305 condos replacing apartments

May 14, 2007
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Renaissance BayA $150-million luxury condo development known as Renaissance Bay will replace an apartment complex along Keystone Avenue at 78th Street. All that remains of The Landings apartments are massive piles of concrete and bricks. Construction is set to begin in July on the replacement, a development of 305 condos ranging in price from $350,000 to $800,000. The project, by Sun Shiel Properties LLC, will feature buildings as tall as five stories inspired by the architecture of South Carolina. The structures will surround a large lake that connects to the White River. More images here.
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  • KevinMay 14, 2007 1:07 PM
    This looks great, but at what point does the $270,000 condo market hit saturation in this market? Why am I paying 800K to live on Keystone when I can buy a palace downtown for that? I forsee a huge collapse in the condo market. Property Lines, a Hershey's mini chocolate bar for your thoughts?
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  • TylerMay 14, 2007 1:26 PM
    I think there will definately be people who will pay 800K to live in that area, with proximity to the Fashion Mall/Keystone Crossing, 86th Street and even Carmel.
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  • TylerMay 14, 2007 1:28 PM
    Another note: I'm glad to see high density projects popping up in other areas of the city besides downtown. It's what the city needs.
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  • CorrNDMay 14, 2007 1:36 PM
    That's certainly a market for posh condos in that area, but $800k seems a little ridiculous. High-priced extras -- hardwood floors, granite counter tops, etc. -- can only push the price so high. Condos go for this price in downtown because the underlying land is so valuable. The land cost in this area certainly doesn't approach downtown. And if the square footage of the condo goes high enough, wouldn't most people rather just buy a house? Like Kevin said, $800k buys you a VERY large house in downtown. In that area, it buys you a mansion.
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  • WagsMay 14, 2007 2:02 PM
    For $775,000, you can have 5,000-plus square feet in Oxbow. And that's just one example.

    Methinks they're really reaching on this one.

    Ooooh, great, I can pay a bunch of money to live off traffic-laden Keystone just a stone's throw away from Wal-Mart and a couple of strip centers. But hey, there's a retention pond. Who doesn't love a retention pond?

    Blah.
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  • BradshawMay 14, 2007 2:06 PM
    Forget Fashion Mall, Keystone at the Crossing, 86th St., and esp. Carmel, you're mere seconds away from Wal-Mart and a Starbucks! Any chance they construct a walking trail to Wal-Mart?

    For me, I wouldn't pay $800k for a unit when you can't safely and easily make a left-hand turn onto Keystone, not that anyone will.
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  • ryanMay 14, 2007 4:50 PM
    the naysayers are missing the point...this is a beautiful project with high density. high density is what this city needs. ever stop to think that with a high-end project like this comes other high-end projects? there is already class-a office space being developed along 465 in addition to what is already built. maybe this development will spur re-development of walmart, etc. and since when is living near a starbucks a bad thing? yes, it's a chain, but a very nice one. this area is unfortunately stuck in the 1970's and hopefully this will be the first of many new developments.
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  • CorrNDMay 14, 2007 5:41 PM
    ryan -- I think you misunderstand (or at least misunderstand ME). I'm not naysaying their design, their density or their high-end aspirations. I just question how they're going to make an $800k condo. The $800k condos in downtown are, for example, large condos on Mass Ave with views of the skyline and high-end styling. These condos may be large and they may have high-end styling, but they're on an expressway (Keystone) with a view of a retention pond as Wags put it. These aren't exactly one-of-a-kind characteristics like living on Mass Ave or having a skyline view.

    I do wish the developers good luck in finding buyers for their high-end condos because I think this is a wonderful project for the area.
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  • RobbieMay 14, 2007 9:28 PM
    $350,000 to $800,000?! Did they forget this is Indianapolis?
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  • eRiCh!May 14, 2007 9:46 PM
    Uhm... I think this is GREAT! I mean seriously to think they could've built in Carmel or Fishers instead (which would've been dumb) all i'm sayin is i am so SO happy that they are actually redeveloping this! Just like the Belle Meade revdevelopment @ 96th & Ditch! This can only be a good thing for Indianapolis & the greater Northside! ;-) So i am quite happy these developers are doing this.
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  • Bob AMay 18, 2007 5:55 PM
    Having just moved just accross the river at Sandy Pointe, I couldn't be happier. This property development probably added $100k to my value.
    Everone is forgetting the emty nesters. I'm one and love the lifestle in this area. That's who will be paying 800K for a latge condo with water view. Also, the lake is really a cove connected to the White River. Great boating and bass fishing.
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  • Bill ComptonJune 4, 2007 3:21 PM
    Hi Jim. Photos i received. Thanks
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  • 1234 NotOctober 5, 2007 5:11 PM
    No Way.
    I live in Crystal Lake and I can almost hit the Keystone Mall with a Golf Ball and we have single family homes on water and they have been building them for years.

    No way they will fill one unit. Let alone 300 - only if they want to keep building for 25 years. And who wants to live in that mess....
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  • WahooOctober 5, 2007 7:18 PM
    Thank you for sharing!
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