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. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

    2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

    3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

    4. Exciting times in Carmel.

    5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1

    ADVERTISEMENT