Once marked for demolition, the Drake building sells to developer for senior housing project
An Indianapolis development commission approved the sale of the historic Drake building adjacent to The Children's Museum on June 18, paving the way for 30 affordable senior apartments in a corridor ripe with public transit along North Meridian Street.
After the redevelopment, the vacant building that was once set for demolition will turn into apartments for residents age 55 and older. The 27-unit, 41,000-square-foot building at 3060 N. Meridian St. sits along the IndyGo Red Line, making it an ideal site for affordable housing, city officials said when they sought to preserve the building.
The Metropolitan Development Commission unanimously approved the resolution for the city to sell the building to ALK Development.
Andrea Kent, founder of ALK Development, said she hopes to add a few more units, bringing the building's total capacity to 30 residences. In her previous role at TWG Development, Kent developed the Illinois Street Senior, another senior housing development just north of downtown.
ALK Development, which Kent founded three years ago with an emphasis on affordable housing, was one of five developers to respond to the city's request for proposals for the site in 2023.
The Drake, standing since 1929, was once a sign of luxury that welcomed its first inhabitants at the end of the golden age of building in the city. By 2016, though, an affiliate company of The Children's Museum that owned the building determined it to be too expensive to maintain as apartments.
In 2019, the museum marked the building for demolition to expand its campus, leading the city to quickly designate the building as historic to protect the site. This move exposed the contrasting long-term visions between the cultural institution, the neighbors and the city for the future of the Meridian Park neighborhood.
A few years later, the museum's affiliate sued the city, saying the designation had been imposed improperly. Eventually, the city acquired the Drake apartments for about $1 million to prepare for future redevelopment.
Kent said the condition of the building has deteriorated over the nearly 10 years it has sat vacant, but she believes the property is still salvageable for future residents.
The project will likely qualify for low-income tax credits and federal historic tax credits, and ALK will apply for a tax abatement, Kent said.
The Drake drama: The Children's Museum, the city and the neighborhood: The battle for the Drake apartments
Metropolitan Development Commission President John Dillon told Kent the building has been an important project for the commission over the years because of its historic significance and the long, winding road to redevelopment.
"We've been following this. We've been up and down like we're on a rollercoaster," Dillon said of the Drake. "We've got a lot of historical pride, so we wish you the best."
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Indianapolis Star
4 days ago
- Indianapolis Star
Once marked for demolition, the Drake building sells to developer for senior housing project
An Indianapolis development commission approved the sale of the historic Drake building adjacent to The Children's Museum on June 18, paving the way for 30 affordable senior apartments in a corridor ripe with public transit along North Meridian Street. After the redevelopment, the vacant building that was once set for demolition will turn into apartments for residents age 55 and older. The 27-unit, 41,000-square-foot building at 3060 N. Meridian St. sits along the IndyGo Red Line, making it an ideal site for affordable housing, city officials said when they sought to preserve the building. The Metropolitan Development Commission unanimously approved the resolution for the city to sell the building to ALK Development. Andrea Kent, founder of ALK Development, said she hopes to add a few more units, bringing the building's total capacity to 30 residences. In her previous role at TWG Development, Kent developed the Illinois Street Senior, another senior housing development just north of downtown. ALK Development, which Kent founded three years ago with an emphasis on affordable housing, was one of five developers to respond to the city's request for proposals for the site in 2023. The Drake, standing since 1929, was once a sign of luxury that welcomed its first inhabitants at the end of the golden age of building in the city. By 2016, though, an affiliate company of The Children's Museum that owned the building determined it to be too expensive to maintain as apartments. In 2019, the museum marked the building for demolition to expand its campus, leading the city to quickly designate the building as historic to protect the site. This move exposed the contrasting long-term visions between the cultural institution, the neighbors and the city for the future of the Meridian Park neighborhood. A few years later, the museum's affiliate sued the city, saying the designation had been imposed improperly. Eventually, the city acquired the Drake apartments for about $1 million to prepare for future redevelopment. Kent said the condition of the building has deteriorated over the nearly 10 years it has sat vacant, but she believes the property is still salvageable for future residents. The project will likely qualify for low-income tax credits and federal historic tax credits, and ALK will apply for a tax abatement, Kent said. The Drake drama: The Children's Museum, the city and the neighborhood: The battle for the Drake apartments Metropolitan Development Commission President John Dillon told Kent the building has been an important project for the commission over the years because of its historic significance and the long, winding road to redevelopment. "We've been following this. We've been up and down like we're on a rollercoaster," Dillon said of the Drake. "We've got a lot of historical pride, so we wish you the best."
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