Rapid change on near northside continues with $45M housing development

A new development project on the city’s near northside is under construction. The Stella will provide 166 new, mixed-income housing units and retail space along north Meridian Street.

The project was first presented to the Indianapolis City-County Council last year along with two other development 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 five percent 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 says 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 this week, Indianapolis Mayor Joe Hogsett thanked the Department of Metropolitan Development and 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 $45 million 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.

Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org.