INDIANAPOLIS — A century-old building on the north side of Indianapolis now officially has a new owner.
The City of Indianapolis Department of Metropolitan Development (DMD) announced its ownership of the Drake Apartments on Wednesday, July 19.
As part of the acquisition of the historic building, DMD plans to focus on affordable housing when redeveloping.
"We're moving forward with a plan to preserve and restore the Drake's historical significance to the community and expand opportunities for Indianapolis residents along a transit corridor. The future of this site holds unlimited potential," Indianapolis Mayor Joe Hogsett said.
Located at 3060 N. Meridian St., just north of The Children's Museum of Indianapolis, the apartments have been vacant since 2016.
"We'll be working with the community and stakeholders over the next several months to facilitate a request for proposal for mixed-income housing, which is really bringing it back to its roots," Department of Metropolitan Development Director Rusty Carr said.
DMD paid $1,015,000 in Community Development Block Grant funds to purchase the site from The Children’s Museum. In addition to gaining possession of the Drake, the purchase also resolves the lawsuit between the city and The Children’s Museum.
“The sale of the Drake building to the City represents the vital relationship between the city and the museum. As we look to the future, we are excited about strengthening our ties and the opportunity to positively impact our neighbors, community, and city,” said Jennifer Pace Robinson, president and CEO of The Children’s Museum of Indianapolis.
Carr said because the city purchased the property through a federal Community Development Block Grant, 51% of the units, once renovated, have to be affordable to renters.
"That requires a certain amount of the units to be affordable to those making less than 80% of the area's median income. And so for Indianapolis, that's $51,000," Carr said. "And when it's a really significant architectural building, as well on a main rapid transit line, these are really big priorities for us, and so this is where we use our federal and local resources to come in and make sure we can provide housing for our neighbors and residents."
In line with the city’s priority to develop housing along transit corridors, the city will release a Request for Proposals for the Drake to restore the historic apartments into a majority affordable housing development.
The Children’s Museum, along with other community stakeholders, will participate in the city’s development process and sit on the review committee during the search for a development partner.
The Drake opened nearly 100 years ago as a luxury, 26-unit apartment building. It was designated an Indianapolis Historic Landmark by the Indianapolis Historic Preservation Commission in 2019, which placed it on the Marion County Register of Historic Properties.