inc./Property Manager, and Anderson Partners LLC/Legal Counsel.

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