INDIANAPOLIS, IN - TWG, a real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces it has completed construction of The Wesmont, a new $31 million affordable workforce housing development for the eastside of Indianapolis.
The Wesmont is a 188-unit development built on a four-acre remediated industrial brownfield site located at 1515 Lewis Street. Featuring studio, one- and two-bedroom apartments, the majority of the units will be reserved for individuals with income less than or equal to the area’s median income as part of a neighborhood-driven affordable redevelopment plan by the City of Indianapolis.
Conveniently located on the Monon Trail, The Wesmont directly links to the city’s thriving commercial districts, schools, parks and local neighborhoods. The property also features 5,000 square feet of amenity space, including a pool with sundeck, outdoor grilling stations and fitness center. The Wesmont is named after Indianapolis native and lifetime resident Wes Montgomery, one of the most influential jazz guitarists of the 20th century.
“It is crucial that we continue to develop and construct new workforce housing properties throughout the state of Indiana, especially units that are affordable, in cities like Indianapolis,” said TWG VP of Market Rate Development J.B. Curry. “We are grateful to provide for our Indianapolis community and be part of the revitalization efforts of the 16th Street corridor with the opening of The Wesmont.”
The project was brought to life by numerous partners with one being the Woodforest CEI-Boulos Opportunity Fund, a partnership between Woodforest National Bank and CEI-Boulos Capital Management. The Wesmont is one of ten high-impact investments made so far by the Woodforest CEI-Boulos Opportunity Fund, which recently provided a $3 million equity investment to the property. TWG also partnered with the City of Indianapolis, providing a tax abatement to the property making this project a possibility.
"CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to truly benefit and revitalize underinvested communities, like Indianapolis’s Near Eastside neighborhood," said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. "We’re thrilled to be working with our partners at TWG Development on this transformative project providing affordable housing and improving the environment.”
With construction complete, the property will provide new jobs for the eastside community with an average wage of $20.00 per hour, nearly tripling the state’s current $7.75 average minimum wage. EmployINDY, a nonprofit organization that provides opportunities and pathways for quality employment for underserved and underrepresented residents, will help recruit, hire and onboard new employees.
The Wesmont will hold a private Grand Opening event on June 29 with equity partners and then officially open to the public.
To learn more about TWG and its properties, please visit www.twgdev.com or follow them on LinkedIn, Facebook, Twitter and Instagram.