Final approval for a 270-unit block
The Metropolitan Development Commission approved a regional center development petition from TWG Development LLC on September 2, 2026. The vote gives the Indianapolis developer the last major approval for a $73 million apartment complex just southwest of Lucas Oil Stadium.
The building runs six stories and 375,000 square feet. It takes the full block at 412 West McCarty Street, at the northwest corner of McCarty and South Missouri Street.
TWG vice president of market rate development Chase Smith told the Indianapolis Business Journal that construction begins in September 2026. Smith has said the work runs about two years, with an anticipated opening in August 2028.
The property at 412 West McCarty Street
Documents filed with the commission put 270 units in the building. Forty-one units are reserved for households earning less than 70 percent of the area median income.
The plan includes an integrated parking garage with 204 spaces and about 6,500 square feet of commercial and retail space.
The site sits about 0.17 mile from Lucas Oil Stadium and about 0.46 mile from the Indiana Convention Center. Both figures are straight-line measures taken from OpenStreetMap coordinates for each address point.
Two years from rezoning to the vote
The city approved rezoning of the site for residential use in 2024, together with a 10-year tax abatement. City documents put the abatement at about $6.43 million in savings for TWG, a reduction of 80 percent in the project's property tax liability across the decade.
TWG planned to start construction in the first quarter of 2025 at that point. Smith told the Business Journal that financing difficulties, elevated interest rates and construction costs played a role in the delay.
The plan itself did not change. Smith said the project carries the 2024 design into the build.
The design TWG carried from Rise on Meridian
The concept follows the firm's six-story, 269-unit Rise on Meridian at 915 South Meridian Street. That project carries a pool, courtyard, fitness center, lounge and dog park, and the McCarty Street plan repeats the set.
The new building adds a rooftop Game Day Lounge. The plan places the lounge above South Missouri Street with a view of Lucas Oil Stadium.
Smith gave his read on the location to the Business Journal. He said Rise on Meridian performs well, that TWG has proven a market for housing in the area, and that he views the south side as a major area of growth anchored by Lucas Oil.
Who held the block before TWG
The properties at 412 West McCarty Street belonged to truck parts supplier Young & Sons Inc. TWG acquired them in early August.
The commission vote closes the entitlement stage for the block.
The downtown room record behind the site
Pedestrian skywalks connect 4,717 of downtown Indianapolis' 7,200 hotel rooms to the Indiana Convention Center and Lucas Oil Stadium, per the venue complex's facility guide. The same document counts 4,721 rooms linked to the center, 7,175 rooms within a six-block radius and 4,570 committable group rooms downtown.
Visit Indy dates five further hotel deliveries through 2028. A 116-room Motto carries a 2026 date. A 167-room Kimpton and a 253-room Westin at Indianapolis International Airport carry 2027 dates. A 176-room Ritz-Carlton and a 378-room Renaissance carry 2028 dates.
Open items in the property file
The public record carries no rent schedule for the 270 units.
No lease terms and no named tenant appear for the roughly 6,500 square feet of commercial and retail space.
The commission file carries no unit mix by bedroom count and no income certification rule for the 41 set-aside units.
The file carries no construction schedule beyond the developer's two-year estimate and no completion guarantee against the August 2028 target.