Scaled back renovation project begins at Penn Arts

April 26, 2010
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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. 

  • 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

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    1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

    2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

    3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

    4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

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