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TWG plans $17M revamp of Meridian Street apartment tower – Indianapolis Business Journal

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TWG plans M revamp of Meridian Street apartment tower – Indianapolis Business Journal


TWG bought the vacant apartment building in December for $1.2 million. (Image courtesy of Google)

TWG Development LLC plans to spend $17 million to revamp an aging apartment tower along Meridian Street north of downtown.

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The Indianapolis-based company expects to renovate all 96 units in the vacant Grand Meridian apartment building at 3470 N. Meridian St., as well as replace its windows, roofing and other building infrastructure. The building, constructed in 1951, is expected to consist entirely of affordable housing units, intended for individuals and families making up to 60% of the area’s median income.

“There’s housing needs across the board, and one of our missions is housing for all,” said Ryan Kelly, vice president of tax credit development at TWG. “Part of that includes affordable housing, and there’s a huge need for that. This seems to be one of those sites that is a good fit to be a catalyst for revitalization.”

By offering the affordable units, TWG is eligible to pursue low-income housing tax credits for the project. TWG plans to apply for the tax credits this summer, through an upcoming funding application from the Indiana Housing and Community Development Authority.

Developers typically sell the tax credits to finance part of their project. Kelly said the credits are expected to bring about $11 million in equity to the project.

Grand Meridian has been vacant for several years. It has 70 studio units and 26 one-bedroom units. Kelly said the renovation will focus mostly on the interior, with the facade of the building expected to remain largely the same.

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The development firm acquired the property for $1.2 million in December from Richard & Son LLC. The Indianapolis Metropolitan Development Committee has approved a $1.2 million loan for TWG to to initially defray that expense. TWG is also in discussions about other potential incentives for the project, Kelly said.

The firm expects to learn in November whether it receives tax credits for the project. If it does, it expects to begin work on the building by spring 2024, with a one-year turnaround. It will begin leasing the building once construction is completed.

“Just driving by and seeing an eyesore and vacant building like this, it’s always rewarding to be able to look at those in a different lens and make an improvement,” Kelly said.

The Meridian Street corridor north of downtown has received a lot of attention from developers in recent years, in part because IndyGo’s rapid-transit Red Line runs between 38th Street and 18th Street.

A 195-unit apartment high-rise at 3710 N. Meridian St. was sold in 2021 for $11.4 million to an out-of-state development partnership that plans to renovate the property.

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TWG is also working on a 166-unit apartment project at 1815 N. Meridian St. And the city of Indianapolis is trying to acquire the historic Drake apartment tower at 3060 N. Meridian St. from The Children’s Museum of Indianapolis as part of an ongoing effort to preserve the structure.



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Indianapolis, IN

A Yard Of One’s Own – Indianapolis Monthly

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A Yard Of One’s Own – Indianapolis Monthly


Credit: Angela Jackson/Indianapolis Monthly

REALTOR Summer Hudson was always waiting for the perfect midcentury modern home to hit the market and lure her away from her beloved Irvington. On Hudson’s popular TikTok channel, Find a Lot to Love, she cooed over original 1960s woodwork and intact bathrooms for the 207,000 followers who enjoyed watching her walk through houses for sale in Central Indiana. But the eXp Realty agent’s own family needed a yard for their 5-year-old daughter more than she needed a pristine Avriel Shull A-frame, so she gave her husband, Ryan Sloan, one criterion: Find a house with the exact same layout as their 3,000-square-foot Irvington ranch, plus a yard, and she’d move.

Lo and behold, he did, in Crows Nest. The three-bed, two-bath house has a circular layout with semi–open concept living, dining, and kitchen spaces and, as a bonus, a pool on the half-acre lot. “I always said I’d never turn down a pool,” Hudson says. The home had been sitting on the market for a while because, in Hudson’s opinion, the listing for 1,800 square feet was misleading; the homeowners couldn’t include the 1,200-square-foot finished attic because the ceiling was too low. Additionally, the photos didn’t do the home justice. “From the outside, it looks tiny and bungalow-ish, but you don’t realize how deep it goes,” she says, adding that the images didn’t showcase the layout’s attractive flow, either. The couple got it under list price for $410,000, and Hudson, who uses the attic as her office, has no regrets—her dream midcentury home can wait. Downsizing forced the couple to purge, and they discovered the joys of a simplified lifestyle. “I’m actually spending more time with my kid out- side. That has been the most amazing part of all of this,” Hudson says.

FAVORITE FEATURE
The nature-filled backyard

PURCHASE DATE
March 2024

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NEIGHBORHOOD
Crows Nest

SQUARE FOOTAGE
1,800





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Indianapolis, IN

Indianapolis man sentenced to 110 years for 2021 double homicide

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Indianapolis man sentenced to 110 years for 2021 double homicide


INDIANAPOLIS (WISH) — An Indianapolis man has been sentenced to 110 years in prison for his role in a north side shooting that resulted in the death of two men during a $20 marijuana deal in 2021.

The Marion County Prosecutor’s Office announced the sentencing of 21-year-old Camran Perry on Thursday, following a jury’s verdict after a two-day trial. In July, Perry was found guilty of two counts of murder and carrying a handgun without a license, a release said.

Andrew Jones, 21, and Blake Coffman, 20, died in a shooting about 6:45 p.m. Dec. 1, 2021, in the 8800 block of Westfield Way at the 9000 Westfield apartments. That’s just southeast of the intersection of East 91st Street and Westfield Boulevard.

Investigators interviewed a witness who reported hearing “three loud thumps” and seeing a man in a gray sweatsuit standing behind the victims’ vehicle before fleeing the scene. The witness, along with others, then approached the vehicle and called the police.

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Two cellphones were recovered at the scene. Investigators obtained warrants for the phones, one of which belonged to Coffman.

According to a release, on Coffman’s phone, which was logged into his personal Instagram account, investigators found video chats and private messages indicating his intention to meet someone at the location of the shooting. The other user of this account deleted their account just hours after the incident. Digital forensics teams traced this account back to Perry.

Perry was taken into custody on Jan. 10. Initially, he denied knowing either of the victims, but later confessed to meeting up with them to make a purchase. Perry later admitted to engaging in a verbal altercation with Coffman and Jones, before shooting both men, police say.

Prosecutor Ryan Mears issued the following statement after the conviction:

“Young people having easy access to firearms leads to them making poor, split-second decisions that result in senseless deaths and tragedy,” stated Prosecutor Mears. “It is incumbent upon us to continue to empower young people with the tools to be mindful of the long-term consequences of gun violence in order to avoid tragedies like this.”

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Indy promoter hopes education leads to a safer Indianapolis

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Indy promoter hopes education leads to a safer Indianapolis


INDIANAPOLIS — Indianapolis event promoter Teddrick Hardy is disappointed that violence has become prevalent in the Circle City.

“It’s very frustrating because I’m going to like my eleventh year in promoting and myself, alongside other promoters, put a lot of work in having successful, safe and joyful events,” Hardy said.

WRTV

Over the past couple of months, WRTV has reported on numerous parties and gatherings that have been held illegally or without proper permits.

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In some cases, these events have ended in violence.

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WRTV

“Our goal is to gather groups of people to come and see these establishments to spend money, to bring their friends out to celebrate,” Hardy explained.

Now, promoters like Hardy are learning from various Indianapolis government agencies to ensure events can continue in a safe manner.

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WRTV

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On Wednesday, these agencies hosted an ask the officials event aimed at answering promoters questions on how to properly organize and operate events.

“We all want safe events,” IMPD Deputy Chief Kendale Adams said. “We all want people to come and have a good time. It’s a part of what I did when I was young, and it’s important that we educate promoters on what that looks like.”

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WRTV

Hardy is hopeful the event will lead to safer events being held in Indianapolis.

“I want to see Indianapolis become a better place,” he said.

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WRTV

The full Ask the Officials meeting can be viewed here.





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