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Indianapolis-based developer Redev plans to build 16 townhomes as part of a larger project on the south side of downtown, about four blocks southeast of Lucas Oil Stadium.
Meridian Enclave would consist of 16 townhouses spread across four buildings all in the same block, southeast of the intersection of Sycamore and Charles streets. In addition, Redev intends to rehabilitate two existing homes on the same block, at the corner of Sycamore and Union streets
Joshua Dubach, president of Redev (formerly known as The Re-Development Group), said development projects under way elsewhere in the Old Southside neighborhood and on the southern end of downtown played a role in the firm’s decision to invest in the area.
“We’ve wanted to develop in this corridor for some time, and it just seems like the market forces are ready,” he said, pointing to a $58 million apartment complex being constructed at 915 S. Meridian St. and the $1 billion Eleven Park mixed-use project at the former Diamond Chain Co. property at 402 Kentucky Ave. A new hotel is also planned across from Shapiro’s Delicatessen at 808 S. Meridian St.
“We see a real void in the current townhome market between the ultra high-end and the low end,” Dubach said. “We want to provide a nice, high-quality product for much less than what’s currently on the market.”
Meridian Enclave is expected to comprise most of the block, with the exception of three parcels at 839 to 849 Charles Street. All of the parcels involved in the project are under contract.
The four-story townhouse units are all expected to have matching, 2,305-square-foot floor plans and two-car garages. The homes will all face toward either Charles Street or Union Street, with an updated north-south alley running between the homes to provide garage access. The units are expected to be listed in the low- to mid-$700,000 range.
While several existing homes are expected to be razed for the nearly 1-acre project—a development cost for which was not disclosed—the houses at 818 and 822 Union Street are expected to be preserved and updated for sale. The home at 818 Union, built in 1925, is a 1,400-square-foot duplex. The adjacent, two-story 822 Union was completed in 1910 and has three bedrooms across nearly 2,400 square feet.
Most of the parcels involved in the project are zoned CBD-2, which allows for single-family residential and townhome projects. Redev is seeking city approval of a zoning change for the remaining 0.2-acre to also designate it as CBD-2.
The Redevelopment Group is also seeking approval to replat the property along more uniform property lines, as well as vacate two east-west alleyways that cut through the site. The requests were recommended for approval by the Metropolitan Development Commission hearing examiner last week, and are set to go before the full commission in the coming weeks.
The first units in the project are expected to be available in spring 2024, Dubach said, with whole project complete by summer 2024.
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Next step: tear out or bury I-70.
Hear, hear!
Speaking of. I’m not sure if everything is not open yet but the 70 part of the north spaghetti bowl seems to be worse than before. In the evening the people that are going on 70 from 65 south and those coming through 70 seems to have a huge bottle neck those heading from the south split to the north split back up the full distance between the two and a little more. Is this temporary or are these bottlenecks here to stay.
Here’s an idea – maybe allowing semi traffic go through downtown Indy during rush hour just makes rush hour worse. Maybe make the north and south splits toll road to semi traffic from 6-9 am and 3-6 pm.
INDOT tried to claim that some small percentage of downtown interstate traffic was through traffic … in my experience, that seems like nonsense…
If you measure the number of vehicles, rush hour thru semi-truck traffic is maybe 20-30% of the vehicles. It’s a different story if you measure lane feet. Every truck takes the space of maybe 2 or 3 cars. Just watching the traffic creep by, it accounts for may 50% of the available roadway. Physically it would be easy to log each vehicle as it passes inside of 465, and then if they pass again then they should be tolled as through traffic. BUT, there is no political will to do thru tolling.
Also, as you build bigger roads, you create induced congestion so as 465 has been continuously upgraded, it has attracted more traffic and even today I don’t think 465 has the capacity to handle off loading the through traffic on 65/70.
If we took 10% of the money we spent on subsidizing the trucking industry (be giving them free roadways) and spent it on upgrading rail service, things would look drastically different and most of the trucks we see on local roads would be doing trips of less than 50 or 100 miles.
Cool!
Come on down. More food and beverage is on the way too!
This statement, “We see a real void in the current townhome market between the ultra high-end and the low end,” and this other statement seem to not align well,
“The units are expected to be listed in the low- to mid-$700,000 range.”
Cough…ya. It’s affordable if you have a lot of money!
I haven’t looked at Downtown Indy real estate for quite a few years, but it seems fairly affordable for a brand new townhouse Downtown. I remember looking at condos around 10 years ago and there were 2 bedroom ones selling for $450,000. With housing prices the way they are, and how valuable Downtown land is, $750,000 for a brand new home with a two car garage isn’t what I would call ultra high-end. If they wanted to build ultra high-end, I’m guessing they could push prices above $1,000,000 fairly easily. I’m definitely not saying these are cheap, but they aren’t ultra high prices for the area.
$700k… LOL