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3650 Meridian st
Indianapolis, IN 46217
Meridian Heights MF Development Site · Land For Sale
·
3.44 AC
INVESTMENT HIGHLIGHTS
- The site plan includes plans for one building designed as three-story walk-up garden style living.
- The Opportunity Zone provides long term tax benefits for a developer through long term capital gains forgiveness.
- Substantial employment opportunities surround the property, while the specific site retains a quiet residential feeling.
EXECUTIVE SUMMARY
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. The Seller would consider a Joint-Venture proposal with a qualified developer.
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.
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. The Seller would consider a Joint-Venture proposal with a qualified developer.
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.
PROPERTY FACTS
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 3.44 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Property Subtype | Residential | ||
| Zoning | D7, SU-34 | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | |
| Total Lot Size | 3.44 AC |
| Opportunity Zone |
Yes |
| Zoning | D7, SU-34 |
1 LOT AVAILABLE
Lot
| Lot Size | 3.44 AC |
| Lot Size | 3.44 AC |
Generally level lot with frontage along S. Meridian Street planned, zoned, and entitled for multifamily development.
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