INDIANAPOLIS — We’re getting a better idea of what will take shape for a new housing community on North Meridian Street.

Indianapolis-based development company TWG plans to build a $45 million new housing community called 1827 Lofts.  

The new multifamily, workforce housing community will sit between 18th and 19th streets and Meridian at 1827 North Meridian Street.  

The lofts will have 166 total units, ranging from studio to two-bedroom apartments

“I really think it’s awesome,” said Laparish Sadberry, who lives in the neighborhood. “I really think this is a very positive thing. It’s really going to make our downtown look really nice.”

Sadberry said she has been elated ever since she heard the news of a new housing complex coming downtown.

It’s a sleek new look Sadberry said she hopes will paint a different picture of her downtown neighborhood.  

“It’s time to go and start doing something and making our town look very nice and positive,” said Sadberry.

The project sits just feet away from the IndyGo Red Line on Meridian. Business owners like Jimmy Vo at Jimmy’s Nail Spa say putting a project like this next to a main thoroughfare will only mean good things for the neighborhood.

“For a very long time it’s been getting run down,” said Vo. “And this is Meridian. If you go down a little bit down the street you go straight to Monument Circle. And if you pay attention to any city in the world, a ‘Meridian’ of any kind should be building.”

It’s still unclear how much units at 1827 Lofts will cost.  

According to TWG, five percent of the units will be reserved for affordable housing. 

According to realtor.com, the affordability of rent took a serious hit in the last year.

In February 2022, rent in the city took 20% of the median income.  Recent numbers show it’s taking 22.1%.

Either way, people who spoke to FOX59/CBS4 said they’re happy to see more options coming downtown.  

“I’m happy. I’m really, really happy about it,” Sadberry said. “I think others should be happy too.”

Construction is expected to start sometime this month and completion is planned for May 2025.