INDIANAPOLIS — On Tuesday, city leaders and developers hosted a ribbon cutting for the Wesley Place Apartments on the near north side of Indianapolis.
The $43 million project from Chatham Park Development and Arrow Street Development sits in the heart of the city's new health district on the corner of 18th and Illinois streets.
It consists of 244 units, with 25 of them being categorized as affordable. The new complex is also located near two IndyGo Red Line stops.
"Wesley Place fulfills many of our goals for a more equitable and accessible Indianapolis, as housing remains a top priority," Indianapolis Mayor Joe Hogsett said. "The city's and Arrow Street's shared commitment to enhancing quality of life will shape the Health District for decades."
Wesley Place also sits just steps away from IU Health Methodist Hospital and the company's $4.3 billion hospital expansion.
"We are thrilled to welcome residents to the Wesley Place Apartments today," said Rodney Byrnes, founder and president of Arrow Street Development. "Combined with IU Health's multi-billion dollar hospital complex expansion, we are proud to be early leaders in the largest neighborhood development in the history of Indianapolis."
Arrow Street also plans to add another apartment complex on the southwest corner of 18th and Illinois streets. It is called Hall Place and is scheduled to break ground later this year with 280 units.
"Wesley Place and soon-to-be-built Hall Place are the most significant residential investments in history in this part of town," said Chatham Park president Paul Vezolles. "We're replacing acres of old asphalt with new residents and walkable vibrancy. Placemaking is what we're all about and these combined 520 units are just the beginning."
Recently, the city also approved a new tax-increment-financing (TIF) district for the North Meridian corridor. Leaders hope it will spur more projects like Wesley and Hall Place.
"This will keep property taxes in the neighborhood for projects that the community supports," said Rusty Carr, director of the Department of Metropolitan Development.
Other projects also include the construction of 1827 Lofts near 18th and Meridian streets, and the renovation of the old Drake Apartments near 30th and Meridian streets. Last week, the city officially became the new owner of the property.
IU Health's downtown Indianapolis hospital campus is set to finish in 2027. It stretches across 44 acres.