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Real Estate & Retail

Developer seeks second phase for canal apartments

July 15, 2014
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The developer of a large-scale apartment building under construction along the Central Canal downtown is seeking city approval to start a second phase.

Investment Property Advisors of Valparaiso is finishing up the first phase: 10-story, 319-unit building between West St. Clair and Ninth streets that also features about 8,000 square feet of retail space.
Canal student housing rendering 225px
The Metropolitan Development Commission Regional Center Hearing Examiner on July 10 recommended granting Investment Property Advisors’ approval to start the second phase. The MDC is set to consider the request Aug. 6.

Plans call for a smaller, six-story structure with 197 units and nearly 6,000 square feet of retail space, as well as a 175-space, two-level parking garage. The first phase included a three-level, 278-space garage.

All told, the two projects represent about a $100 million investment. (Both phases can be seen in the image above.)

“We always felt that the market was deeper than what we were providing [with the first phase],” said Chase Sorrick, a principal of Investment Property Advisors. “The opportunity on the parcel just south of us became available, so it was a natural for us to build another building.”

To construct the second phase, Investment Property Advisors would demolish a single-story industrial building at 350 W. St. Clair St., just south of its building under construction.

The 18,000-square-foot industrial building sits on two acres and is the former home of baking products distributor B.H. Gardner Co. Inc.

Investment Property Advisors is building its first phase on 1.2 acres where a 52,000-square-foot warehouse occupied by locally based Kirkbride Bible Co. once stood.

The developer originally proposed building a 26-story tower on the land but encountered resistance from neighbors over its height and impact on traffic in the area.

Ratio Architects is the designer of the project.
 

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