An apartment building completed last summer is revitalizing Indianapolis' urban growth plan.
The Stella, located at 1827 N. Meridian St., is a six-story midrise apartment building with 166 apartments split between studio, one-bedroom and two-bedroom units. Designed by Studio Architecture and developed by TWG Development, The Stella began construction in March 2023 and opened in June 2025.
The project has earned a 2026 CoStar Impact Award for Multifamily Development of the Year for Indianapolis, as judged by real estate professionals familiar with the market.
The Stella's development cost $43.9 million, but a key component of the project's feasibility and community impact is a Tax Increment Financing agreement with the city of Indianapolis. As part of the agreement, The Stella receives an 80% annual property tax refund — approximately $400,000 per year — for a 25-year period.
Resident amenities at The Stella include a pool, gathering spaces, a firepit lounge, grilling station, dedicated pet spaces, a rooftop deck with views of downtown Indianapolis, an indoor coffee bar, a 24/7 fitness center, a secure package delivery room, both enclosed and surface parking as well as indoor bicycle storage. The building's residential units include updated and modern kitchens with stainless steel appliances and in-unit washers and dryers.
About the project: The Stella, located at 1827 N. Meridian St. just minutes from downtown Indianapolis, is a six-story midrise apartment building. The property opened in June 2025 and has 166 units which are split between 32 studio, 81 one-bedroom and 53 two-bedroom units.
What the judges said: "The Stella is an obvious catalyst for urban vibrancy that demonstrates how public-private partnerships can solve modern housing challenges. By leveraging a 25-year TIF agreement, the project provides critical neighborhood enhancements, including affordability initiatives and local hiring commitments. I appreciate its balance of high-end, resort-style amenities with social responsibility, setting a new milestone for how multifamily developments can integrate with — and elevate — the surrounding community," said Lora Moore, executive managing director at ALO Property Group.
"The development helps with urban affordable living, and streetscape improvements that elevate the surrounding neighborhood," said Cyndi Gianneschi, vice president and commercial appraisal manager at Lake City Bank.
They made it happen: John Kilbury, senior project manager, Meyer Najem (GC); Michele Dyer, professional landscape architect, Kimley-Horn; Jim Burke, structural engineer, JPS Consulting Engineers; Brooke Cederquist, civil engineer, Woolpert; Seun Odukomaiya, managing partner, KBSO Consulting; Lauren Miner, property manager, Flaherty & Collins; Noelle St. Clair Lentz, CEO and managing director, Allivate Impact Capital; Sam Spencer, CEO and managing director, CEI-Boulos Capital Management.