What the commission approved
The Metropolitan Development Commission gave TWG Development LLC final approval on September 2, 2026 for a $73 million apartment complex just southwest of Lucas Oil Stadium. The vote clears a regional center development petition for a six-story building of 375,000 square feet. The building 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 starts in September 2026. Smith has said the work runs about two years, with an anticipated opening in August 2028.
The approval closes a two-year financing delay. The site sits just southwest of the stadium and inside the downtown lodging market.
Units, income mix and the retail bay
Documents filed with the commission put the unit count at 270. Forty-one of those 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 set-aside places 41 households under an income cap and leaves 229 units at market rate. The residents of all 270 units hold the block for the full calendar year.
Operators who track weekday demand read a full-year resident population in the block. Game nights and convention nights add to it through the stadium side of the site.
Why the start slipped two years
The city approved rezoning for residential use in 2024, along with a 10-year tax abatement. City documents put the abatement value at about $6.43 million in savings for TWG, a reduction of 80 percent in property tax liability across the decade.
TWG planned to start in the first quarter of 2025 at that point. Smith told the Business Journal that financing difficulties, elevated interest rates and construction costs caused the delay. Smith said the 2024 design carries into the build.
The published record carries no rents, no lease terms and no named tenant for the commercial bay.
The design and the site
The concept follows TWG’s six-story, 269-unit Rise on Meridian at 915 South Meridian Street, with a pool, courtyard, fitness center, lounge and dog park. The McCarty Street building adds a rooftop Game Day Lounge overlooking South Missouri Street and Lucas Oil Stadium.
Smith gave the Business Journal his read on the location. He said Rise on Meridian performs well, that the firm has proven there is a market for housing there, and that he views the south side as a major area of growth anchored by Lucas Oil.
The properties at 412 West McCarty Street belonged to truck parts supplier Young & Sons Inc. TWG acquired them in early August.
What 270 residences add to a stadium calendar
Lucas Oil Stadium operates as part of the Indiana Convention Center complex. The venue publisher counts 7,100 hotel rooms in downtown Indianapolis and 4,700 of them connected to the Center by skywalk.
Those rooms carry the game nights and the convention nights the complex hosts. A 270-unit building on the same side of downtown adds residents who hold parking, retail and service demand in the block on the same dates.
The room base and the new supply carry different dates. Two hundred seventy residences land in the 2028 calendar, about two years after the construction start, and the published record carries no occupancy, rate or room-night data for the hotels around the stadium.
What operators cannot read yet
The Business Journal article and the commission filings it cites publish no rents, no lease terms, no unit-size schedule, no retail tenant and no general contractor. The construction schedule beyond the two-year estimate is not published either.
Nothing in the published record links the building to a hotel, and no reported document sets terms for corporate housing or extended-stay use.
The next dated items are the September 2026 construction start and the August 2028 opening target.