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A new residential development project on the city’s near-north side is under construction. The Stella, when completed, will provide 166 new, mixed-income housing units and retail space in the 1800 block of North Meridian Street.
The $45 million project was first presented to the Indianapolis City-County Council last year along with two other developments that received tax increment financing, or TIF, to spur development.
TIF agreements require a portion of housing units to be made available to very low income families making less than $29,000 annually. The Stella will have 166 units with 5% available—that’s eight units.
The new building checks other boxes in the city’s strategy by creating density and including transit-oriented development. Indianapolis Deputy Mayor of Economic Development Scarlett Andrews said the units will be offered at market rate and more affordable.
“They also bring workforce units for people who are working either at the hospital district for IU Health or maybe downtown and service jobs and then bring more deeply affordable units through our TIF policy,” Andrews said.
The North Meridian area is undergoing rapid change with the new IU Health Downtown Hospital developments.
At a groundbreaking ceremony Wednesday, Indianapolis Mayor Joe Hogsett thanked the Department of Metropolitan Development and Indianapolis-based TWG Development for leading the project.
“For bringing our city housing and a commercial combo that truly fits our development goals,” Hogsett said.
The apartments are on the Red Line, providing more mass-transit opportunities to more residents. The line will eventually connect with two other bus-rapid transit lines, the Purple Line and the Blue Line.
The project replaces a few vacant, mid-century buildings in the changing neighborhood.
Vop Osili, president of the City County Council, said mixed-income, mixed-use development helps build healthier and more vibrant neighborhoods.
“Mid-income neighborhoods and housing developments are more resilient to social and economic vulnerabilities than the neighborhoods where incomes are concentrated at the high or low ends of the scale,” Osili said.
The project is expected to be completed in early 2025.
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Not a very attractive building.
I agree that its has a sterile look to it. Same basic look that most projects like this have. Indy needs more unique and modern architecture
Nor were the buildings that were there before, frankly. At least it’s not a downgrade I guess.
“Mid-income neighborhoods and housing developments are more resilient to social and economic vulnerabilities than the neighborhoods where incomes are concentrated at the high or low ends of the scale,” Osili said.
What is a “social vulnerability”?
Is he really arguing that “economic vulnerabilities” have a bigger impact on high income neighborhoods than mid-income neighborhoods? How exactly does that work?
What evidence is there for anything in that statement?
‘Social vulnerability’ multi unit housing. Does that mean like at 42nd and Post where it had to be leveled? If a ‘family’ income is less than $29,000 then none of the members are working at any of the easily accessible medical facilities referred to in the article. I have a feeling this will end up being like the Lugar Tower off Mass Avenue. Hope it works. What the old strip could use is a 12 story business dedicated hotel for people traveling here for business that want to avoid the congestion, hype and high prices of hotels south of Washington street.
5% of the units…. wow. Does anyone actually want “affordable” housing anymore? Maybe that logic go out the window years ago, idk, clue me in.
I know it used to be called near northside but now this is downtown. It’s confusing when you call it near northside. When it’s not even close to northside anymore. Downtown goes to at least 38th street.