Blighted Meridian Street Apartment Building Resurrected by Non-Profit Partnership
Indianapolis, IN – After years of disinvestment, physical neglect, poor management, and increasing criminal activity on site, the Glendower apartments at 3630 N. Meridian Street was effectively abandoned by its out-of-state owner in December 2014 when the building was condemned and closed by the Marion County Health Department for substandard living conditions.
Unlivable, burdened with twice as much debt as the property was worth, with property tax & mortgage payments no longer being made, the Glendower apartments appeared destined to become a significant and long-term blight on Meridian Street and the surrounding neighborhood.
That’s when local non-profits Near North Development Corporation (NNDC) and Partners In Housing (PIH) stepped in, forming a partnership to buy, rehabilitate, and operate the building, with NNDC holding a majority ownership interest and acting as the developer for the project, and PIH bringing its considerable property management experience and capacity to the effort.
The property was acquired by the NNDC-PIH partnership in August 2015, and construction began in January 2016. $1.5 million of the total $1.9 million project cost was spent on the construction, to undertake a total rehabilitation of the long-neglected building that included all new heating, cooling, electrical, plumbing systems, new kitchens, baths, flooring, walls, interior finishes, a new roof, fencing & landscaping, and extensive masonry work.
Design & architectural services for the project were provided by Guidon Design, and Community Construction served as the general contractor. The project was financially assisted with $1.5 million in grants from the City of Indianapolis and the Federal Home Loan Bank of Indianapolis, and the National Bank of Indianapolis provided the necessary construction and permanent financing.
With project completion September 1st, the former Glendower Apartments has now been formally renamed The Glenmoor, recognizing the historic connection between it and The Oxmoor, immediately next door. The two buildings were originally developed together in the 1920s as exact “twins”, with matching architecture and floorplans.
The now-named Glenmoor contains twenty-four (24) one-bedroom apartments and will provide affordable rental housing for lower-income households in the area. Apartments rent for just $550 per month, including utilities, and two-thirds of the units are already occupied just three weeks after leasing started.
“The location of the property is one of The Glenmoor’s greatest assets,” said Scott Armstrong, PIH’s executive director. “It is within easy walking distance of the busy commercial district on 38th Street, and located right on the planned Indy Rapid Transit Red Line, which will connect Glenmoor residents with shopping, services, and employment opportunities from Broad Ripple, to Downtown, to the southside.”
About Near North Development Corporation. Near North Development Corporation is a community-based, non-profit organization that fosters revitalization in the urban core of Indianapolis through neighborhood housing and economic development activities. Since 2008 NNDC has been responsible for more than $20 million in single- and multi-family housing and commercial projects on the near north side of the city.
About Partners In Housing. Since 1993, Partners In Housing has developed affordable housing that helps vulnerable citizens leave homelessness, while giving them support and a chance to reach their highest level of self-sufficiency. PIH now operates 12 properties including 541 units, providing housing for more than 600 men, women, veterans and children in Indianapolis.