Scaled back renovation project begins at Penn Arts

April 26, 2010
Back to TopCommentsE-mailPrintBookmark and Share

Penn ArtsRenovation 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. 

ADVERTISEMENT
  • Where are they now?
    Cool, an IBJ Real Estate "where are they now" piece.
    When are you going to follow up on the spiral tower guy?
    • Twisty Tower
      I can say confidently that the twisty tower project is dead and doesn't have a chance of coming back to life.
    • Very Nice
      I live and work near there currently, and while that is a little high for me... I might be able to swing it. I'm curious to see what the kitchen's will be like.
    • Good News
      Very good to hear this is moving forward.
    • Good news
      Smart move on the TVs... those always get people excited.

      I love that building and the area. It's very pretty.
    • Good
      I am happy for Chris...he and his company are a real asset for our city.
    • Not to nit-pick...
      Good news for the neighborhood! Glad to see he's not out of the picture.

      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'...
    • HA HA
      That's funny Matt, I want that same follow-up!
    • Penn Arts
      I'm so glad that work is finally proceeding! I lived in this building over 10 years ago - I think my 1 bedroom with all utilities included was $399. Glad to know they're expanding the parking, that used to be an issue, but it looks like they're also reducing the number of units. I love that the lighted awning will come back to life as well. Can't wait to see the finished project!
    • Excited
      I'm glad to see that this area is progressing. I wonder if the town homes that were planned just north of the school will ever be completed. The poured the foundation but now they're filled with weeds.
    • My Opinionation
      Phenomenal....Super Phenomenal.
    • roach motel
      Too bad the majority of the budget is going to be eaten up getting rid of the roaches!
    • Response
      Thank you all for your encouragement!

      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

    Post a comment to this blog

    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
    1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

    2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

    3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

    4. Does anyone know how and where I can get involved and included?

    5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

    ADVERTISEMENT