Apartments planned for old school

August 22, 2008
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Former Stetson SchoolThe former Paul C. Stetson School northeast of Fall Creek Parkway and College Avenue could soon find new life as a 47-unit senior apartment complex. The Mapleton Fall Creek Community Development Corp. and Stetson Senior Apartments LP have filed plans Stetson Senior Apartmentsto transform the 1924 building, which most recently served as offices and The Saint Christopher Center, an early childhood education program affiliated with the Christ Church Cathedral. Plans call for the old school's gymnasium to serve as a common area for new tenants. Classrooms would be transformed into 24 two-bedroom units and 12 one-bedroom units. The plans also call for a new 20,000-square-foot building (shown above) at the corner of Fall Creek Parkway and 30th Street that would contain additional senior apartments. The project designer is locally based Halstead Architects. A hearing is set for Aug. 28.
  • I am glad this site is finally getting re-used, it is a pretty cool building. As for the addition it is sort of hard to tell from the small rendering, but I not sure about the exterior treatment. It doesn't seem very harmonious with the existing building. I am not saying the addition should be brick, but the addition and the original should not look so chaotic together.
  • This is good news. I have been wondering what would happen with this building.
  • I'm glad to see some old Indianapolis schools re-used.
    I hate seeing all these historic schools in our fair city being demolished.
    It is nice to see some re-use here.
  • cool! There is an old school turned apartment building in Woodruff Place that I like a lot. This looks good.
  • FOR THE RECORD: Halstead Architects is no longer involved with the design of this building's renovations or additions. While we have been involved in many design options for the building and are happy to see progress finally being made, however, Halstead Architects is not responsible for design choices currently being made.
  • Would have been a great opportunity to include the existing but very dilapidated historic apartment units immediately north of this site on Fall Creek. (NW corner of 30th and Fall Creek). Their problem has always been parking, so including them in a senior development where parking requirements are a bit less would be an opportunity. More complicated, yes. But maybe worth consideration. I'm assuming both Low-Income and Historic Tax Credits are being used on this project.
  • I agree with Dave, unless those buildings north of 30th are so far gone as to be unsalvageable. They've been vacant for at least 5 years...maybe more...and I'd be amazed if they didn't have some serious structural defects by now.
  • My bus drives past this building every day and I've been meaning to look up what's in store for it...Senior apartments could be a great opportunity, I just love the historic school re-developments...why does it seem there are hundreds of old IPS schools?? At least some of them are being redeveloped or used as private schools.
  • IPS once had twice as many students as today. Plus the optimum school size has increased, so half to 3/4 of the IPS grade schools that were open in the 1960s have become surplus since then. Some have shifted to other uses, some have been knocked down and replaced, some have been enlarged.

    An old school on Capitol (just a few blocks west and south of this site) plus one at 34th & Emerson are senior housing. School 80, a couple of miles north, is condo. Several downtown schools were redeveloped as offices.
  • No. 76
    Wow. I went to school here from 1952 through 1960. Do they still have the huge coal bin to the north of the building. We used to think it was a coal mine. Pretty tough playing baseball on an asphalt surface.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.