TWG (www.twgdev.com), a national real estate development company headquartered in Indianapolis specializing in commercial, market rate, affordable and senior housing developments, today announces its latest housing community in the Indianapolis area: 1827 Lofts.
Part of a master redevelopment project encompassing the North Meridian Corridor, 1827 Lofts will be located at 1827 N. Meridian Street. The 166-unit, market rate residential community will also be strategically placed along the IndyGo Red Line rapid transit bus line. Positioned within a federal Opportunity Zone, 1827 Lofts will provide residents easy transportation throughout downtown Indianapolis. Comprising 32 studios, 81 one-bedrooms and 53 two-bedroom floor plans, 1827 Lofts makes downtown living options accessible for any type of worker.
“Meridian Street is a historically vital Indianapolis corridor in need of more transit-oriented housing options for individuals and families,” said TWG Vice President of Market Rate Development Chase Smith. “We’re proud to work with the City of Indianapolis to offer a new place for people to call home in an area so close to the downtown core. 1827 Lofts is an incredible next step in our goal to continue developing safe, high-quality housing for all Hoosiers.”
The $45 million rental property is supported by the City of Indianapolis through a tax increment financing (TIF) bond issued by the local government. The TIF also requires 5% of 1827 Lofts’ units to be reserved for those individuals making up to 30% of the area median income (AMI), providing an affordable component.
“It has been WesBanco Bank’s distinct pleasure to join TWG in their efforts to bring this project to fruition,” said Ann Kavalec, Vice President – Commercial Lender at WesBanco Bank, the lender on the project. “1827 Lofts will be a major enhancement to the near north side neighborhood of Indianapolis. We are honored to have the opportunity to support this development and look forward to witnessing TWG’s positive impact once again placed on the City of Indianapolis. We are lucky to have such a talented development partner headquartered right here in our own backyard.”
Amenities of 1827 Lofts include garage parking, an elevated courtyard with a pool, grill pits, a fitness room, dog park, rooftop resident lounge and more. A 1,500 square foot retail space will also be located along Meridian Street below the residential units. Additionally, 1827 Lofts will be close to IU Health’s $4 billion dollar expansion, offering convenient access for residents, patrons and healthcare workers.
Construction will start in May 2023 and is expected to be completed in May 2025.
