INDIANAPOLIS — Local healthcare provider Adult & Child Health, Colliers, healthcare real estate company Innovcare and national development firm TWG have unveiled a master plan for the redevelopment of Meridian Street in Indianapolis. Project costs are estimated at $65 million. Plans call for the redevelopment of six buildings along the North Meridian Corridor. The development team plans to convert the properties into new uses such as primary care services, mental health services and affordable housing. All of the buildings are located within a federal Opportunity Zone and near the IndyGo Red Line.
The project is made possible through support from the City of Indianapolis. Innovcare will pay real estate property taxes to further the redevelopment and investment of the Meridian corridor.
Adult & Child Health signed a long-term lease to relocate to 1840 N. Meridian St. upon completion of the redevelopment project. The 40,000-square-foot building and parking area, previously owned by Indianapolis Public Schools, has sat vacant for seven years. Colliers assisted Adult & Child Health in its new lease as well as the sale of two existing assets at 603 E. Washington St. and 222 E. Ohio St.
Indianapolis-based TWG has acquired four vacant buildings and plans to redevelop them into a housing project with affordable, workforce and market-rate units. Plans call for 166 units and 1,500 square feet of commercial and retail space. A timeline for construction was not provided.