IBJNews

One Mass Ave project starts; another one is in limbo

Back to TopCommentsE-mailPrintBookmark and Share

The development arm of the Indianapolis Housing Agency has closed on financing and started construction of an $11.5 million, 61-unit apartment project at Massachusetts Avenue and East and North streets.

It's the first of two phases of housing and retail space known as Millikan on Mass that Insight Development plans to build on ground surrounding the Barton Tower Apartments. But the fate of the second phase is up in the air because its financing had been tied to a project that the team of Insight and Flaherty & Collins Properties had hoped to develop across Mass Ave at the site of the Indianapolis Fire Department headquarters.

The city announced Oct. 24 that it had selected the team of J.C. Hart Co., Strongbox Commercial and Schmidt Associates architects to build a $43 million, mixed use project with 235 apartments on the fire department site.

Insight President Bruce Baird said his development team is beginning the process of evaluating its options for phase two of the development. That project, with 68 apartments and 9,000 square feet of retail space, would line Massachusetts Avenue and East Michigan Street across the street from the Athenaeum.

Baird said it's possible the project, which already has received city design approval, will proceed even though the project across the street was awarded to the Hart/Strongbox team. He said Insight/Flaherty is only now beginning to focus on phase two after closing phase one financing last week and beginning construction Nov. 12.

Phase one, which includes 5,000 square feet of street-front retail, is financed almost entirely from the sale of rental housing tax credits awarded to Insight by the state last March. The credits are being syndicated by locally based City Real Estate Advisors and are being purchased by Huntington Bank and Fifth Third Bank. The construction lender is Merchants Bank of Indiana, with participation by First Merchants Bank.

The use of rental housing tax credits places limits on the income levels of those who occupy the units. More than half of the 61 units will be leased to people with household incomes between $23,000 and $40,000 a year. The balance will have even tighter income restrictions.

Baird said the five-story brick structure, most of which will front East Street, is scheduled to be ready for tenants in December 2013. Though work has started, a formal groundbreaking is expected to happen early next month. The design, by a partnership of the architecture firms Ratio and A2S04, preserves surface parking used by residents of the 21-story, 246-unit Barton Tower, a 1967 building where the Indianapolis Housing Agency recently completed $8 million in improvements, including new mechanical systems and cosmetic upgrades.

Baird said the Barton, which is open to seniors and the disabled, lost tenants during the renovation but is now back up to about 88 percent occupancy.

 

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. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

ADVERTISEMENT