IBJNews

CityWay sells out first phase of apartments

Back to TopCommentsE-mailPrintBookmark and Share

Buckingham Cos. has taken deposits for all 100 apartments in the first phase of its high-profile $155 million CityWay project at Delaware and South streets in downtown Indianapolis.

The first residents of the mixed-use, mid-rise development are scheduled to move Oct. 1 into two buildings with first-floor retail along Delaware Street. Three more residential buildings with a total of 150 apartments are scheduled for completion in the spring of 2013, and already Buckingham has taken reservations on 20 of those units.

The strong response to the project's apartment offerings have led the local developer to consider adding additional units on three acres it owns along Virginia Avenue for a future phase of CityWay, and atop a planned office building at the northeast corner of South and Alabama streets.

"It's clear to us there's a very strong demand for apartments," said Scott Travis, Buckingham's senior development executive. "If the demand is still sustained toward the middle of next summer, we will look at more units."

Travis said the company hasn't developed specific plans for how many more apartments it could add or how it would finance them. CityWay's apartment buildings surround a courtyard, pool, gardens and two large parking garages for residents. The development plans also call for a boutique hotel, offices and a YMCA branch.

Downtown's roughly 7,000 apartment units were 94.4-percent occupied in 2011, a 3-percent gain over 2010, according to data compiled by locally based Tikijian Associates. Buckingham owns six other downtown properties with "minimal" vacancies, Travis said.

The quick lease-up at CityWay is even more impressive considering the above-average rental rates. Units range in price from $975 for a one-bedroom to more than $3,000 for a three-bedroom, three-bath townhouse.

The downtown average for a one-bedroom, one-bath unit in 2011 was $758, and the average for a three-bed, three-bath was $1,788, Tikijian data shows.

Deputy Mayor Michael Huber said he's encouraged that a central premise behind CityWay—that downtown could support many more apartment units—has so far proven true.

"We're really encouraged by the strong demand," he said. "We interpret that as one sign this is a good investment by the city."

The city is acting as the project's bank by raising $86 million from the sale of municipal bonds to pay for most of the construction expenses. Local governments separately have contributed $15 million, mostly for infrastucture improvements.

By the time the first residents move in, work should be complete on a conversion of a stretch of Delaware Street between McCarty and Maryland streets to allow two-way traffic, giving what amounted to a five-lane highway a more pedestrian-friendly feel.

Also slated for completion by mid-September: A revamped South Street with parallel street parking, and more pedestrian-friendly raised intersections at Alabama and South streets and Delaware and South streets.

The plans for a YMCA as well as shops and restaurants within easy walking distance helped convince Amanda McDonald to rent a two-bed, two-bath unit at CityWay for $1,900 per month. The hardwood floors, stainless steel appliances and skyline view didn't hurt, either.

McDonald, who runs an Internet travel concierge business out of her home, eventually plans to move into a three-bedroom townhouse unit with a rooftop deck once Buckingham finishes the second phase of CityWay's apartments.

"I just knew I wanted to live there based on everything I had read and seen," said McDonald, 29. "I'm hoping all the retail and restaurants will be opening at about the same time."

Buckingham has inked or is finalizing retail deals for a fine-dining restaurant and a mixology bar for CityWay's The Alexander hotel, and for Qdoba, a pizza restaurant, and a frozen yogurt shop to take space on the first floor of the apartment buildings.

"The response so far has been amazing," said Becca Michel, Buckingham's director of community relations.

ADVERTISEMENT

  • I respectfully disagree
    This is an instance where reality looks better than the renders. The project isn't close to finished and it looks fantastic. This is exactly the type of project that downtown Indy needs to continue to pursue.
  • Reality
    Why do the rendering always look better than reality. Since this seems to be true on all downtown developments, the AUL block parking garage will look like a warehouse.
    • Tower Time
      I agree with everything said here. I think this more than justifies the need for a residential TOWER. When very new 4-5 story apartment gets gobbled up immediately I think it shows that larger projects can be justified. A 30+ story unit should start looking more and more enticing to developers.
    • Exactly....
      ... which begs the question : Why the heck is there STILL no solid redevlopment project for the MSA site? It's becoming quite ridiculous that probably the most high profile site in the entire city remains a collection of parking lots.
    • City leaders please take note
      94.4% occupancy is ludicrously high for any market anywhere. Downtown desperately needs more residential rentals.. and there's this big site on what was formerly Market Square Arena.. Another Riley Towers type development with a smattering of office and a big box urban Target would be phenomenally successful there. Imagine what all those young people would mean for the area.

    Post a comment to this story

    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

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

    2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

    3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

    4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

    5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

    ADVERTISEMENT