Apartment renovation in Irvington

December 9, 2008
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Audubon Court in Irvington,
                              IndianaApartment developer Christopher Piazza has closed on financing for a $1.2-million renovation of a 1914 apartment building in Irvington. The 31-unit Audubon Court (shown here, and currently vacant) soon will feature restored hardwood floors, clawfoot tubs, LCD wall-mounted TVs, porches and courtyards, along with a 24 hour fitness studio, laundry room and garage parking. The project, slated to begin Dec. 15, is being financed by Symphony Bank and Greensfork Township State Bank, which has agreed to acquire Symphony. The building is near Irvington Public Library and a Starbucks coffee shop. Rates will range from $600 for a one-bedroom to $1,100 for a three-bedroom unit. Piazza and a partner are launching a new company, Whistler Piazza Developers, to build the project. His existing company, Reverie Estates, will manage the completed property. Piazza, a 2005 graduate of IU's Kelley School of Business, also offered an update on his planned downtown renovation of the Penn Arts building: Legal work is underway for a December closing on the construction loan.
  • Good choice, irvington is the new up and coming place for people to visit.
  • So, what was the update on Penn Arts?
  • They were waiting on a construction loan and they are waiting to close on it this month to begin renovations........
  • With the already completed Irvington Suites, the in-progress Reese
    Building, and now this, Christopher is becoming a Real Estate mogul
    in Irvington. With the properties in such close proximation, it should
    make it easier to manage them.

    After some false starts on the Audobon, this guy looks like he's for real.
    Young, excited and eager to rehab older gems. I am proud to have him
    working in my neighborhood.

  • An encouraging bit of positive economic news! This building is certainly worth the effort and will be a real plus to an area with such a diverse residential personality.
  • Cool. Man where does he get some of his initial capital to be doing this. Is his family of Piazza Produce with all the trucks you see running around town?
  • If you check out the original Penn Arts post, there is quite the discussion of where the initial capital comes from: networking. In other comments, isn't cool that Cory used the picture with the trolly tracks. Maybe Piazza can inject some of his energy into expanding the downtown trolly line concept to Irvington.

    There's going to be a lot more federal funding made availiable for public infrastructure with the Obama admistration and Democratic controlled Congress.

    Irvington is looking great these days. You can go to Starbucks or Lazy Daze for coffee and browse Bookmamas for nice used books. Now they only need more BYOB locations...
  • Whistler could be Ron Whistler from Lafayette. could be the money man
  • Congratulations and thank you. I've been looking at this location for years wondering if anyone would ever revamp it. Its little 'british cottage-tudor' design combined with I's history lends itself to being called,..Sleepy Hollow. This is a real + for the eastside, I'ton and the city as a (w)hole----which, unfortunately for too many areas, it remains.
  • Here is a link with more info about this project and the new development company. It shoud answer all of the questions as to where the money came from and maybe you all can quit the speculation.

  • Two pieces of good news. Along with the reports in IBJ about other development projects moving forward, it appears that credit for good, solid projects with owner equity is finally breaking loose a little.
  • Nice job Chris, we love your energy in this market, we need more of it. Way to rescue some beautiful gems and bring them back to their former glory. Look forward to assisting you with Penn Arts however we can!
  • Kevin, calm down a little, speculation isn't bad. And it wasn't mass hysteria od speculation, just a couple of us having some ah-ha moments and wondering how he's doing it.

    Thanks for the resource though that will benefit us all - not just us speculators
  • What a great building! He has really found some gems to fix up. I wish we had more people like him in the world. They're going to be done quickly too if the move-in date is March 09. Can't wait to see the finished project!
  • MikeW, sorry if I came across a little strong on my last post. It is just I have followed the posts here and on previous discussions about Chris and his success and not much credit was given initially to the guy for building something from scratch. I was just trying give the credit for doing so well and creating a strong network of investors.

    Hopefully no harm no foul on my part.
  • I love Irvington, this is great news!
  • Where exactly is this?
  • Irvington is a neighborhood / former suburb near the 5500 block of East Washington Street. There are major plans to update the streetscape as noted in the IDO article mentioned above, in addition to a new rail trail based on the success of the Monon trail.
  • Nice to see apartments instead of condos and at a fairly reasonable price.
  • Awesome news for Irvington. Congrats to Chris on getting this project!!
  • In response to E. This complex is smack dab in the middle of a ghetto. Ok, part-time ghetto. They do have a Starbucks afterall. And lovely ladies of the evening prowling around E. Washington in that area. And some lovely highend car dealers. You just gotta love the charm it has to offer in such quantities. Well I am bored, off to Clay Terrace, love ya, mean it!!!
  • Yeah, right. Do you even know what a ghetto looks like, northsider?
  • I've seen some ghettos, and Irvington, in my opinion, doesn't qualify.
  • Ghetto? Irvington?

    Where is northsider from? Sious Falls, SOuth Dakota. Not a big city person are we?

    And I do hate to whine and nitpick, but you're bored and going to Clay Terrace? What an exciting life we live! Wooo...slow down there fella'.
  • Clearly northsider wrote that only to get a reaction out of everyone--most likely not even from the northside so don't waste your time responding.

    The future apartments look great. It's really turning into a neat area... it is too bad that Irvington is surrounded by some not-so-stellar areas but the local IPS elementary school made national new for it's new concept--parents and students promising to take responsibility for their education!
  • Looks like northsider goes shopping for cars and then dates on the east side. Irvington must be the up and coming place to be! Clay Terrace must be the place to be when bored, like the rest of the people there.
  • Actually this is where our schools take the kiddies, to show them what happens to you when you dont go to colllege. It shows them the squallor, dare I say, the fecal ooze that you will live in if you dont make the right decisions in life. I mean it in the best of ways though. After all we are all hoosiers, some just a little higher on the socio-economic scale. I am sure the complex will be the cubic zarconia of Irvington. It will be charming, yes..... I believe thats it. Charming. Anyway toodles!!!
  • Wow, northsider. Your skills of observation are exceeded only by your grace, charm, and wit.
  • Northsider.................this definately beats typical therapy and I hope it's working for you!
  • There are more WHORES on the north side then all of Indianapolis. There just called, WIFE up there.
  • Seriously, guys? Move on.
  • Back to the real discussion. I hope that a million and some is enough to really renovate that place. For many years there were windows broken and missing, allowing all sorts of rain and snow in before they boarded them up. It really is a unique looking building or buildings. Bob, I have to say about your comment. I have not laughed that hard in YEARS. Well done!!!!
  • I don't know why people are arguing or even responding to Northsider. Obviously, the person is just some bored schmuck trying to play a caricature of a northsider. The effect both mocks northside suburbanites and baits advocates of the central city into silly arguments. In other words, the person is simply a troll--ignore him or her and move on.
  • I think Eastsider's right--$1.2 million seems like a small amount for the work that this location will need. I eyeballed it when I stopped at the library across the street and it's a pretty big place. It must have really good bones if that's all it'll take to put it into the kind of shape they're talking about.
  • Irvington is not where northside schools take their kids to show... I have friends up there and family... You are full of it... and obviously not schooled at all.

    For the schooled folks out there... and that would be the majority that has blogged POSITIVE things about the Irvington area... CUDOS for investing in a truly beautiful area of downtown. A ghost town it seemed for a time, I am so happy to see the younger generations taking a sincere interest in our communities.

    It truly does mean something to the human spirit when you SINCERELY take an interest in creating for the betterment!

  • I've lived here in Irvington since 1949. I can remember that grand old building when it was in its maturity. What Chris Piazza is doing there is nothing short of a miracle! I get sick and tired of you young folk acting as is wow, I just discovered this hot area called Indy! We have always been here and always enjoying the quality life in our Irvington.
  • irvington you must be kidding
    I lived in Irvington back in the 50s and 60s when it was nice.Now its the arm pit of America.Your investment skills are not that good. I suggest you burn your money you will get the same result.

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