What the commission approved
The Metropolitan Development Commission gave TWG Development LLC final approval on 2 September 2026 for a $73 million apartment complex 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 delay. The city rezoned the site for residential use in 2024 and granted a 10-year tax abatement. City documents put the abatement at about $6.43 million in savings for TWG, an 80 percent reduction in property tax liability across the decade.
Units, income mix and the retail bay
Documents filed with the commission put the unit count at 270. Forty-one units are reserved for households earning less than 70 percent of the area median income. The plan carries an integrated parking garage with 204 spaces and about 6,500 square feet of commercial and retail space.
Smith told the Business Journal that financing difficulties, elevated interest rates and construction costs caused the delay. He said the project plan has not changed since 2024.
The concept follows the firm's six-story, 269-unit Rise on Meridian at 915 South Meridian Street, which carries a pool, courtyard, fitness centre, lounge and dog park. The McCarty Street building adds a rooftop Game Day Lounge facing South Missouri Street and Lucas Oil Stadium.
The group inventory the district already sells
The Indiana Convention Center facility guide counts 4,721 hotel rooms connected to the Center, 7,175 rooms inside a six-block radius and 4,570 committable group rooms downtown.
The same guide lists 11 exhibit halls at 566,600 contiguous square feet, 71 meeting rooms at 113,302 square feet and three ballrooms at 62,173 square feet. Its Sagamore ballroom covers 33,335 square feet and seats 3,400 theatre style. Forty-nine docks sit at the rear of the exhibit halls.
Lucas Oil Stadium seats 63,000 for football. A house reduction curtain lowers that figure to about 41,000, and the stadium plays basketball in the round for up to 70,000. The guide counts 139 suites, seven locker rooms and an enclosed pedestrian connector that ties the stadium to the Center and several hotels.
The Capital Improvement Board of Managers of Marion County manages the convention center and the stadium. The venue footer puts 200 downtown restaurants within walking distance and 15 minutes to Indianapolis International Airport.
The delivery dates a group planner can hold
Visit Indy lists six properties with expected openings in the city pipeline. Signia Hilton Indianapolis carries 803 rooms for December 2026. Motto Hotel carries 116 rooms for 2026. Kimpton Hotel carries 167 rooms for 2027. The Westin at Indianapolis International Airport carries 253 rooms for 2027. Ritz-Carlton carries 176 rooms for 2028. Renaissance carries 378 rooms for 2028.
Visit Indy ties the Signia to a 143,500-square-foot convention center expansion with a 50,000-square-foot ballroom. The agency puts the connected package at 13 properties and 5,500 rooms and counts $3 billion of tourism-related projects in the program.
The 270 residences land in the 2028 calendar. Two hundred and twenty-nine units price at market rate and 41 sit under the income cap, and the residents hold the block through the calendar year. Programs that use the stadium and the Center through 2027 draw on the inventory published today. Programs dated from 2028 draw on the same blocks plus the delivered pipeline and the new residential address.
What the record does not carry
The Business Journal article and the commission filings carry no rents, no lease terms, no unit-size schedule, no retail tenant and no general contractor. No published document ties the building to a hotel, and no source 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.