IBJNews

Virginia Avenue attracts yet another project

Back to TopCommentsE-mailPrintBookmark and Share

A locally based developer and manager of affordable housing in three states is staking its first claim downtown with two projects, including an apartment and retail development planned for the rapidly changing Virginia Avenue corridor.

Englewood Development has under contract the former Shirley Engraving property at 460 Virginia Ave., where it plans up to 50 apartments, about 5,000 square feet of retail space and an underground parking garage.

The site is across the street from the Virginia Avenue spur of the Cultural Trail, which is under construction adjacent to two other apartment buildings being built in the neighborhood, the 64-unit Mozzo apartments in the 500 block and the soon-to-open Hinge, a building with 56 apartments and 12,000 square feet of retail space in the 700 block.

“It’s a neighborhood that’s going places,” said Nick Surak, who is in charge of acquisition and development for Englewood, which his father started in 1974. “This is a great opportunity to do a project in an area that is going to be unrecognizable in five or 10 years.”

Surak cited The Hinge, The Mozzo and CityWay, all market-rate projects, as evidence the neighborhood is catching fire.

The Hinge is a $7.5 million project being developed by local architect Craig Von Deylen. It opens this fall. The Mozzo, a $5.8 million project with 2,300 square feet of commercial space, is being developed by Milhaus Development. It opens next year.

CityWay is the high-profile, $155 million project Buckingham Cos. is developing a few blocks west of Virginia Avenue on South Street between Delaware and New Jersey streets. CityWay will feature a boutique hotel, 250 apartments, up to 100,000 square feet of retail space, a 24,000-square-foot office building and a YMCA.

Sandra Jarvis, a commercial real estate broker, is so impressed with activity on Virginia Avenue that she moved her office earlier this year from the Chamber of Commerce Building on North Meridian Street to 660 Virginia Ave.

Jarvis is handling leasing for The Hinge, where only one commercial space remains. She said there’s a lot of demand, but not much inventory, for space for small businesses that only need about 1,000 square feet.

Jarvis worked with Surak on Englewood’s first downtown apartment project, the adaptive reuse of an 1895 church at 1249 N. Alabama St. That 24-unit project, known as Englewood Lofts and financed with rental housing tax credits awarded by the Indiana Housing and Community Development Authority, will start construction this fall. The estimated project cost is $5.1 million.
 
Englewood will apply to the state this fall for tax credits for the Virginia Avenue project. If it gets those credits, which will be awarded early next year, the project would start later in the year and open in 2014. Two historic buildings on the site will be preserved and incorporated into the project. A low-slung block building that dates to the 1960s will be demolished. Surak said it’s too early to estimate the project cost.

Englewood has developed and manages more than 2,800 rental units in Indiana, Illinois and Arizona. It manages another 1,100 units that it developed in partnership with various not-for-profit agencies.

The company initially focused its activity in rural areas, but as the federal affordable housing tax credit program has grown Englewood has shifted its focus to urban areas.

To date, the company's only Indianapolis property is the 49-unit College Park Apartments, completed in 1987. Surak said Englewood’s projects on Virginia Avenue and at 13th and Alabama are a sign of the company’s renewed interest in the city.

“Indianapolis is a real bright spot in the Midwest,” he said. Surak, who grew up here and moved away, noticed a difference in the city when he returned in 2009. “It’s got a more urban feel to it now.”

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

  2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

  3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

  5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.

ADVERTISEMENT