Meridian Heights MF Development Site
Fully-Entitled Multifamily Development Site | Indianapolis, IN | 3.44 acres
Marketing description
Meridian Heights is a ±3.4 acre fully-entitled multifamily development site south of downtown Indianapolis, Indiana. The site is planned for 56 units in one three-story walk-up building. The project amenities include dog park, pickleball court, flexible community room space, covered parking, and electric car charging stations.
Meridian Heights benefits from a great, neighborhood location while simultaneously being surrounded by substantial retail and employment opportunities. The site is less than 15 minutes from Downtown Indianapolis, and offers convenient access to Interstate 465 just over one mile away. National Grocery, Pharmacy, and other retailers are along the S. East Street corridor less than one mile away. Employment opportunity surrounds the site. Additionally, the site is located in both an Opportunity Zone and Qualified Census Tract, offering multiple tax and development benefits.
The efficiently designed floor plans include in-unit laundry and separate storage, and ground floor units with patios and balconies for second and third floor units. Studio, one-, and two-bedroom units are planned to meet a variety of tenant need.
Investment highlights
THE OPPORTUNITY
Meridian Heights is a fully approved multifamily development opportunity. The project is planned for 56 units in the Perry neighborhood of southern Greater Indianapolis. The site plan includes plans for one building designed as three-story walk-up garden style living. The building includes flexible space for additional interior amenities and plans include dog park, pickleball courts, and carports. The project is efficiently designed on a generally level site of ±3.4 acres.
LOCATION
Convenient location with access to Downtown Indianapolis in less than 15 minutes (5 miles directly north) or the loop Interstate 465 in just more than one mile (accessing via S. East Street). Grocery, Pharmacy, and other retailers are also along the S. East Street corridor. Substantial employment opportunities surround the property, while the specific site retains a quiet residential feeling.
OPPORTUNITY ZONE & QUALIFIED CENSUS TRACT
Meridian Heights is located within both an Opportunity Zone (18097380200) and Qualified Census Tract (3802). The Opportunity Zone provides additional long term tax benefits for a developer through long term capital gains forgiveness in the value of the site development. A Qualified Census Tract provides additional Low Income Housing Tax Credit options or benefits during development.
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