Developer plans apartments at 707

May 23, 2009
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707 E. North St. A local developer hopes to convert the unfinished eight-story 707 E. North St. condo project into a mostly affordable apartment building with offices on the top floor. The Whitsett Group has agreed to buy the building from Beilouny Luxury Properties, but the deal still must be approved by Cincinnati-based Fifth Third Bank, which has launched foreclosure proceedings. The exterior of the building is finished, but work on the interior stopped in late 2008. The Whitsett plan calls for 40 apartments on the third through seventh floors, with 57-percent affordable and the rest at market rates. The top floor plan would house the company's headquarters, along with community and exercise rooms for apartment tenants. For more on this story, pick up a copy of this weekend's IBJ.
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  • Sounds like a great plan. Downtown is in need of more affordable apartments. Being so close to Mass Ave, these will sell fast.
  • I agree. Affordable housing is just what downtown needs. Putting all your chips in on high priced condos doesn't seem to be working out (market square)...
  • Does anyone know the occupancy rate of Reily Towers(sp)?
  • I do not know. I see ads for them all over IUPUI campus. Honestly Riley Towers is a bit overpriced for what you get. Many of my friends took a look and were not too impressed besides the view. I guess the view is what you are paying strictly for.
  • Any word on what they're doing with the first and second floors?
  • Ablerock: The first two floors are parking.
  • I like this plan. Anything residential on that side of college is a good thing.
  • As a neighbor, I'm very happy to hear this news. I had earlier been told that Fifth Third planned to hold on to the building for awhile until property values began to rebound. I thought apartments made more sense than luxury condos at this location. We have too many luxury condos as it is.
  • Whatever they do, PLEASE don't keep the name Beilouny. 707 could be a cool name, but anything that looks or sounds similar to a processed meat product probably isn't apt for a Luxury Development namesake.

    The half-finished projects are potential steals for these companies. There is no more better example of Buy Low, Sell High than virtually stealing these properties during the market low finishing them out catered toward a more realistic market right as the real estate crunch turns around. Hope it goes through.
  • Apartments are great. The name sucks. I could think of a dozen that would be memorable (and pronouceable) than Beilouny. Big plus to see the first two floors were parking and will not require a surface lot (though it would be better to have SOMETHING to engage the street such as first floor apts right off College.) This seems to really be a nice template of what more MASS AVE area infill could resemble.
  • The name is 707, not Beilouny.
  • JG, Flaherty & Collins last week were chosen to lead the development of the Barton Tower and Lugar Tower parcels. They are building market rate apartments ON Mass Ave. I'm surprised Cory didn't pick up on this story.
  • I actually wrote the story on Barton and Lugar. You can check it out here. Waiting to post on the blog until I can get a rendering.
  • Thanks Cory.

    I hope you'll get a rendering of the Perkins VonDeylen building on Virginia Avenue as well.
  • From what I've read and heard from others in the neighborhood the group purchasing this project specializes in subsidized apartments. Can anyone confirm if this is what their plan is for this building?

    Affordable is a vague term that can mean lots of things.
  • Friends who were looking at Riley Towers last week were told the apartments are at appx. 95% occupancy.
  • Opening Soon~
    707 North Apartments will open June 2010 & is now leasing! Call Jamie 514-9298 for leasing information or any additional questions.
  • WHY LOW INCOME HOUSING?
    Why low income for this area? Why could they not follow what Barrett and Stokely followed when they took over the Maxwell...they maintained the initial integrity of the buidling...keeping higher end condo finishes...with a higher monthly rent to reflect the buidling. This is a huge mistake for downtown...esp the Mass Ave Area!
  • Chicago Apartments for Rent
    Great stuff. I found this while I was looking for Chicago Apartments for Rent

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  1. Socialized medicine works great for white people in Scandanavia. It works well in Costa Rica for a population that is partly white and partly mestizo. I don't really see Obamacare as something aimed against whites. I think that is a Republican canard designed to elicit support from white people for republican candidates who don't care about them any more than democrats care about the non-whites they pander to with their phony maneuvers. But what is different between Costa Rica nd the Scandanavian nations on one hand and the US on the other? SIZE. Maybe the US is just too damn big. Maybe it just needs to be divided into smaller self governing pieces like when the old Holy Roman Empire was dismantled. Maybe we are always trying the same set of solutions for different kinds of people as if we were all the same. Oh-- I know-- that is liberal dogma, that we are all the same. Which is the most idiotic American notion going right back to the propaganda of 1776. All men are different and their differences are myriad and that which is different is not equal. The state which pretends men are all the same is going to force men to be the same. That is what America does here, that is what we do in our stupid overseas wars, that is how we destroy true diversity and true difference, and we are all as different groups of folks, feeling the pains of how capitalism is grinding us down into equally insignificant proletarian microconsumers with no other identity whether we like it or not. And the Marxists had this much right about the War of Independence: it was fundamentally a war of capitalist against feudal systems. America has been about big money since day one and whatever gets in the way is crushed. Health care is just another market and Obamacare, to the extent that it Rationalizes and makes more uniform a market which should actually be really different in nature and delivery from place to place-- well that will serve the interests of the biggest capitalist stakeholders in health care which is not Walmart for Gosh Sakes it is the INSURANCE INDUSTRY. CUI BONO Obamacare? The insurance industry. So republicans drop the delusion pro capitalist scales from your eyes this has almost nothing to do with race or "socialism" it has to do mostly with what the INSURANCE INDUSTRY wants to have happen in order to make their lives and profits easier.

  2. Read the article - the reason they can't justify staying is they have too many medicare/medicaid patients and the re-imbursements for transporting these patient is so low.

  3. I would not vote for Bayh if he did run. I also wouldn't vote for Pence. My guess is that Bayh does not have the stomach to oppose persons on the far left or far right. Also, outside of capitalizing on his time as U. S. Senator (and his wife's time as a board member to several companies) I don't know if he is willing to fight for anything. If people who claim to be in the middle walk away from fights with the right and left wing, what are we left with? Extremes. It's probably best for Bayh if he does not have the stomach for the fight but the result is no middle ground.

  4. JK - I meant that the results don't ring true. I also questioned the 10-year-old study because so much in the "health care system" has changed since the study was made. Moreover, it was hard to get to any overall conclusion or observation with the article. But....don't be defensive given my comments; I still think you do the best job of any journalist in the area shedding light and insight on important health care issues.

  5. Probably a good idea he doesn't run. I for one do not want someone who lives in VIRGINIA to be the governor. He gave it some thought, but he likes Virginia too much. What a name I cannot say on this site! The way these people think and operate amuses me.

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