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Broad Ripple landmark has new owner

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A landmark building in the heart of Broad Ripple has a new owner that’s seeking tenants for the historic brick structure.

Monon Housing Partners LLC bought what’s known as Mustard Hall near the southeast corner of Broad Ripple and Guilford avenues.

REW masonic lodge 15colMustard Hall has been a Masonic Lodge and nightclub in previous incarnations. Its new owner is looking for entertainment and office tenants. (IBJ Photo)

Built around 1920, the 12,000-square-foot building at 6235 Guilford Ave. originally housed a Masonic Lodge and later a bank. The building, which in recent years housed the Tru nightclub, has been vacant since the departure of Buffalo Wild Wings Grill & Bar last year.

Monon Housing Partners closed on the sale April 15. It paid a total of $1.35 million for it and a residence directly to the south that has been converted to commercial use. It last housed a hair salon.

Jason Challand, president of Echelon Realty Advisors, represented the seller in the transaction.

Connecticut-based Consolidated Wings Investment LLC, which in 2011 bought 16 Buffalo Wild Wings restaurants in central Indiana, had owned both buildings. It relocated the Broad Ripple restaurant to an outlot of Glendale Mall at 62nd and Rural streets.  

Monon Housing CEO Kyle D. Bach envisions an entertainment venue on the first floor with office space above.

“With such a beautiful historic structure, I think it’s important to keep a use that’s conducive to that area that can be profitable,” he said.

A few possible tenants have shown interest, said Bach, whose firm plans to spend a total of about $250,000 to renovate both properties.

Bach and Rob Martinson operate three companies from 911 Main St., just a few blocks north of Mustard Hall. Besides Monon Housing, they own Mecca Cos., a real estate development firm, and Annex Student Living, a student housing developer.

“I think it’s a great building with a great history,” Broad Ripple real estate broker Bryan Chandler said. “Its location is right in the middle of things but also slightly removed from all the activity on the Avenue. It’s got all sorts of potential.”

A couple of other developers in Broad Ripple, Drew Loftus and Kyle Robinson, took a look at the building but passed despite their fondness for it.

“I think it’s a very unique historic building,” Loftus said. “Certainly what we’ve seen is that office is in demand [in Broad Ripple] and does well.”

The property caught the attention of Broad Ripple leaders as well.

In 2011, the building appeared on a list of 60 properties compiled by the Committee for Historic Broad Ripple, a part of the Broad Ripple Village Association that raises money for preservation efforts.

Those efforts include nominating buildings for the National Register of Historic Places. The committee began seeking donations three years ago for its Historic Broad Ripple Fund, which will pay for National Register nominations, informational brochures about historic Broad Ripple buildings and plaques to affix to structures that are added to the National Register.

Mustard Hall isn’t the only real estate acquisition Monon Housing has made in Broad Ripple lately. It also bought a three-unit residential building, for $350,000, at the southwest corner of Main and Guilford.

Bach and Martinson are considering converting it to a commercial use.
 

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  • 21C
    I have no connection to 21C or any other hotel, but I have stayed at the one in Louisville and it is wonderful. It would definitely be a great addition to Broad Ripple! Just not sure this building would be large enough.
  • Hotel
    JJ- Just for clarification, there is a bed and breakfast locating where you mentioned, not a hotel. I do like the idea of a boutique hotel in this location with possibly a martini bar, wine bar, or restaurant on the ground floor. There are too few higher end establishments in BR, and there is obviously a demand (Northside Social, Corner Wine Bar, Usual Suspects, etc.). Ambrosia even performed well, but I think the lack of close parking prompted the move. Maybe this is too lofty or swanky of an idea for Broad Ripple, but it might just help clean up the late night weekend riff raff.
  • Hotel
    There is a new hotel opening soon in Broad Ripple, hotelbroadripple.com which is located on Westfield, just north of 65th. But you are correct, that would be another great spot for something like that in the BR area! I do really like the idea of more office space as well!
  • I'm with Tanya
    I love Tanya's idea of hotel. There's nothing like that nearby!
  • Mustard
    What a special building - excited to see new life breathed into this wonderful corner.
  • Hotel?
    There is a dearth of hotel rooms in the Broad Ripple area. This building would be perfect for a boutique hotel such as a 21C, etc.
  • Great news
    It's great to see creative office space being added to the market and daytime traffic increasing in Broad Ripple. There has been a significant shortage of quality options for quite some time. Congrats.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

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