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A joint venture of three local developers intends to resuscitate the 248-unit Lionel Artis apartment building, considered a key property in plans to renovate other vacant buildings downtown.
Meridian Renaissance Associates will buy Lionel Artis from the Indianapolis Housing Agency for $1.7 million. It plans to update and modify the building at 410 N. Meridian St., creating 124 market-rate apartment units.
Meridian Renaissance consists of local players Mansur Real Estate Services Inc., Van Rooy Properties and Indiana Black Expo Economic Development Corp.
"We're basically starting over," said John Watson, director of development for Van Rooy Properties, the managing general partner in the joint venture.
"We're essentially taking what are two smaller units now and making one larger unit out of them," Watson said. "We're decreasing the density and bringing the building up to modern, high-rise code."
The cost of the project, set to begin by early 1999, will reach $7 million. Rents will begin at $600 per month for a one-bedroom apartment.
Meridian Renaissance also plans to pursue two neighboring...