INDIANAPOLIS — City officials joined TWG Development recently broke ground on The Stella, a $45 million mixed-use development located in the 1800 block of North Meridian Street.
In total, the six-story, transit-oriented development from TWG Development brings housing, 1,500 square feet of retail space, and 7,500 square feet of amenities to a site with formerly vacant buildings and a surface parking lot located at 1815, 1819, 1827, and 1835 N. Meridian Street. Positioned next to IndyGo’s Red Line, this project will feature 166-units of affordable and market-rate housing with studios, one-, and two-bedroom apartments for residents at mixed-income levels.
At the end of 2022, the City of Indianapolis Department of Metropolitan Development secured $4.6 million in developer-backed bonds from the Indianapolis City-County Council to support the development. As part of DMD’s tax-increment financing inclusive growth policy, The Stella will include five percent of units for a family of four making $29,000 or less annually (30% of area median income).
The Stella is part of a surge in building housing and mixed-use properties next to the IU Health District including Wesley Place, Hall Place, the Stutz, and Adult & Child Health headquarters. In the spring of 2023, the City created the North Meridian Economic Development Area and TIF.
Construction on The Stella is expected to be completed early in the summer of 2025 with leasing opportunities beginning in the spring of 2025.
