Renovation work finally has begun on the Penn Arts building
at 16th and Pennsylvania streets. Developer Christopher Piazza, who paid $1.4 million for the building in 2008, said he gave
up on banks unwilling to lend early this year and found two equity investors instead. He had to cut the budget in half, to
about $1.5 million, and expects to have the first apartment units available by September. Apartments will start at $885, and
will feature original trim, doors and radiator heating, bay windows, stained concrete floors, open style kitchens with bar
seating, 40-inch wall-mounted LCD TVs and new appliances. "The original decorative awning will be lit up as it was in
1922, the stylish commercial spaces will be ready for retail tenants, new signage will be installed, existing parking will
be expanded, and metered parking will be installed on 16th in the front of the building pending necessary approvals,"
added Piazza, 25, who plans to move the headquarters of his company, Reverie Estates, into the building. The building also
will feature a complimentary laundry room, fitness studio, clubhouse with conference facilities and a rooftop terrace. Piazza
said his equity partners in the project are William Poovey and John Hyatt.
- Home
- NEWS
- REGIONAL
- THIS WEEK'S PAPER
- BLOGS
- Multimedia
- OPINION
- A&E
- LISTS
- PEOPLE
- EVENTS
- Classifieds
- Subscribe
Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
Sponsored by
ADVERTISEMENT
-
Many serial killer types and psychopaths work as lowly bureaucrats, just waiting to impose their wrath on a powerless person, child, or pet. Don't forget, the BTK killer was a dog catcher.
-
If a television station wants to improve viewership, get rid of the local blackout. I was born by the brickyard, and have attended 15 or more races. I have children now, I won't attend unless circumstances are perfect. As those with growing families know, they never are. I'm always impressed that upwards of 250,000 people attend the 500. However, as a growing, or, more apt, sprawling city, Indianapolis and its immediate suburbs count almost 2.2 million. Show the race live, let the venue get a kick-back on revenues, and open-wheel racing might have a fighting chance to be relevant again. Just in time for those tax-payer lights to make sense.
-
John Moore, I too have had the same issue recently. A property next to my house was on the Land Bank and I was interested in purchasing. When I tried to contact Reggie, I got back emails that had nothing to do with what I asked about. Actually my latest response from him was on this past Friday. I had asked about how to buy the property and if it was still available. His response to me was to contact the mayor's office to get the schedule of his appearances. (???) Hopefully the city is able to do something to fix what this guy has done, it would be nice if they would take the properties back and sell them properly so land owners like me and you mother would have a fair chance.
-
I too work in the industry, with over 25 years of experience and your political spin has probably nothing to do with any rebranding. "Let's dress it up" would have nothing to do with the government "telling us how and what to eat." Give it a political rest. And being a producer for a radio show doesn't mean you've been involved in advertising and branding for 30 years.
-
Ms. Morris did not understand the ways of the business world, otherwise, like the IMS, she could have petitioned the State Legislature for a handout of State Funds for her charity work. Ms. Morris should consider becoming a state lobbyist for Lemonade Stand Operators.
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
13 Comments
Add Comment
When are you going to follow up on the spiral tower guy?
I love that building and the area. It's very pretty.
Not to nit-pick, but TVs aren't what I would consider fungible anymore. I wonder how that deal works. I imagine the buyers whining, "I don't want a Sony! All my devices use Panasonic's VIERA Linkâ?¢!" Just sayin'...
Nick, the kitchens are going to be a mix of new cabinetry and restored original cabinetry. They will have a very unique and classy look. We'd be happy to show you around late this summer, and feel free to check in on my website here in a few months for new photographs.
As for the roaches, you'll be happy to hear that I have isolated them to one apartment and will be charging them the market rent.
All the best to everyone,
Chris Piazza