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.
  • 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?
  • 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.
  • 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.
  • 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.
  • 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?

  • 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.
  • 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.
  • 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.
  • $350,000 to $800,000?! Did they forget this is Indianapolis?
  • 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.
  • 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.
  • Hi Jim. Photos i received. Thanks
  • 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....
  • Thank you for sharing!

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.