TWG Development unveils Grand Meridian plans for 94 affordable housing units in Indiana

The Metropolitan and Economic Development Committee of the Indianapolis City Council convened on May 12, 2025, to discuss a significant pilot request for the Grand Meridian project, a development initiative by TWG that aims to revitalize a long-vacant building into 94 affordable housing units. The meeting featured presentations from Marissa Knaister, Senior Development Director at TWG, and legal counsel Craig DeVault and Scott Frizzell.

Knaister outlined the project's vision, emphasizing its potential to enhance the neighborhood and provide affordable housing options at 30%, 50%, and 60% of the area median income. The Grand Meridian building, originally constructed in 1951, has been vacant for over two decades and has suffered from blight and vandalism. TWG plans to preserve the building's historic exterior while renovating the interior to create modern living spaces.

The project has garnered support from local community organizations, including the Crown Hill Neighborhood Association and the Mapleton Fall Creek Community Development Corporation. Knaister highlighted the importance of community partnerships in enhancing the quality of life for residents and the surrounding area.

To finance the redevelopment, TWG has secured various funding sources, including ARPA funds, low-income housing tax credits, and historic tax credits. The proposed pilot agreement, which would begin in 2027 and last for 15 years, includes a payment structure starting at $10,050, increasing annually by 3%. In return, TWG commits to maintaining affordability for 40 years and providing supportive services aimed at empowering residents in areas such as health, education, and career development.

The committee members expressed their support for the project, recognizing the need for affordable housing in the area. Questions were raised regarding the implications of the pilot agreement, particularly concerning property tax exemptions and the management of the supportive services. Knaister confirmed that the services would be overseen by Rainbow Housing, a certified provider, and that the effectiveness of these services would be reviewed every three to five years.

After thorough discussion, the committee voted in favor of the pilot agreement, signaling a step forward for the Grand Meridian project. The anticipated construction timeline is approximately 12 months, with completion expected in the summer of 2026, followed by pre-leasing efforts to ensure residents can move in promptly after construction concludes. The committee's approval marks a significant milestone in addressing the affordable housing crisis in Indianapolis and fostering community development.