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$7.5M Fletcher Arts project gets back on track

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On The Beat Industry News In Brief

Developer and architect Craig Von Deylen is finalizing plans for a mixed-use project called Fletcher Arts just west of the intersection of Virginia Avenue and East McCarty Street.

The project at 719 Virginia Ave. calls for 57 market-rate apartments, 7,000 square feet of storefront commercial space, and a 58-space parking garage. It is a scaled-back version of a proposal Von Deylen has been working on for about two years.

The first phase of the project, including the apartments and parking, will cost $6.5 million, said Von Deylen, who has closed on the property and is awaiting term sheets from two lenders. The commercial phase would add $1 million, he said.
 

OTB Fletcher A developer has scaled back a project planned for Fletcher Place. (Rendering Courtesy Blackline Studio)

Von Deylen hopes to recruit an arts-focused organization (other than iMOCA, which has settled in at the Murphy Arts Building, which he co-owns) to take first-floor space in Fletcher Arts, which will sit along a future phase of the Indianapolis Cultural Trail.

The project still requires Regional Center approval. Von Deylen hopes to begin construction in late spring.

The designer is Blackline Studio, a new local firm led by Craig McCormick, who described the building’s design in an e-mail: “Simple contemporary forms are articulated to express the playful culture of the neighborhood. The design is a balance of urban fortitude and the lightness and transience of contemporary life.”

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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