INDIANAPOLIS-Strategic Capital Partners LLC and the Meadows Community Foundation will break ground today on the 70,000-square-foot health and wellness center portion of Avondale Meadows, the redevelopment of the infamous Timber Ridge projects. The $150 million project is on track, but residential and retail have been held for now, says the SCP chairman Gene Zink.
The 100-acre mixed-use project is being built on the former crime-ridden Timber Ridge Apartments along East 38th Street. Warren Buffett is a development partner with Purpose Built Communities, along with Tom Cousins and Julian Robertson. The Mishawaka, IN-based Sterling Group is also part of the team.
The first phase of the project, the 248-unit East Village apartment complex, is almost complete, Zink tells GlobeSt.com. The 19-building complex is about 70% occupied. Three new charter schools in the area are open, and the next project to start will be senior housing later this year, followed next year by another group of apartments. The project calls for 600 units of rental housing total.
The master plan also includes 250 single family homes, but this section is on hold, Zink tells GlobeSt.com. “The multifamily is going fantastic, but the homes, we don’t think we can finance them today,” he says. “If the world gets a little better, we can start. We have retail to do, too, but we’re trying to attract a grocery store.”
Retailers have been leery of the area because of its past reputation, he says. “We’ve turned this area completely around,” Zink says.
The $20 million Avondale Meadows Health & Wellness Center will include an 18,000-square-foot health clinic operated by Health Net and a 32,000-square-foot YMCA. Avondale Meadows was designated a Medically Underserved Area by the US Health and Human Services Department, and the new center should help assist more than 16,000 people who live in the area who are at or below the federal poverty level.
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