Reverie Estate buys another downtown Indianapolis apartment building

August 28, 2010

A prolific developer of urban apartments has acquired another building near downtown and plans to turn it into an affordable artists’ community.

Reverie Estates has closed on a deal to buy the 72-unit St. Regis apartment building at 26 E. 14th St., just two blocks south of the company’s largest undertaking to date, the Penn Arts at 16th and Pennsylvania streets.

Property records show the St. Regis was built in 1929, and list James Candler as owner.

Reverie President Christopher Piazza said he plans to rename the building “Da Vinci” and develop it into a “community for creatives” with studio and one-bedroom apartments in the range of $400 per month (with all utilities included).

Piazza says he also plans to open a community art gallery in the building in 2011. He’s working with the King Park Area CDC on a potential subsidy to assist with the development and keep the units affordable.

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