SPEEDWAY — New life is coming to a Speedway senior living facility that closed last year after receiving numerous citations by the town of Speedway and state health inspectors.
Roland Independent Living closed in November 2017.
The property is in the six thousand block of west 25th street next to the Speedway Post Office. It now has new owners.
Core Redevelopment of Indianapolis purchased the property two to three weeks ago. Demo work is already underway to turn it into 53 studio and one-bedroom apartments in gated community.
"Speedway is appealing to us because it's a great community to be part of," said Jenaye Huges, Asset Manager for Core Redevelopment. "We're very excited to be here and have a presence in speedway. It's a great rental market."
Core Redevelopment says these apartments will be set at market rate. Market rate means anyone can apply. Monthly rent is expected to range from $600 to the low $800s.
The working title for the complex is Veranda at Speedway. Expected completion date is spring 2019.
Core Redevelopment manages a number of other properties in Indianapolis including Stadium Lofts, Harding Street Lofts, Five Twenty Virginia and Robert School Flats.
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