Development

INDIANAPOLIS — A partnership between Milhaus, Gershman Partners and Citimark has begun development of Versa, a $70 million apartment complex in the Broad Ripple Village neighborhood of Indianapolis. The district is undergoing a $271 million improvement plan. Versa will feature 3,600 square feet of ground-floor retail space with an outdoor patio situated below the residential living space. The project will include 233 units and 245 parking spaces. Amenities will include a pool, pet spa, bark park, lounge, game room, fitness center, conference rooms and coworking space. Lake City Bank provided financing. The project team includes DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering. Completion is slated for 2024.

INDIANAPOLIS — TWG has unveiled plans to develop 1827 Lofts, a 166-unit apartment community that will be located along the IndyGo Red Line rapid transit bus line in Indianapolis. The $45 million development is part of a master redevelopment project encompassing the city’s North Meridian Corridor. Located at 1827 N. Meridian St., the property will feature 32 studios, 81 one-bedroom units and 53 two-bedroom floor plans. Amenities will include a courtyard, pool, fitness room, dog park and rooftop lounge. The City of Indianapolis supported the project through a tax-increment financing (TIF) bond issued by the local government. The TIF requires 5 percent of the units to be reserved for individuals making up to 30 percent of the area median income. WesBanco Bank provided financing. Construction is scheduled to begin this month and be completed in May 2025.