RISE on Meridian development just the start of revitalization efforts in Old Southside neighborhood

Revitalization projects on Indianapolis’ Old Southside are bringing life back into the historic neighborhood.

In the 1940s the Old Southside was a lively neighborhood, home to Jewish immigrants and Black residents, one of the few racially integrated communities in the city at the time.

Over the years vacant buildings overtook the area leaving behind whispers of the once active neighborhood.

Located just down the street from Shapiro’s and other long-time ethnic restaurants, a new development called the RISE on Meridian aims to help revive the area that was in need of investment.

The new $58 million multi-use building features apartments, a community meeting space and art installation remembering the history of the neighborhood.

Indiana University at Indianapolis anthropology professor Susan Hyatt said she hopes the installation can provide residents with a blueprint for the future of the area.

“A place where people will continue to cooperate across social boundaries, working together toward the goal of reviving and sustaining a vibrant and diverse part of our city of which we can all be proud,” Hyatt said.

The building was built with more than $8 million from a city backed Tax Increment Financing district. It includes 269 apartment units with studio, 1 bed and 2 bed options. Officials say average rent will be about $1500. As part of the TIF agreement 14 units will be for individuals and families making at or below $30,360 — 30% of the Average Median Income (AMI) for the area.

Those units will join a piecemeal solution the city has used to address the affordable housing gap, where developers receive tax incentives to build a small number of affordable units in projects with city support.

The National Low Income Housing Coalition estimates that in 2022 Indianapolis metro area had a deficit of about 90,000 affordable housing rental units.

The city has also invested nearly $8 million in infrastructure improvements.  Projects for the historic neighborhood including stormwater and drainage improvements, upgraded sidewalks, crosswalks, trails and additional bus stops.

Contact WFYI Policy Reporter Samantha Horton at shorton@wfyi.org.