Indianapolis takes ownership of historic Drake building, plans for affordable housing

INDIANAPOLIS (WISH) — The City of Indianapolis Department of Metropolitan Development, or DMD, announced Wednesday it has taken official ownership of the historic Drake building.

The DMD paid $1,015,000 in Community Development Block Grant funds to purchase the site from The Children’s Museum of Indianapolis. As part of the acquisition, the DMD plans to begin redeveloping the building into affordable housing.

Indianapolis Mayor Joe Hogsett said in a release Wednesday that the acquisition of the Drake is not just an “investment,” with the site holding unlimited potential.

“It represents a commitment to honor the past, celebrate our city’s legacy, and create affordable housing. We’re moving forward with a plan to preserve and restore the Drake’s historical significance to the community and expand opportunities for Indianapolis residents along a transit corridor,” he said.

In addition to gaining possession of the Drake, the purchase also resolves the lawsuit between the City and The Children’s Museum of Indianapolis.

Built between 1928 and 1929, the Drake is an eight-story, late Tudor Revival apartment building located on North Meridian Street between East 30th and East 32nd Street. The Drake opened nearly 100 years ago and has been vacant since 2016.