Excerpts from ibj.com | Article by Scott Olson |
The IBJ reports that plans are moving forward on two projects totaling $32 million to Maple Crossing at 38th and Illinois streets.
Prominent local developer Flaherty & Collins Properties bought the five-story United Way of Central Indiana building at 3901 N. Meridian St. in April 2016 and will co-develop the property with Midtown Indianapolis Inc.
The building will be converted to 50 affordable units for seniors and 20 market-rate apartments, Midtown Indy Executive Director Michael McKillip said. The developer intends to create 70 mixed-income apartment units with up to 15,000 square feet of street-level office space. The total investment is estimated at $15.6 million.
In addition to a Flaherty development on acquired North United Methodist Church property, Midtown Indianapolis will rezone the nearby Concord Building, with the intention to transform it into an incubator for businesses.
A total of seven acres in Maple Crossing is being sought for rezoning, as part of the Great Places 2020 initiative. The citywide effort, led by the Local Initiatives Support Corp., Great Places aims to funnel private-sector investments into five neglected areas, including the area around 38th and Illinois known as Maple Crossing.