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Developer scales back plans for tower along Central Canal

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The developer of a proposed residential tower designed for college students along the Central Canal in downtown Indianapolis has significantly reduced the size of the project to improve its chances of winning city approval.

Valparaiso-based Investment Property Advisors resubmitted plans to the city on March 14 that show the original $83 million proposal shrinking from 26 stories and 485 apartment units to 10 stories and 293 units.

The number of parking spaces also would shrink, from 434 to 236, within a three-level garage instead of the originally proposed six levels. Commercial space would remain relatively the same, at 2,800 square feet, but first-floor amenity space for residents would more than double, to 10,800 square feet.

north_canal_development_view_15colRenderings of the revised project show a lower-lying structure, cut from 26 to 10 stories. (Ratio Architects)

The city’s Metropolitan Development Commission is set to consider the change in plans at its Wednesday meeting.

The project would be built on two adjoining parcels along Ninth Street between Senate Avenue and the canal: a 1.2-acre property that includes the offices and warehouse of B.B. Kirkbride Bible Co., and a 0.26-acre canal-front sliver of land the city in August agreed to sell to the developer. Kirkbride is set to leave its property.

Investment Property Advisors put the Kirkbride property under contract and won city approval to rezone the site for multifamily development in 2010, but its development proposal requires another review because of its size and potential impact on the downtown landscape.

The developer’s original plans encountered resistance from neighbors over its height and impact on traffic in the area.  At 26 stories, the tower would have been nearly as tall as the 28-story City-County Building.

“I definitely think 10 stories is more in keeping with the neighborhood, but I’ll reserve judgment until I see the drawings,” said Alise Voigt, director of guidance at Pike High School, who lives along the canal in the Watermark community.

Mayor Greg Ballard supports the scaled-back proposal, spokesman Marc Lotter said, because it still brings density to an area of downtown that’s experiencing more residential development. Projects are being built near Indiana Avenue by developers Buckingham Cos. and Trinitas Ventures.

“We heard a lot of concern from the area that it just didn’t fit with the character of the neighborhood,” Lotter said. "They’ve obviously scaled it back to 10 stories, which is much more fitting with the surrounding area.”

Investment Property Advisors expects to use a mix of private equity and bank loans to finance the project, possibly in conjunction with bonds backed by a tax-increment-finance district covering the area.

It hopes to break ground by September, which would allow the first residents to move in by summer of 2014.

The apartments would be fully furnished—including TVs, beds, couches and desks—and would rent for $700 to $1,100 per bedroom, depending on the number of bedrooms in each unit. The rent would cover cable, Internet and all utilities.

The economics of the project still must make sense for the developer to justify reducing its size, said George Tikijian of the local apartment brokerage Tikijian Associates.

“I don’t know how many more downtown projects can be put up before [the market becomes saturated],” he said, “but at that location they’ve got to feel there’ll be good demand for it.”  

Plans call for the tower to sit back from the canal and Ninth Street, while a larger, four-story base structure would extend to the property lines. The developer would build a public access point to the canal, including an elevator and rest rooms, where Ninth Street dead-ends at the Canal Walk.

Indianapolis-based Ratio Architects is designing the building.

Privately held Investment Property Advisors has focused on mixed-use student housing projects since 2006, including developments near Valparaiso University and the University of Louisville.
 

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  • Density & Parking
    Density and apartment size...what happens if Students do not show up to rent all of these small studio apartments...perhaps it would make a great WORK RELEASE CENTER!
    Not enough parking....no public parking (or very little) for visitors to the Canal
  • Tower
    This is not a tower, I wish it was I really do.
  • UGLY
    What is it with Indianapolis and ugly architecture and its insanely suburban mindset? This looks like something pulled straight from the 1960s Soviet Union.
  • Tower?
    Can we please get away from calling every building over 2 stories a "tower"? A 10 story building is hardly a tower. Mid-rise at most. Multiple stories does not constitute a "tower"
  • Ughh
    This development is weak at best. To tall, these statements came from downtown residents? Come on Indianapolis, people should be critiquing the architecture not the size of the project.
  • Nice commie block
    What can I say, another stink bomb. Why can't this city get it right on design?
  • Better
    Both schemes feel clumsy and lack elegance. Neither engages the canal on on any pedestrian level which is exciting (which is a shortcoming of every canal development to date). Rather they are dropped on the canal with overscaled massive brick walls. I preferred the density of the larger tower, but it too was a massive heavy repetitive wall which felt like mediocre dormitory construction of the 1960's. What else has this developer built? I can't even find a website with their project portfolio. Better architecture is needed for this site.
  • Copy Cat ?
    And another thing, did Ratio design the new Georgia Street entrance to the Convention Center? The cantilevered roof over the class wall box looks like they may have. Done that been there before.
  • Little rows of boxes
    Please no more rows of A/C units lined up on the up on roof and in plain sight. SCREEN THEM ! Look at the ugly sight line on the new apartment buildings going up on 16th Street between Delaware and College. Hope Trail Side on Mass Ave. does not have the same ugly concept,there it will be in sight of 65/70. Apply this rule Metropolitan Development: WHAT WOULD CARMEL DO?
  • Ignorant
    Indianapolis needs development, If you don't like the though of urban environment then move out. Does that make sense? Huge loss, what do you think attracts people? Not a boring architecture.
  • Upset
    The project is obviously positive for the residential situation, however I am no longer impressed with the project. Honestly the development along the canal is extremely dull. I guess a 10 story brick structure will make the current canal residents happy, I am shamed to know people in Indianapolis want to see downsized projects to this extent. It’s a shame to loose out on a opportunity to develop a unique structure. I still believe this is a gain for Indianapolis. Suburban infrastructure belongs on the outskirts of the city, along with the suburban mindset!!! As a college student myself, I know this is not the urban living I am looking for, should I look elsewhere?
  • unfortunate.....
    It is unfortunate that the desire of a few suburban minded folks ruined plans for a more urban building in terms of height and density. It is downtown, downtown has tall buildings and people....if you don't like that, move to a subrub.
  • 2800 s.f. of Retail
    Are you sure that's correct, only 2800 s.f. of retail? Isn't one of the problems with the canal the lack of retail activity? Also, there doesn't seem to be enough parking in this project.
  • Facade change?
    I'm glad to see they've scaled the size of the tower back to a more reasonable size for the neighborhood. However, it still doesn't address what seemed to be the biggest complaint and that was the facade and overall architectural design (or lack thereof) of the project. Hopefully ratio actually designed an attractive tower this time as opposed to the Soviet-era mess that was originally proposed.

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