Healthcare provider Adult & Child Health, commercial real estate company Colliers, healthcare real estate company Innovcare and national real estate development company TWG are teaming up to redevelop Meridian Street in Indianapolis with a project investment of more than $65 million.
The redevelopment project includes the reconstruction of six buildings along the North Meridian Corridor, including 1840 N. Meridian, 1839 N. Illinois St., 1835 N. Meridian, 1829 N. Meridian, 1827 N. Meridian, 1815 N. Meridian and 1819 N. Meridian.
The companies are creating a master development to convert existing distressed assets to communual areas including primary care, mental health services and affordable housing to serve local Indianapolis residents.
These projects will revitalize the Herron-Morton Place, the Near Northside, the Old Northside and the Meridian Highland neighborhoods. All of these neighborhoods are located within a federal Opportunity Zone.
As part of the master plan, Colliers helped Adult & Child Health sell two existing assets at 603 E. Washington St. and 222 E. Ohio St. in downtown Indianapolis, which are slated for future development. Colliers also advised Adult & Child Health on lease negotiations for 1840 N. Meridian St.
TWG has acquired four vacant buildings and plans to redevelop them into a housing project with affordable, workforce and market-rate components. The building will include 166 multifamily units and 1,500 square feet of commercial and retail space.
